Cryptocurrency Market Plunges, Bitcoin Wipes Out Weekly Gains – Is BTC’s Pullback Due to CME Gap Filling?

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Cryptocurrency Market Weekend Performance
Bitcoin Loses Week’s Gain
Is the Drop Due to Chicago Mercantile Exchange (CME)?
Cryptocurrency Market Weekend Performance
BTC and ETH reached $44,000 and $2,400 respectively over the weekend, and competing coins such as OKT Chain (OKT), Synthetix (SNX), OKB, and Cardano (ADA) also performed well since Friday.
SOL and AVAX prices even rose to levels seen in May 2022.
However, the cryptocurrency market started to decline around 8 am Taiwan time on December 11.

Source: CMC
Bitcoin Loses Week’s Gain
Coinbase data shows that BTC dropped to $40,300 and ETH to a low of $2,127.
BTC’s decline reached nearly -8%, and despite a slight rebound, it fell back to the level seen on December 4, erasing the gains of the past week.

BTC 1H
Is the Drop Due to Chicago Mercantile Exchange (CME)?
Bitcoin analyst Willy Woo, who has 100 followers on Twitter, recently pointed out that there was a gap in the Bitcoin futures contract price on the Chicago Mercantile Exchange (CME) at around $39,700 on December 3, suggesting that BTC would retrace and fill the gap at some point.
According to his analysis, out of the 30 gaps in the daily Bitcoin chart on CME, 28 have already been filled, with a high probability of 93%. There is another unfilled gap on January 14, 15, and 16, with a price around $20,000.
Unlike exchanges like Binance and Coinbase, CME does not operate 24/7, and there may be differences between the closing and opening prices, depending on the price trend of Bitcoin at market close.
Some analysts believe that prices often return to these levels during consolidation periods to fill the gaps.
BTC
CME
ETH
Willy Woo
Bitcoin
Chicago Mercantile Exchange

Further Reading
“BitMEX Returns to Taipei” Concludes Successfully, Arthur Hayes and Taiwanese KOL Discuss Market Trends
JPMorgan: Bitcoin Halving and Spot ETF Approval Already Priced In, ETH to Outperform BTC Next Year