Now under $85k, the majority of alts are down double digits within the past week, making a lot of investors fearful about whether we are headed into a bear market.
SOL has been one of the biggest losers, dipping 20% on the week, back to prices we haven't seen since last summer along with many other alts falling to their positions pre-trump pump.
A lot of talk right now surrounds the "CME Gap" which is basically the price difference that forms over the weekend on the Chicago Mercentile Exchange's Bitcoin Futures Chart. Since the CME is closed on weekends but crypto trades 24/7, gaps often appear when BTC moves significantly over the 2 day period.
BTC has a tendency to fill these gaps, meaning price often retraces to close the gap before resuming its trend. The current CME gap is 77k, which could very well be a realistic bottom and bouncing point.
Things may get ugly in the short-term, but long-term, it may be beneficial that we dip further, down so that we can pump back up harder to the upside. Keep an eye on this level for BTC! 👀
