Bitcoin (BTC) has executed a key price move by “filling” a CME futures gap near $59,000. This recent event is generating optimism among analysts. According to technical analyst Tradermayne, this action mirrors a Bitcoin reversal pattern seen in early 2024.
Bitcoin’s price specifically retraced to close a gap in the Chicago Mercantile Exchange (CME) futures market. This gap had formed back in May. CME gaps occur when the market opens on Sunday at a different price than Friday’s close. The price of BTC briefly dipped below $60,000, hitting the gap zone. This move triggered significant liquidations of leveraged long positions, cleansing the market.
The relevance of this event lies in its historical similarity. In early 2024, Bitcoin experienced a similar dip that also filled a gap. That move was interpreted as a “false breakdown” or a bear trap. Immediately following that liquidation, Bitcoin’s price began a parabolic bull rally. The current market is showing identical behavior, according to Tradermayne’s observation.
Are We in the Calm Before a $130,000 Move?
Analysts like Mags and CryptoCon support this view. They suggest this drop was a necessary “rinse” of leveraged traders. They see the gap fill as a final test of support before the next upward trend. If the Bitcoin reversal pattern repeats with the same strength as in January, the projections are notably bullish. Tradermayne has set a potential technical target of $130,000 for the digital asset. The digital economy is closely watching this technical structure.
Bitcoin’s price quickly recovered to the $61,500 level after touching the gap zone. Attention is now focused on whether this support will hold firm. Investors are watching to see if this leverage “cleanse” is truly the catalyst for new momentum. If the 2024 history serves as a guide, the recent volatility could be the prelude to a significant upward move in the coming months.
