Bitcoin Price Drops to $6.5K as Traders Eye CME ‘Gap’ Bounce
William Suberg's original article for cointelegraph.com reduced by 74%
Bitcoin dropped to within $15 of $6,500 on Nov. 25 after another day of significant losses obliterated previous support levels. If not, little remains in the way of Bitcoin dropping as low as $2,500.
Previously, analysts had claimed miners would defend that price should Bitcoin fall within its range. At press time, that theory appeared to hold, with an upwards reversal taking Bitcoin to $6,700. As an indicator of sentiment among professional traders, regular Cointelegraph contributor Michaël van de Poppe said that longer-term, Bitcoin still remained a firm best choice.
Short-term performance could also improve thanks to a "Gap" in CME Group's Bitcoin futures. As noted, when futures begin trading at a different price to that at which they closed their previous session, Bitcoin tends to "Fill in" the resulting vacuum later.
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CN [too long; didn’t read]
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