Bitcoin’s most recent price action has been less than satisfactory, unless you’re a bear. To date, the top digital asset is down 32% from it’s 2019 high of $13,739 and short term price action remains overwhelmingly bearish.
Over the past two weeks Bitcoin formed an M-top at $13,739 and $13,177 before dropping to the neckline around $9,600. Most traders expect that Bitcoin will retrace to the 61.8% and 50% Fibonacci Retracement level which is also near the CME futures gap. It’s possible that the group think surrounding the CME gap is causing it to function as a magnet, drawing BTC price nearer to the $8,500 - $7,500 range.