Bitcoin Price Drops Below $60,000: Key Reason Explained

Bitcoin prices fell 4% to $59,604 today, a move that several prominent cryptocurrency analysts say was primarily driven by a phenomenon known as the CME Gap, a key concept in Bitcoin futures trading on the Chicago Mercantile Exchange (CME).

Why is Bitcoin falling today?

“CME Gap” is a term used to describe price gaps that appear on Bitcoin CME futures charts. Unlike Bitcoin’s spot market, which trades 24/7, the CME Bitcoin futures market only trades five days a week, with trading closed on weekends and holidays. This difference in trading hours can result in a difference between the last trading price on Friday and the market opening price on Monday.

Bitcoin’s price movement today is likely directly related to the closing of such a gap. Over the weekend, a notable gap formed. Prominent trader and analyst Daan Crypto Trades (@DaanCrypto) said: Confirmed This was explained via X: “Bitcoin filled most of the gap that occurred over the weekend, and on Monday it also filled the gap that occurred a week ago, reaching its highest price at that time.” [..] The gap has been completely filled. There are no significant gaps in the neighborhood now.”

Bitcoin CME Gap | Source: X @DaanCrypto

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Other Market Participants Echoed This sentiment. Titan of Crypto (@Washigorira) indicated bullish potential after the gap fill, stating in X, “Bitcoin CME Futures Gap Filled! As expected. Nothing holding BTC back. Time to send.” This view suggests that the gap filling will remove resistance for Bitcoin price, which could lead to an upside.

Crypto analyst Ninja (@Ninjascalp) acknowledged that “this was just a gap filler for CME.” […] “It’s a bull sell. Everything will be fine. There’s no need to panic,” said another analyst. Commented “If you’re wondering who’s moving the BTC market in the short term, it’s the market makers! There was no way they could have left the $1,650 CME gap from the weekend.”

What do you expect from this?

Marco Johanning offered He offered a more nuanced view, emphasizing the volatility of current price levels. His comments through X highlighted both the potential and the risks.

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“Main Scenario: Bitcoin has lost the trendline and filled the CME gap. Price is at local support and can rise from there. This is a typical mid-week reversal with the main target being liquidity behind the equivalent high of 63.8k. However, current levels are also vulnerable. If support is lost, we could see another 1k-2k drop. I can’t wait for Bitcoin to finally break out of this exhausting hour selling range,” said Johanning.

Analyst at Alpha Dojo (@alphadojo_net) offered In their in-depth analysis, they analyze the price action throughout the day and the potential future trends. Their report highlights key levels that traders should be keeping an eye on: “The analysis is very simple: BTC needs to bounce back here, or if it loses the $60,000 level, the price could drop significantly. As long as it doesn’t break below $60,000 or rise above $63,500, it’s best to take it slow and wait for a clearer direction.”

He also noted that there is a sizable liquidity pool around the $60,000 level which could act as support, but that above this level of $64,000 selling could become more intense and limit the upside movement. “The order book shows that the sell side remains very strong while the buy side is not showing any upside.”

At the time of writing, BTC is trading at $60,388.

Bitcoin Price
BTC bounces from $60,000, 1-day chart | Source: BTCUSD on

Featured image created by DALL·E and charts taken from


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