Bitcoin price is finding support at $10.1K but the threat of the CME gap and resistance at $10.5K continue to weigh on trading sentiment.
Since dropping 17.5% to a monthly low at $9,817 last week, Bitcoin (BTC) price has bounced around in what appears to be a tightening range between $9,800-$10,600.
The digital asset has yet to establish a clear pattern of daily higher lows and lower highs but as mentioned by Cointelegraph contributor Rakesh Upadhyay:
“The long tail on the candlesticks of the past five days shows that the bulls have been buying at lower levels but they have not been able to push the price above the top of the range at $10,625, which suggests that demand dries up at higher levels.”
Despite Bitcoin price finding soft support around $10,100, the price has been unable to hold above $10,500 and a number of analysts remain cautious as the CME gap at $9,900-$9,650 remains a threat.
Earlier in the day, on-chain analyst Willy Woo shared an opposing point of view, suggesting that the CME gap will not be filled this time.
BTC/USD daily chart.