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BTC’s Spot Price Surges 9.5% Following President Trump’s Announcement
Bitcoin’s (BTC) spot price rose 9.5% from roughly $84,100 to over $94,000 on Sunday after President Donald Trump named BTC and four other coins – ETH, XRP, SOL, and ADA – for U.S. strategic crypto reserve.
A Gap-Up Opening for the March Futures on the CME
That has led to a gap-up opening for the March futures listed on the CME, as shown by data source CME and charting platform TradingView. The contract opened at $95,000 early today, up $9,280 from Friday’s high of $85,720.
The Gap Represents a Non-Traded Zone
The gap represents a non-traded zone, indicating a price level where no transactions occurred between consecutive trading sessions. This absence of trading suggests an abrupt change in the market sentiment, which, in this case, is bullish following the past week’s sell-off.
Gaps are Often Filled
Gaps are often filled as market participants tend to re-establish a balance after the disruption. The best example is the past week’s sell-off below $80,000, which filled the gap from November.
The Emergence of a New Gap
So, the emergence of a new gap between $84K and $94K means prices could revisit this window once.
Conclusion
In conclusion, the recent surge in BTC’s spot price is a significant development in the cryptocurrency market. The gap-up opening for the March futures on the CME and the potential for prices to revisit the non-traded zone between $84K and $94K are key takeaways from this event.
FAQs
- What is the current spot price of BTC? The current spot price of BTC is over $94,000.
- What is the significance of the gap-up opening for the March futures on the CME? The gap-up opening represents a non-traded zone, indicating a price level where no transactions occurred between consecutive trading sessions, and suggests an abrupt change in market sentiment.
- How do gaps in the market work? Gaps are filled as market participants tend to re-establish a balance after the disruption, often resulting in a retracement to the non-traded zone.
- What is the significance of President Trump’s announcement? President Trump’s announcement naming BTC and four other coins for U.S. strategic crypto reserve led to a 9.5% surge in BTC’s spot price, indicating market confidence in the digital asset.
- What is the potential impact of the new gap on the market? The emergence of a new gap between $84K and $94K means prices could revisit this window once, potentially leading to further price fluctuations in the market.
