Bitcoin tends to close all and every gap.
This time was no different.
We had a sizeable CME gap earlier this week, only to have it completely closed several days later.
Here's the chart:
(Source: https://x.com/CryptoMichNL/status/1808525726947147990/photo/1)
Now the question is where do we go from here?
My guess is this drop was more than just a gap closure.
This is part of a much bigger pullback that is going to break lows that were not supposed to break.
I would say that when the dust settles we may see the $40k's again over the next month or two.