Bitcoin Drops to $76,700, Erasing Another CME Futures Gap

Bitcoin (BTC) has once again filled a key CME futures gap, with prices sinking to $76,700 on Monday. This move fully closes the gap that formed on Nov. 5, the day President Trump won the U.S. election.

BTC previously attempted to close this gap in late February when it briefly dropped to $78,500. However, since the lowest point of the gap was $77,400, the dip only resulted in a partial fill. Monday’s decline to $76,700 has now completed the process, covering the full range from $77,930 to $80,600.

CME bitcoin futures operate on a limited schedule, trading 23 hours a day from Sunday through Friday, while spot bitcoin markets trade continuously. This discrepancy often results in price gaps that traders closely watch, as historical trends show they tend to get filled over time.

According to CoinDesk research, out of the last 80 CME futures gaps, all but one have eventually been closed. Currently, an unfilled gap remains between $84,200 and $85,900, leaving traders speculating on whether Bitcoin will revisit those levels in the near future.