• Bitcoin trades at $103,340.39, moving sideways with reduced volatility.
• Analysts confirm that the long-awaited CME gap at $103,856 has now been filled.
• Charts indicate low volatility compression, hinting at a potential major market move ahead.

Bitcoin (BTC), has recently dropped below the $104,000 mark is a significant short-term shift for traders. After several days of limited activity, this move signals a slowdown in momentum. Analysts say the correction caused a key technical event to occur, the closing of the CME gap that had formed over the last couple of weeks. At press time, Bitcoin is trading at $103,340.39, marking a 1.77% decline in the last 24 hours.

Analysts’ Observations Spark Market Discussions

The update from Crypto Rover quickly gained attention among traders. The post marked the official confirmation of the CME gap closure, a level that had remained open for several weeks. The tweet fuelled speculation about whether this gap-fill could act as a local bottom or a signal of further weakness ahead.

Bitcoin Fills The CME Gap

The CME gap refers to the variance between Bitcoin’s trading through the weekend and the Chicago Mercantile Exchange’s closing price. Historically, these gaps behave like magnets, with Bitcoin often returning to “fill” the gap. Having completed the retracement. The technical structure now appears cleaner, providing room for a new trend to develop.

Also Read: Bitcoin Analyst Willy Woo’s Simple Guide to Evading 3 Quantum Threats to BTC

BTC’s Volatility Index Hovers At Multi-Month lows

According to BitMEX volatility index data from TradingView, the coin market activity has hit one of the quieter periods of the year. Compressions like this tend to occur before a significant move, whether it be up or down. We could hope that this low-volatility period could soon transition to a phase of expansion that establishes BTC’s short-term trend.

In conclusion, as BTC is trading at about $103K, analysts are saying a breakout could occur soon. They have decided to interpret the coin’s closing of the CME gap as an end to one major technical theme.

While at the same time, BTC’s current low-volatility technical structure continues to create elevated tension in the market. For the moment, all traders can agree on one thing: whichever direction BTC is about to move in next, it won’t be without quite a bit of commotion.

Also Read: Bitcoin (BTC) Crash: 70% Panic Sparked by New Buyers’ Mistakes