Bitcoin Price Rejects at $28K as Analysts Watch CME Futures Gap Dip

Bitcoin (BTC) fell in the Wall Street open on May 30 as the return of US stocks failed to improve performance.

Bitcoin pauses in monthly close

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD was heading towards $27,700 after briefly rising above $28,000.

The pair encountered resistance below the local highs around the weekly close, and shares also reached water after the opening bell.

Excitement surrounding a possible deal to raise the US debt ceiling, which had previously boosted crypto, also cooled as market participants awaited the first test in Congress.

“Bitcoin has had a hard time reclaiming the weekend high,” monitors resource Material Indicators In summary in part of the analysis on the day.

“As the Monthly candle approaches tomorrow, bulls and bears fight to control momentum.”

An accompanying chart of the BTC/USD on Binance showed a strengthening of bid liquidity in the active trading range.

Popular trader Daan Crypto Trades suggested that that liquidity represented genuine interest in BTC, rather than being part of a “spoof” order book.

#Bitcoin $22M+ Spot Buy Wall still sits between $27.4-27.5K.

Part of the bids have already been filled yesterday.

They seem to be real orders that want to be filled. pic.twitter.com/IjgMrnss8M

— Dan Crypto Trades (@DanCrypto) May 30, 2023

Fellow trader Jelle was also optimistic, offering May 31 as a potentially good date for bulls.

“Very nice how Bitcoin is shaping up here. We still have major support and it looks like we are building a little hidden bullish divergence here,” part of Twitter comment mention.

Additional messages include coverage of a potential triple breakout for Bitcoin when it comes to market structures.

#Bitcoin is about to break out of three different bullish patterns.

Just a little bit higher before these all confirm one step higher.

Who’s ready? pic.twitter.com/8yZnTnn6xx

— Jelle (@CryptoJelleNL) May 30, 2023

CME gap looms large

Meanwhile on the radar was the looming hole in the CME futures markets and Bitcoin’s potential to “fill” it next.

Related: Mining Difficulty Exceeds 50 Trillion – 5 Things To Know In Bitcoin This Week

The upside of the weekend left an empty space on the futures chart between $26,900 and $27,850, providing a potential near-term downside target for the spot price.

Popular trader Justin Bennett included that scenario in part of the day’s price analysis, suggesting that the range-bound behavior would continue.

Nice bouncing $BTC so far exactly as explained in Monday’s blog post.

This is your range for now. Get above $28,250 and we will likely see a liquidity grab towards $29,000 and $30,000.

But if $27,500 fails, expect the CME gap to fill.#Bitcoin pic.twitter.com/U5BnJgzvzm

— Justin Bennett (@JustinBennettFX) May 30, 2023

Fellow trader Mikybull Crypto, meanwhile, took the opportunity to recap on other unmet CME gaps for the year.

“Note: gaps are not immediately filled, but they should not be neglected,” he argued.

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This article does not contain any investment advice or recommendations. Every investment and trading move involves risk and readers should do their own research when making a decision.