Bitcoin’s recent correction below $10,500 raises the possibility of a CME gap fill in the $9,900-$9,600 region.
The fact that Bitcoin (BTC) price was unable to break through the resistance level at $12,000 meant a retracement was imminent.
However, the fast pace of the current retrace was not expected by the markets and has surprised a lot of traders. The crucial support zone of $11,100 failed to provide support and led to the current tumble towards the $10,500 region.
Not only has the price of Bitcoin been showing weakness today, but the U.S. equity markets are also experiencing a massive sell-off as well.