Bitcoin Price Suffers Bearish Deviation After Filling CME Gap, Is This Good Or Bad?

Bitcoin is currently experiencing a bearish deviation as it struggles to recover from recent declines, staying below the $100,000 mark. This deviation is filling a new Chicago Mercantile (CME) Gap, triggering predictions from analysts that the cryptocurrency is set for a higher high.

The filling of the CME gap is significant because it represents disparities between closing and opening prices in the Bitcoin futures market. Bitcoin tends to gravitate towards unfilled CME gaps before resuming regular activity. Despite the current bearish deviation, analysts believe this could present an opportunity for the market to form new higher lows.

Analysts are forecasting a move towards $95,000 for Bitcoin, with recent price surges indicating a potential recovery. The cryptocurrency has shown signs of slowly recovering from the bears, with an increase in market capitalization despite declining trading volume. These developments suggest a potential reversal of bearish conditions and a path towards a higher high for Bitcoin.