Bitcoin antagonists were criticizing the leading digital assets after the price value of the coin went below the $8000 mark over the weekend. One of them was the famous Bitcoin antagonist Peter Schiff who stabbed Bitcoin stating that Bitcoin cannot be used as a safe-haven asset during the next financial asset.
But now the leading digital asset has started moving in the upward direction as Bitcoin has again managed to cross over the $8000 level.
Bitcoin filled the Final lower Gap in CME futures markets
As the price value of the leading digital asset traveled all the way down to the $7600 range on Monday which highlighted the final lower CME futures gap. Some crypto traders believe that the final gap in the CME Group’s Bitcoin futures markets is $7,685.
Now the next gap for Bitcoin is $11,790 which is much higher as compared to this final lower gap. Some analysts believe that as the last lower gap has got filled by the leading digital asset, so now there are no lower gaps left for Bitcoin. According to a famous Twitter account The Moon:
“There are now NO MORE GAPS below $BTC. So, we can finally get this bull run started as a safe haven asset!”
However, the crypto analyst filbfilb talked to the subscribers of his Telegram trading channel and said to them that the position is very cautious. He is still not seeing the overall picture clear. According to him:
“Position is obviously cautious until otherwise, but I have bought back in this morning with around 30% of capital allocated. I’ll add into strength as and when it comes as the overall picture and total environment is still not clear.”
Traditional markets rebound
The augment in the price value of the coin occur as the traditional markets rebound recently. Mati Greenspan, the crypto analyst, says that the US stock market has already regained from its yesterday’s losses.
The US Stock market has already recouped almost all of yesterday's historic losses…. Capitulation?? pic.twitter.com/f5tS0zF522
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) March 10, 2020
The coin is expected to continue its upward movement until it crosses the key resistance level of $9500. At the time of writing, the price value of Bitcoin is standing at $8,091.84 USD with a change rate of 3.76% in 24 hours.