{"id":113039,"date":"2019-09-04T05:00:33","date_gmt":"2019-09-04T12:00:33","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=113039"},"modified":"2020-03-20T02:45:30","modified_gmt":"2020-03-20T02:45:30","slug":"bitcoin-gaps-on-cme-futures-looking-bearish-weeks-away-from-bakkts-launch","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-gaps-on-cme-futures-looking-bearish-weeks-away-from-bakkts-launch\/","title":{"rendered":"Bitcoin gaps on CME futures, looking bearish weeks away from Bakkt&#8217;s launch"},"content":{"rendered":"<p>Coming in the lead-up to the September 23rd launch of <a href=\"https:\/\/cryptoslate.com\/companies\/bakkt\/\">Bakkt\u2019s<\/a> BTC futures contract, Bitcoin\u2019s explosive Labor Day rally seems to have revived sentiment amongst the bulls. A number of factors suggest the largest cryptocurrency by market capitalization could make lower lows before making its much-awaited <a href=\"https:\/\/cryptoslate.com\/bitcoin-price-continue-parabolic-advance\/\">parabolic advance<\/a>, however.<\/p>\n<p>Monday\u2019s rally, delineated below in red lines, saw Bitcoin break market structure in dramatic fashion, pushing above $10,500 after a day-long rally saw the coin increase 7.4% in USD terms.<\/p>\n<figure style=\"width: 1600px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/XkkugS9chLzxL7zDU-y5UeZCVDAZ7FWL1DVz_RM5lWn19mgHAoQxRubwXTPLIu6uYZhjwS1Z3O2ghRVsb8sKFiat3g7CxTB1K8xdTH9aEf_HQM8cZeM7_EJLoCylYB2EFFZzHL0K\" alt=\"Bitcoin price\" width=\"1600\" height=\"817\" \/><figcaption class=\"wp-caption-text\">Source: Trading View<\/figcaption><\/figure>\n<h2>Gapping on CME Futures<\/h2>\n<p>While the move was one of August\u2019s largest intraday advances, it took form as a large gap on the Chicago Mercantile Exchange (CME) futures market during closing hours, crypto analyst <a href=\"https:\/\/cryptoslate.com\/people\/alex-kruger\/\">Alex Kruger<\/a> reported.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Large Labor Day CME gap. <a href=\"https:\/\/twitter.com\/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw\">$BTC<\/a> pump started right when the CME closed. <a href=\"https:\/\/t.co\/klDPOb12fL\">pic.twitter.com\/klDPOb12fL<\/a><\/p>\n<p>&mdash; Alex Kr\u00fcger (@krugermacro) <a href=\"https:\/\/twitter.com\/krugermacro\/status\/1168647820821303302?ref_src=twsrc%5Etfw\">September 2, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Gaps are imbalances created in the market and, at their most basic form, represent a large mismatch between the number of buy and sell orders that have been filled. In the case of September 2nd, a chasmic demand (buy) imbalance on the CME futures book was created by the large rally in the BTC spot market, occurring during CME\u2019s closing hours.<\/p>\n<p>All markets, futures included, tend to rebalance orders and fill these gaps. On the 25th of August, a similar gap occurred during the CME close and rebalanced nearly immediately after the market\u2019s open, causing BTC to spike up nearly $900 in hours.<\/p>\n<figure style=\"width: 512px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/dx0DXrAGkTXQnHFijjtS0FdZqCjTTuH9KFbf0uMs7kIiqlUW19clfrpV7miqZq_8zMo7sv5g9gI9pkSDP9MWsuKuNFsJKwCs74YHaeL6\" alt=\"Bitcoin Futures price\" width=\"512\" height=\"272\" \/><figcaption class=\"wp-caption-text\">Source: Trading View<\/figcaption><\/figure>\n<p>While BTC\u2019s September 2nd gap would indicate the market may want to return below $10,000 to rebalance, or even push lower, it must be said gaps are not always filled in a timely fashion\u2014or filled at all.<\/p>\n<p>Other factors, however, may support the case for downward pressure in the market.<\/p>\n<h2>Institutional traders looking bearish<\/h2>\n<p>Published every Friday by the U.S. Commodities Futures Trading Commission, the Commitment of Traders (COT) report lists the positions of all participants in the futures markets, CME\u2019s BTC contract included.<\/p>\n<p>The most recent <a href=\"https:\/\/www.cftc.gov\/dea\/futures\/deacmesf.htm\">report<\/a> reveals that the number of institutional traders, listed as \u201cnon-commercial,\u201d hold significantly more short contracts than long, at 3,470 to 2,285.<\/p>\n<p>Open interest also suggests the market could be placed to decline in the near future. Traditionally, rising price seen alongside a decline in open interest indicates short-sellers are closing their positions and leaving the market\u2014bearish conditions on both counts.<\/p>\n<figure style=\"width: 512px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/SogHNagg6UJ-PcMLWLl2n6Plq46w8xH7VL4trWnCkizl6g3OJGaNupKqO5aYt-iZWVlXsfGkprIbXxr4j4UoyJwY_JeEVlPdZb60fWG1\" alt=\"Bitcoin CME Futures\" width=\"512\" height=\"236\" \/><figcaption class=\"wp-caption-text\">CFTC Futures Data<\/figcaption><\/figure>\n<p>While Bakkt is anticipated to create newfound demand for Bitcoin as institutions settle their futures contracts on-chain at the end of each trading day, a number of analysts have <a href=\"https:\/\/cryptoslate.com\/bakkt-bitcoin-futures-sept-23-catalyst-btc-trend\/\">anticipated<\/a> a shakeout to predate the September 23 launch.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coming in the lead-up to the September 23rd launch of Bakkt\u2019s BTC futures contract, Bitcoin\u2019s explosive Labor Day rally seems to have revived sentiment amongst the bulls. A number of factors suggest the largest cryptocurrency by market capitalization could make lower lows before making its much-awaited parabolic advance, however. Monday\u2019s rally, delineated below in red [&hellip;]<\/p>\n","protected":false},"author":175,"featured_media":97669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15323],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin gaps on CME futures, looking bearish weeks away from Bakkt&#039;s launch<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-gaps-on-cme-futures-looking-bearish-weeks-away-from-bakkts-launch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin gaps on CME futures, looking bearish weeks away from Bakkt&#039;s launch\" \/>\n<meta property=\"og:description\" content=\"Coming in the lead-up to the September 23rd launch of Bakkt\u2019s BTC futures contract, Bitcoin\u2019s explosive Labor Day rally seems to have revived sentiment amongst the bulls. A number of factors suggest the largest cryptocurrency by market capitalization could make lower lows before making its much-awaited parabolic advance, however. Monday\u2019s rally, delineated below in red [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-gaps-on-cme-futures-looking-bearish-weeks-away-from-bakkts-launch\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-04T12:00:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-20T02:45:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/02\/cboe-bitcoin-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jonnie Emsley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Bitcoin gaps on CME futures, looking bearish weeks away from Bakkt&#039;s launch\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jonnie Emsley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-gaps-on-cme-futures-looking-bearish-weeks-away-from-bakkts-launch\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-gaps-on-cme-futures-looking-bearish-weeks-away-from-bakkts-launch\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#person\",\"name\":\"Jonnie Emsley\",\"url\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"caption\":\"Jonnie Emsley\"},\"jobTitle\":\"Contributor\",\"description\":\"Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. 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