BTC price weakness takes the market below $59,000 for the first time since mid-July as "relentless" Bitcoin selling pressure persists
analysis now expects BTC price action to target $58,000 next as long positions get “rekt.”
Bitcoin weekly losses edge toward 10%
As a grim weekend sets up an equally grim weekly candle close, market participants warn that Bitcoin bulls may face more pain into next week.
“Bitcoin has entered the CME Gap, but technically, it can only be filled during TradFi trading hours,” Keith Alan, co-founder of trading resource Material Indicators, wrote in his latest X post on Aug. 4.
Alan referred to the void between closing and opening levels on CME Group’s Bitcoin futures markets.
BTC price action tends to either rise or fall to “fill” these gaps after a weekend, and at present, they are turning $58,000 into a near-term target.
“Bitcoin Will be opening with a new CME gap if it trades at its current value,” popular trader Daan Crypto Trades continued in his own post on the topic alongside an explanatory chart
Alan meanwhile predicted that the weekly close, which was set to leave BTC/USD down more than 8% at the time of writing, would not provide lasting relief.
“With that in mind, there is a low probability that we see BTC price recover for the Weekly close, but if we do, I expect it to be short lived,” he concluded.
