Summary
- Bitcoin (BTC) hit a 3-week low and was reported to have filled the CME futures market gap.
- Some investors anticipated a strong rebound, while other traders warned of a potential further decline.
- It was noted that concerns over U.S. tariffs and the Fed's rate hold have widened the losses for risk assets such as cryptocurrencies.
The price of Bitcoin (BTC) hit a three-week low, precisely filling the CME futures market gap that opened in July. Amid concerns over U.S.-triggered trade tariffs, risk assets overall saw a decline, with cryptocurrencies experiencing sharper losses.
According to the cryptocurrency-focused media outlet Cointelegraph on the 19th, Bitcoin dropped to as low as $114,322 on the Binance USDT market before rebounding. As a result, it is evaluated that the price gap that emerged in the July CME Bitcoin futures market has been precisely closed.
The market has also seen predictions that a rebound could occur now that the CME gap is filled. Cryptocurrency investor Ted Phylos commented on X (formerly Twitter), saying, "There is now a possibility for a strong upward move."
On the other hand, some traders are leaving room for further decline. Trader CipherX warned, "If Bitcoin fails to recover $116,000, the short-term downside target is $104,000." Another trader, CryptoCandy, analyzed, "Bitcoin may see a correction down to around $111,500."
Meanwhile, Bitcoin recorded a larger drop than the S&P 500 following the announcement of U.S. retaliatory tariffs against China. At the same time, S&P 500 futures only fell 0.4%.
Additionally, the U.S. central bank, the Fed (Federal Reserve), recently decided to hold its benchmark interest rate steady, maintaining a hawkish stance. The somewhat diminished expectations for a rate cut within the year are burdening risk assets overall.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
