Mass liquidations in cryptocurrencies: Bitcoin and Ether in focus

IMPORTANT POINTS:

🟡 There were over 335 million dollars in liquidations, led by Bitcoin and Ether.

🟡 BTC, ETH, and SOL started the Asian session with losses, indicating a volatile week opening.

🟡 Analysis predicts a possible correction of Bitcoin's price to 39,700 USD due to the "Bitcoin Gap on CME."

Bitcoin (BTC), Ether (ETH), Sol (SOL), and many important altcoins started the trading day in Asia in the red, beginning the week with volatility.

Bitcoin and Ether lead the liquidation map, with over 89 million dollars in liquidated bitcoin positions and 74 million dollars in Ether.

Willy Woo, on-chain analyst, anticipates that the market could correct Bitcoin's price down to 39,700 USD.

Understanding the Bitcoin Gap on CME

The "Bitcoin Gap on CME" at 39.7k refers to a situation where the price of bitcoin on the Chicago Mercantile Exchange jumped, leaving a gap at 39,700 USD. Historically, such gaps tend to fill, meaning the price often returns to this level. Price gaps in the CME futures market for bitcoin occur because their operating hours are aligned with U.S. trading hours, leading to possible price discrepancies when the market opens and closes.