Bitcoin Fills Yet Another CME Futures Gap as BTC Price Dropped to $76,700

Bitcoin's (BTC) price on CME futures dropped to a low of around $76,700 on Monday, officially filling the CME futures gap that was created on Nov. 5, when President Trump won the U.S. election.

At the end of February, BTC$90,704.96 briefly fell to approximately $78,500, partially filling the gap, as the lowest point of the gap was $77,400. However, since CME futures only dropped to around $78,500 at that time, the gap remained partially open. With Monday's decline to $76,700, the gap—ranging from $77,930 to $80,600—has now been fully closed.

For context, CME bitcoin futures trade 23 hours a day, from Sunday through Friday, whereas bitcoin spot markets trade 24/7. Gaps occur when there is a difference between the futures market closing price and the opening price for the next day due to the absence of trading activity during off-hours.

CoinDesk research noted that out of the previous 80 CME futures gaps, all but one have eventually been filled. As for remaining gaps, one still exists between $84,200 and $85,900.