The $ 3,500 spread on CME may cause bitcoin to experience a sharp correction

According to Bitcoinist, the price of Bitcoin now has a CME spread of $ 3,500. Considering its historical approach to the CME spread, BTC may retest the $ 3,000 area. Earlier this month, former International Monetary Fund (IMF) economist and hedge fund manager Mark Dow described bitcoin as a "textbook-style bear", noting that bitcoin's macro trends are still bad for buyers. When the CME bitcoin futures market is closed after the end of the trading session and the bitcoin price fluctuates, a CME gap will appear. For example, if the bitcoin price was $ 6,600 at the close of the futures market, but soared to $ 7,000 at the opening, there would be a spread on the CME from $ 6,600 to $ 7,000. However, there is also a saying that although CME accounts for a large part of Bitcoin's global transaction volume, the price of Bitcoin has not been attracted by the CME spread. When supported by other factors such as momentum, trading volume, buying and selling pressure, and technical structure, the price gap usually shrinks. There is also a strong argument that the CME spread is actually not that important because the trading volume in the futures market has declined significantly since March.