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The crypto news today show that BTC got caught up in a decline once again, falling by 5% on the day this morning and finding it hard to keep up with the $7,400 margin. Right now, we can see that Bitcoin retests $7,400 again after the sudden uptick started fizzling overnight.

According to the latest charts, the largest cryptocurrency managed to lose almost 30% of its gains from earlier in the week. This is how it dropped from the local highs of $7,790 to the current price of $7,350 at press time.

The downside also equated to 24-hour losses which were 6% for Bitcoin and the cryptocurrency started showing signs that it would test support strength at $7,000 again. Previously, the Bitcoin news showed that BTC/USD hit multi month lows of $6,500 before rebounding by almost $1,300 within a couple of days.

However, now Bitcoin retests $7,400 again and is trading at exactly the same level as last Sunday. This leads us to believe that no fundamental change has been here this week aside fro the minor rally which propelled BTC by $500.

Currently, many analysts are jumping in and looking for factors which could influence the short-term momentum up or down. Specifically, one analyst named Crypto Michael pointed out to a likely “gap” in the Bitcoin futures markets.

According to him, as Bitcoin retests new levels, the price of BTC tends to “fill” points in where one futures trading session ends and another begins. After the drop this Sunday, a new gap will definitely have opened up, he noted, as CME’s contracts finished Friday’s trading at $7,805.

The hopes at press time are for Bitcoin (BTC) to escape the $7,300 zone and surge to at least $7,500 so we can see a nice movement in the near future. This is what is seen as a chance for Bitcoin to also gain strength and go over ,000 once again.
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“Good part of this drop; another CME gap is created to the upside,” the analyst said on Twitter.

Good part of this drop; another CME gap is created to the upside. $BTC

— Crypto Michaël (@CryptoMichNL) December 1, 2019

He also added that the potential for Bitcoin likely is between the $6,900 and $8,000 as Bitcoin retests $7,400.

“I’d be interested to see whether we can break $7,400 up here. If we can, then we might be able to go to $8,000 after all. If not, I’m aiming at $6,900-7,000 for some longs.”

$BTC #BITCOIN

I'd be interested to see whether we can break $7,400 up here. If we can, then we might be able to go to $8,000 after all.

If not, I'm aiming at $6,900-7,000 for some longs.

Purple area (previous resistance and order block) holding for now. pic.twitter.com/pKRWOYstFL

— Crypto Michaël (@CryptoMichNL) December 1, 2019

The futures analysis shows that there are mixed results this week after CME’s monthly contracts settled this Friday.