Following a fresh price decline, Bitcoin is trading down 4.9% at $8,736. With its intraday high of $9,253, Bitcoin tumbled more than $500 earlier today and is down around 4% over the past seven days, with an intraweek high above $9,500.
As Cointelegraph reported on Nov. 5, some analysts say new sharp movements in Bitcoin’s price are filling in futures gaps. These gaps abruptly crash the market by hundreds of dollars before recovering minutes later, and they’re observed in situations when one session ends higher or lower than where the next one begins. Filling in futures gaps has reportedly become standard for Bitcoin, with analysts using them to predict potential declines in the market.
Major crypto bull Mike Novogratz suggested on Nov. 6 that the recent surge in Bitcoin’s price was triggered by China’s President Xi Jinping calling the country to accelerate blockchain adoption in late October. After China confirmed it’s not planning to mine Bitcoin in the country anymore, the market’s new downward movement contradicts Novogratz’s statement.