BTC Sell-Off Highlights Unfilled CME Futures Gap Below $80K Dating Back to November

Bitcoin’s Drop Puts Focus on CME Futures Gap Below $80K

Bitcoin (BTC) has fallen 10% this week to $86,300, breaking below its long-standing range of $90,000–$110,000. This bearish move has traders scanning charts for potential downside targets, with particular attention on an unfilled “runaway gap” in CME Bitcoin futures below $80,000.

A price gap occurs when there is a sudden jump between trading sessions, leaving a blank space on the chart where no transactions took place. In the case of CME Bitcoin futures, a significant gap formed on Nov. 5, the day after President Donald Trump’s election victory, when prices opened at $81,210—well above the previous day’s high of $77,930.

Since CME Bitcoin futures trade only 23 hours a day from Sunday to Friday, gaps appear more frequently than in the 24/7 spot market. Many traders believe that such gaps eventually get filled, as price action naturally revisits those levels over time.

“Historically, CME gaps tend to close at some point, but predicting when is difficult,” said Nicolai Sondergaard, a research analyst at Nansen. “The recent volatility has accelerated downward pressure, making a test of the $80K region more plausible.”

Sondergaard added that Nansen’s risk indicators have shifted to a “risk-off” stance, which may signal further weakness in the near term.

However, not all gaps behave the same way. While common and exhaustion gaps—associated with normal trading patterns or trend reversals—tend to be filled quickly, runaway gaps, which occur in strong trends, often remain open.

Complicating matters further, another gap has now formed between Feb. 24 and Feb. 25 as Bitcoin fell from its previous consolidation zone. Whether BTC revisits this newer gap or heads lower to close the November gap first remains an open question for traders.