Bitcoin Trades Within Descending Channel as CME Gap Gets Filled

Markets

Share this article

By James Van Straten|Edited by Parikshit Mishra

Jul 2, 2025, 10:08 a.m.

Bear and bull (Pixabay)
  • Bitcoin’s price action has formed a descending channel, defined by lower highs and lower lows between two downward-sloping trendlines, signaling a persistent bearish structure.
  • Glassnode data shows bitcoin remains above its 1-month realized price, with short-term holders still in profit, suggesting dips remain shallow and market momentum stays intact.

Bitcoin

is currently moving within a descending channel a persistent bearish structure that began on May 22, when it hit a high of $112,000. After reaching this level, the price fell about 10% to around $100,000.

It then made a lower high at $110,000 on June 10, which was followed by a roughly 10% correction, taking it slightly below $100,000 during market reactions tied to the U.S.-Iran conflict.

jwp-player-placeholder

STORY CONTINUES BELOW

Don’t miss another story.Subscribe to the Crypto Daybook Americas Newsletter today.See all newslettersBy signing up, you will receive emails about CoinDesk products and you agree to ourterms of useandprivacy policy.

As of June 30, bitcoin reached around $109,000 before pulling back about 3%, but has since recovered to nearly $108,000. The recent dips appear to be getting shallower.

During the latest dip, there was a CME futures gap around $106,000, which was “filled” as bitcoin dropped to around $105,000. A CME gap occurs when the Chicago Mercantile Exchange closes for the weekend or overnight and bitcoin’s price moves significantly during that time, leaving a price range on the CME chart where no trading took place, which markets often tend to revisit to “fill” the gap.

According to Glassnode data, bitcoin’s pullbacks remain relatively shallow and the price is still trading above its 1-month realized price, which represents the average price investors paid over the past 30 days.

In the past 24 hours, investors have an average cost basis of $105,600, while the one-week group sits at $106,300. These short-term holder cohorts are still in profit, which supports market momentum, although continued profit-taking could make it more challenging for bitcoin to reach new all-time highs.

Read more: Bitcoin CME Futures Premium Slides, Suggests Waning Institutional Appetite

James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.

In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).

James Van Straten

 

Leave a Reply

Your email address will not be published. Required fields are marked *