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Bitcoin has dropped <a href="https://www.newsbtc.com/news/bitcoin-price-fell-below-58000/" rel="nofollow noopener" target="_blank">to as low as $58,000</a> in the last 24 hours, having failed to once again hold above the crucial support at $60,000. Different analysts have suggested that the <a href="https://bitcoinist.com/heres-why-bitcoin-might-not-dip-to-9600-to-fill-the-cme-gap/">CME gap</a> caused this price decline and that BTC could enjoy a relief bounce going forward.&nbsp; 
<h2 id="the-cme-gap-caused-bitcoin-to-decline-below-60-000">The CME Gap Caused Bitcoin To Decline Below $60,000</h2> 
<a href="https://bitcoinist.com/litecoin-halving-is-due-in-33-days/">Crypto analyst Daan Crypto</a> hinted in an X (formerly Twitter) <a href="https://x.com/DaanCrypto/status/1808428439889682688" rel="nofollow" target="_blank">post</a> that Bitcoin experienced this recent price decline to close the CME gap around the $60,000 range. The CME gap is the difference between BTC’s price on the <a href="https://bitcoinist.com/cme-group-plans-to-launch-bitcoin-spot-trading/">Chicago Mercantile Exchange (CME)</a> futures market between when the market closed on Friday and reopened on Monday.&nbsp; 
Related Reading: <a href="https://bitcoinist.com/shiba-inu-72453-surge-burn/">Is A Shiba Inu Comeback Imminent? 72,453% Surge In Burn Rate Could Send Price Flying</a> 
<img loading="lazy" decoding="async" class="size-medium wp-image-308764" src="https://bitcoinist.com/wp-content/uploads/2024/07/Bitcoin-1.png?w=512&amp;resize=512%2C309" alt="Bitcoin 1" width="512" height="309" data-recalc-dims="1"> 
While sharing a chart of Bitcoin CME futures, crypto analyst Speed Racer also alluded to the CME gap as responsible for Bitcoin’s recent decline. He <a href="https://x.com/SpeedRacer689/status/1808447187644244220" rel="nofollow" target="_blank">stated</a> that the market makers were running the BTC market in the short term as there was no way they would leave a “$1650 CME gap from the weekend.”&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-308765" src="https://bitcoinist.com/wp-content/uploads/2024/07/Bitcoin-2.png?w=341&amp;resize=341%2C420" alt="BTC 2" width="341" height="420" srcset="https://bitcoinist.com/wp-content/uploads/2024/07/Bitcoin-2.png?w=416 416w, https://bitcoinist.com/wp-content/uploads/2024/07/Bitcoin-2.png?w=341&amp;resize=341%2C420 341w" sizes="(max-width: 341px) 100vw, 341px" data-recalc-dims="1"> 
Crypto analyst Ninja also <a href="https://x.com/Ninjascalp/status/1808429099787882711" rel="nofollow" target="_blank">explained</a> that the recent price decline was caused by the CME gap and even tagged it as “bullish selling.” He assured that everything would be okay, with a market rebound likely on the cards. Ninja also urged market Bitcoin bulls not to panic, although he subtly admitted that the <a href="https://bitcoinist.com/bitcoin-price-tragic-june/">current market conditions</a> are enough to make anyone panic.&nbsp; 
Fortunately, the worst looks to be over, as Daan Crypto revealed that the CME gap has been fully closed. This suggests that Bitcoin should enjoy a relief bounce from its current price level. <a href="https://bitcoinist.com/bitcoin-bottom-20-decline/">Crypto expert Michael van de Poppe</a> also <a href="https://x.com/CryptoMichNL/status/1808525726947147990" rel="nofollow" target="_blank">confirmed</a> that the CME gap has closed and predicted that it’s time for BTC to bounce up.&nbsp; 
Crypto analyst Titan of Crypto shared a similar sentiment while revealing that the CME gap has been filled. He <a href="https://x.com/Washigorira/status/1808366145025569160" rel="nofollow" target="_blank">claimed</a> that nothing was holding Bitcoin back now and that it was time for the flagship crypto to send. From the chart the analyst shared, BTC could rise to $72,000 on its next leg up.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-308766" src="https://bitcoinist.com/wp-content/uploads/2024/07/Bitcoin-3.png?w=512&amp;resize=512%2C317" alt="Bitcoin 3" width="512" height="317" data-recalc-dims="1"> 
<h2 id="the-cme-gap-might-not-be-the-only-problem">The CME Gap Might Not Be The Only Problem</h2> 
<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-selloff-german-govt-another-67-million/" rel="nofollow noopener" target="_blank">Selling pressure</a> on Bitcoin is another problem that is responsible for its price decline. <a href="https://x.com/FarsideUK/status/1808708565286158837" rel="nofollow" target="_blank">Data</a> from Farside Investors shows that the Spot Bitcoin ETFs are still witnessing huge net outflows, with fund issuers having to offload their BTC holdings to fulfil redemptions.&nbsp; 
There is also significant selling pressure from the <a href="https://bitcoinist.com/german-government-moves-over-150-million-in-btc-ethereum-suffers-61-million-outflows-algotech-nears-10m/#:~:text=The%20German%20government%20has%20made,Bitstamp%2C%20Coinbase%2C%20and%20Kraken.">German government</a>, which still appears to be selling its Bitcoin holdings based on <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" rel="nofollow noopener" target="_blank">data</a> from Arkham Intelligence. This is in addition to concerns about the selling pressure that BTC could witness once the <a href="https://www.newsbtc.com/bitcoin-news/mt-goxs-bitcoin-dump-how-will-the-9-billion-sell-off-affect-btcs-price/" rel="nofollow noopener" target="_blank">defunct crypto exchange Mt. Gox</a> begins to repay its creditors about $9 billion worth of crypto.&nbsp; 
At the time of writing, Bitcoin is trading at around $58,600, down over 3% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow noopener" target="_blank">data</a> from CoinMarketCap.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/DUdqHCn8/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

Here’s Why The Bitcoin Price Crashed Below $58,000

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