Over the last ten days, Bitcoin has once again become a topic for heated speculations as it made a strong move to the upside from its previous support at $6860 to the weekly high of $8455 over the said period of time. There were many theories floating around about the nature to this move: some argued that it was instigated by the feud between Iran and the United States, which was believed to have marked the beginning of World War III, others insisted that the rapid rise and the subsequent fall was dictated by Bitcoin’s strive to fill the CME futures gap that formed in a zone between $7,676 and $7,716.
Both viewpoints seem to be valid to a certain extent as Bitcoin has proven to be a safe haven asset and a better alternative to traditional methods for swift transfer of money in times of geopolitical turmoil. Whereas, filling the CME gaps has been some sort of Bitcoin’s sacred mission, which it had fulfilled many times before. But what traders are really trying to figure out is whether this move marked the end of consolidation within the confines of the $6500 - $7628 channel, which has been lingering since November 2019.