Bitcoin (BTC) struggles near $90,000 as price action drops to fill a CME futures gap at the yearly open. Despite a modest bounce, traders remain unconvinced that the worst is over. Gold continues to hit record highs while Bitcoin gives up gains from January. BTC price not looking strong after gap-fill, hitting $87,800.

Bitcoin erases more than $10,000 of gains from month-to-date highs, filling a CME Group Bitcoin futures market gap from the yearly open. With remaining gaps above spot price, traders have mixed opinions about market strength. Some expect a rapid rise, while others predict a retest of a downward-sloping trendline on the daily chart. Bears eye trendline retest after gap fill.

Bitcoin investors are in “capital preservation” mode as macro factors continue to influence the crypto market. Trading company QCP Capital describes Bitcoin as a high-beta risk asset sensitive to rates, geopolitics, and cross-market volatility. Gold sees another all-time high of $4,888 per ounce, outperforming traditional hedges. Market focused on capital preservation over conviction amidst policy uncertainty.

Read more at Cointelegraph: Bitcoin Closes $88,000 CME Gap as it Wipes 2026 Gains