Bitcoin (CRYPTO:BTC) has plummeted to as low as $58,000 in the past 24 hours, failing once more to maintain the key support level above $60,000.

Analysts attribute this drop to the CME gap, suggesting it played a significant role in the price decline.

Experts believe that despite this downturn, Bitcoin might experience a relief bounce soon.

The gap in the Chicago Mercantile Exchange (CME) futures market is often cited as a factor influencing such price movements. Overall, the recent dip highlights the volatility inherent in Bitcoin's market dynamics.

Investors are keeping a close watch on potential recovery indicators and the possible impact of the CME gap closing.

Going forward, the market's response will be closely monitored, with an optimistic outlook for a potential rebound in Bitcoin's value.