Gap below was partially filled on May 12. If that was capitulation may not ever close. If market continues to trade down on fears of central bank tightening into a slowdown the gap could be closed and even ones below it.
The gaps on the upside I imagine get filled. Which gap gets filled first the one above or below?
Bitcoin seems to be, on low time scales (4h), in a descending triangle. Seems to indicate an imminent breakdown.
However, if yields can keep falling here, and the NASDAQ can hold this area, then I think the descending triangle won't complete to the downside. In that case the higher gap gets filled first. At least from today's activity, this seems like a possibility.