Bitcoin fills its $117k CME gap amid talk of price discovery next

Important points

• Bitcoin futures fill the CME’s gap since mid-August. This is the latest indication of market strength.

• Analysis says that bulls should not turn this level of resistance into resistance or else new local lows will be waiting.

• BTC’s price could reach its all-time highest in just a few weeks.

BitcoinBTCOn Saturday, ) reached a price goal that was deemed important by analysts who predicted the new record highs.

Bitcoin and CME price gap mixed

Data Source Cointelegraph Markets Pro You can also find out more about the following: TradingView Bitstamp reported a BTC/USD price of $116.800.

Bitcoin Futures took the limelight, with a price of $117.320. It was able to close at a record high. “gap” The leftovers of a previous weekend.

Around August 23, the BTC weekend price decline resulted in a gap, which was gradually filled by futures. “filling” It over a period of three weeks.

“If BTC fully reclaims this level, the doors towards the new ATH will open,” Ted Pillows is an entrepreneur and crypto investor. He argued this in a recent article. post on X Before moving, you should consider the following.

Pillows warns that the return of monthly lows below $108,000 may occur if price views the top edge of the gap.

Amidst various signals, all-time highs returned to the radar this weekend. rejecting the idea It was a cycle top.

Keith Alan co-founder Material Indicators trading resource. told If you had X number of followers, $124.500 would have been yours. “not the top” Bitcoin.

“Why? Because there is simply too much institutional demand, and that demand is growing,” He summarized.

US Bitcoin ETFs saw net inflows According to data from UK-based investment firm, Datapoint Investments, the market has seen a surge of $2.3 Billion in just five days. Farside Investors.

Alan is also mentioned upcoming interest-rate cuts CME Group data shows that the US Federal Reserve will be releasing its quarterly report on September 17, which is not guaranteed but has 100% probability of happening. FedWatch Tool.

“There will be volatility, and things are going to start getting spicy,” “He added.”

The countdown to new highs has begun by traders

Popular trader BitBull predicted that the event would occur in just two weeks.

Related: Bitcoin ‘sharks’ add 65K BTC in a week in key demand rebound

On the same day, he explained that BTC/USD had recovered a major long-term trendline after having briefly lost it in August.

“$BTC has reclaimed its 8-yr trendline level. It has a breakout in July, and last month BTC lost this key level. But now, bulls have closed a strong candle,” He explained Detailed information is provided in the form of a chart. 

“This shows BTC momentum is very strong, and a new ATH could happen in 2-3 weeks.”

Rekt capital, an analyst and popular trader who has been around for a long time, said this same week that the top of the bull market was still not in. historical patterns.

The information in this article is neither investment advice nor a recommendation. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.