Bitcoin Closes the $117K CME Gap amid Talk of Price Discovery next

The following are key points.

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

• The analysis warns that if bulls do not avoid converting this level into resistance they will face new lows in the local market.

• 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 new highs.

Bitcoin Price Outlook Mixed with CME Gap Done

The Data of Cointelegraph Markets Pro The following are some examples of how to get started: TradingView Bitstamp’s BTC/USD Spot reached $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.

The gap appeared around August 23, resulting from the weekend BTC prices dropping, and futures slowly began to fill in. “filling” Over a 3-week period, it is best to spread out the work.

“If BTC fully reclaims this level, the doors towards the new ATH will open,” Ted Pillows, a crypto-investor and entrepreneur, argued that the cryptocurrencies are a good investment. post on X Prior to moving.

Pillows has warned that, if prices treat the gap’s top as resistance it could lead to a monthly drop below 108,000 dollars.

Amidst various signals, all-time highs returned to the radar this weekend. rejecting the idea The cycle top is in.

Keith Alan is the co-founder and trading resource Material Indicators. 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 Exchange-Traded Funds (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 can also be referred to 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 a new record high

BitBull, a popular trading platform, predicted the peak to occur within 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 Alongside an accompanying diagram. 

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

Rekt, the popular analyst and trader, also said earlier this week that bull markets were not over. historical patterns.

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.