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Bitcoin Must Fill the $110,000 CME Gap – Analysis

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Bitcoin Faces Resistance as Bearish Divergences Emerge
Bitcoin Faces Resistance as Bearish Divergences Emerge

Important points

  • Bitcoin has bounced back to $114,000 on Wall Street’s opening.

  • A new gap at the weekend CME opened up to $110,000.

  • Macro Analysis sees good odds for another “Uptober” For crypto.

BitcoinBTCWall Street opened Monday with a sudden rise in the Dow Jones Industrial Average, but traders remained cautious.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

CME gap cools excitement over Bitcoin rebound

The Data of Cointelegraph Markets Pro The following are some examples of how to get started: TradingView BTC/USD reached $114,000 after daily gains exceeded 1.5%.

A weekly close of $112,000 was a rare event, and it set up the pair for a successful first Asia session. Gold also reached new highs.

Traders were not relaxed as short-term BTC prices followed. As a new “gap” CME Group’s Bitcoin Futures Market was a major reason for lower prices.

“$BTC now has a CME gap around the $110,000 level,” Ted Pillows, crypto investor and entrepreneur summarized by a post on X. 

“Bitcoin has filled every CME gap in the last 4 months, so this could most likely get filled. Keep an eye on it.”

CME Bitcoin futures 15-minute chart. Source: Ted Pillows/X

The following are some of the ways to get in touch with us. Cointelegraph reportedCME gaps tend to act as a price “magnets,” Attracting the market in order to fill these positions within days, weeks or hours.

“Ideally we come back & close this if we want a clean move higher this week,” Nic Puckrin is the CEO and founder of Coin Bureau. argued.

According to CoinGlass data, BTC/USD will need to cut through an additional mass of liquidity, centered around $111,000 to fill in the hole.

Binance BTC/USDT Liquidation heat map. Source: CoinGlass

At the time this article was written, 24-hour liquidations of cryptos had reached 400 million dollars.

Keith Alan co-founder Material Indicators called for liquidity to be placed above price on Saturday. “paper thin” Under $115,000.

“I especially expect things to get spicy around the Weekly Close on Sunday and continue into the Monthly close on Tuesday,” ' predicted At the time.

“Uptober” BTC is a good bet to flip the odds.

Bitcoin was a positive follow-up to a strong start for US stocks markets as gold consolidated after reaching its previous high of $3.831 an ounce.

Related: BTC price due for $108K ping pong: 5 things to know in Bitcoin this week

XAU/USD one-hour chart. Source: Cointelegraph/TradingView

The S&P 500 and Nasdaq Composite Index were up by 0.5% and 1%, respectively, at the time of writing.

Trading company QCP Capital commented that it was possible to see a traditional crypto in the future. “Uptober” It was a good day.

“Vols are trending lower, with expectations that they will drift further as spot consolidates ahead of Friday’s US Non-Farm Payrolls,” It wrote in its latest “Asia ColorThe Wall Street Open ” Analysis Series 

“While there are questions around whether NFP could be delayed if the US government shuts down, markets appear relatively unfazed, buoyed by Wall Street’s gains.”

QCP argued $115,000 of the tax refund should be returned to “confirm a renewed uptrend.”

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.