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Bitcoin needs to fill $110,000 CME gap, analysis argues

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Bitcoin Futures Turn Bullish As Traders Flip Long
Bitcoin Futures Turn Bullish As Traders Flip Long

Important points

  • Bitcoin is back on track with an increase to $114,000 during the Wall Street opening.

  • The CME weekend gap has opened at $110,000, which is a warning to traders that a possible retracement may occur.

  • Macro Analysis sees good chances of another “Uptober” Cryptography is a good example.

BitcoinBTCThe NASDAQ (NASDAQ) index continued to rise on Monday, while Wall Street traders were cautious.

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

CME gap cools excitement over Bitcoin rebound

The Data of Cointelegraph Markets Pro You can also find out more about the following: 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.

However, traders did not appear to be relaxed as the short-term BTC prices followed. The new “gap” CME Group’s Bitcoin futures markets formed the key reason why we should expect lower levels.

“$BTC now has a CME gap around the $110,000 level,” Ted Pillows is a crypto investor, entrepreneur and investor. 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 weeks, or days.

“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.

Data from CoinGlass shows that to close the BTC/USD gap, BTC/USD must cut through a mass of new bid liquidity around $111,000 in order to make up for this shortfall.

Heatmap of Binance BTC/USDT liquidity. Source: CoinGlass

The exchange order book liquidity has continued to grow, and 24-hour cryptocurrency liquidations have reached $400 million.

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

“I especially expect things to get spicy around the Weekly Close on Sunday and continue into the Monthly close on Tuesday,” He 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” Was good

“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 ColorAnalysis series prior to the Wall Street opening 

“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.”

This article contains no investment recommendations or advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.