Key Points:
BTC rebounded to $114,000 at the opening of Wall Street.
Traders remain cautious about a pullback, especially due to the newly emerged $110,000 CME gap over the weekend.
Macroeconomic analysis suggests a high probability that the crypto market is entering another "Uptober."
BTC continued its sudden rebound on Monday at the Wall Street opening, while traders maintained a cautious stance.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD reached $114,000, with a daily increase of over 1.5%.
The unlikely weekly close above $112,000 created a strong performance for the trading pair in the first Asian trading session, while gold also reached a new historical high.
As the short-term BTC price trend seems to follow this pattern, traders are not at ease. The new "gap" formed in the Bitcoin futures market at the Chicago Mercantile Exchange (CME Group) is a key factor in the anticipated price decline.
A crypto investor and entrepreneur pointed out on the X platform: "$BTC is now showing a CME gap around the $110,000 level."
As reported by Cointelegraph, CME gaps often act as price "magnets," attracting the market to fill them within weeks, days, or even hours.
Nic Puckrin, CEO and co-founder of the crypto adoption platform Coin Bureau, stated: "If we want a significant rise this week, ideally we should look back to close this trade."
According to data from CoinGlass, to fill this gap, BTC/USD needs to break through new substantial buy-side liquidity centered around $111,000.
Exchange order book liquidity continues to drive market momentum, with over $400 million in crypto liquidations in the past 24 hours at the time of writing.
Keith Alan, co-founder of trading resource Material Indicators, stated on Saturday that liquidity above the price below $115,000 is "extremely thin."
He predicted at the time: "I particularly expect the market to become intense around the Sunday weekly close and continue until the Tuesday monthly close."
As gold consolidated after earlier highs of $3,831 per ounce, BTC followed the bullish start of the U.S. stock market this week.
At the time of writing, the S&P 500 and Nasdaq Composite indices were up 0.5% and 1%, respectively.
Trading firm QCP Capital noted in a comment that the classic cryptocurrency "Uptober" outlook is promising.
In the latest "Asia Color" analysis series released by QCP Capital before the Wall Street opening, it stated: "Volatility is trending downward, and it is expected that volatility will further decrease during the consolidation of the spot market before the U.S. non-farm payroll data is released on Friday."
QCP inferred that BTC needs to break back above $115,000 to "confirm the strengthening upward trend."
Related: Bitcoin (BTC) price may oscillate in the $108,000 range: 5 key points to watch this week
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original: “Bitcoin traders expect BTC price to dip to $110,000 to fill CME gap after a 1.5% rise”
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