Bitcoin opened Tuesday at $114,101 and slipped to a low of $113,487. It rebounded and is trading slightly above its opening price.
The apex coin surged above $116k again a few hours ago, marking its second attempt at the mark this week. Nonetheless, the recent uptick is surprising as there were several indications of an impending retracement.
BTC surged to a high of $116,300 on Monday, but retraced and closed with slight losses. However, the asset has been on an uptrend since Thursday and continued the upward movement, which ended during the previous intraday session.
The cryptocurrency gained almost 7% during this period. Nonetheless, indicators on the shorter timeframe blared warnings about a possible retracement.
However, Bitcoin’s surge above the $116k mark again showed that prices did not move in the direction indicated by the metrics. Additionally, it broke its dominant trend of seeing notable declines on the second day of the week. As it stands, the asset is edging closer to a green close.
Celebrating the recent retest, Michael Saylor reiterated his position on the apex coin, stating that he has not sold his BTC since 2020.
Away from Saylor, another reason many expected it was due to the CME Gap. The 4-hour chart for Bitcoin CME Futures shows a wide gap, spanning $113,400 to $111,205. Created over the weekend, a retracement to this level is almost guaranteed. Normally, this space is filled on Tuesday, hence the dominant trend of declines during this session.
The coin’s recent surge sparked discussion about when it will fill the CME gap. All the contributions from different analysts agreed that the asset will fill the gap. However, the question remains when.
Analysts Weigh In
Several analysts on X speculate about when the filing will occur. One such KillaXBT affirmed that the filling is inevitable. However, talking about when it will happen, he said: “In the past 4 months, we have filled 100% of weekend gaps in less than 2 weeks.”
However, some fault his assertion, noting that it may be flawed because he is “using 4 months.” Another noted that there is a CME gap at $10,000.
Nonetheless, 0xBossman weighed in, saying that the ideal situation for the gap is that Bitcoin may not fill it this week. He stated that the filling will happen next week.
Will Bitcoin Fill The Gap This Week?
The highlighted analysts agree that the gap will be filled, but not this week. Based on the events lined up for this week, this may be the case. The market is tilting bullish, and the coin may register massive upward momentum starting on Wednesday.
The EU will release several data the next day, which many expect to be positive. However, U.S. data will be on hold due to the shutdown.
While fundamentals may be the main reason to conclude that Bitcoin will not see any significant declines this week, there is a slim chance that one of these events could go south. Massive retracements may follow if this happens.
Nonetheless, the apex coin flipped green on the 1-month chart after being red for an extensive period. The bulls will look to continue the uptrend in the coming days, sealing uptober.
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