Bitcoin approaches the critical $118,000 CME Gap, a technical indicator that analysts believe may trigger a major upward price movement toward the $150,000 threshold. Market observers cite persistent bullish sentiment and historical price patterns as key drivers for this potential breakout.
The CME Gap refers to price discrepancies arising from weekend closures of Bitcoin futures contracts on the Chicago Mercantile Exchange. The $118,000 level is viewed as a pivotal technical target, with historical precedence suggesting such gaps often influence future market direction.
Remarkable historical performance supports optimistic projections, including Bitcoin’s 105.79% price surge between May and November 2023, followed by sustained upward momentum into 2024. Increased trading volume – historically correlated with Bitcoin’s expansion phases – continues to reinforce bullish expectations.
While filling the CME Gap could catalyze extended bullish momentum, traders are advised to monitor developments vigilantly given inherent market volatility.