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- BTC bounced back to $111,900, sparking optimism for October gains.
- CME futures gap adds short-term uncertainty; resistance at $112K critical.
- Historical patterns suggest Uptober rallies often deliver 10–30% gains.
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Bitcoin (BTC) staged a strong rebound over the weekend, reclaiming the $111,000 level and sparking optimism across the crypto market. After a turbulent September, investors are now eyeing a potential “Uptober” rally, hoping for a strong finish to the month. However, experts caution that short-term uncertainty remains, particularly due to the recent CME futures gap.
CME Gap Keeps Traders Cautious
Bitcoin futures on the CME opened with a noticeable gap this week, marking the first such move in several weeks. Historically, these gaps tend to close quickly, which could trigger short-term pullbacks. Analyst Daan Crypto Trades noted that if BTC falls below $111,000, the downside risk becomes more relevant. On the other hand, CME gaps occasionally remain open for months, adding a layer of uncertainty to the near-term outlook.
Currently, Bitcoin is trading around $111,900, up 2.25% with daily trading volume surging 50% to $37.5 billion. Coinglass data shows BTC futures open interest rose 2% to over $78.5 billion, while 24-hour liquidations hit $47 million, following last week’s $1 billion daily liquidations during major leverage flushes.
Uptober Rally Signs Emerging
Crypto analyst Benjamin Cowen highlighted that Bitcoin secured a weekly close above its bull market support band, drawing parallels with September 2020. Back then, two weeks of gains followed by two weeks of pullbacks eventually led to a strong October rally. Market veteran Mike Novogratz also predicts BTC could reach $200K during this bull run.
Also Read: WBTC Strengthens its Role as Multichain Standard for Bitcoin in DeFi
Breaking above $112,000 remains critical for sustaining bullish momentum. A rejection at this stage could open the door to a drop toward $105K. Despite September’s selling pressure, BTC is still up 3% for the month. Historical data shows Bitcoin often posts 10–30% gains in October, reinforcing the possibility of an Uptober surge.
Eyes on $112K
Bitcoin’s weekend bounce has reignited bullish sentiment, but CME gaps and resistance levels keep traders cautious. Crossing $112,000 would be a strong signal for the start of an Uptober rally, while failure to break through could trigger short-term corrections. Investors are closely monitoring market structure as BTC sets the stage for October’s potential gains.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
