Key Takeaways
Bitcoin closed a CME futures gap at $117,000, signaling market strength.
Analysts warn that reclaiming this level as support is crucial to avoid dips below $108,000.
Traders see new all-time highs (ATHs) in the next 2–3 weeks, driven by ETF inflows and Fed rate cut expectations.
Bitcoin Fills $117K Futures Gap
Bitcoin (BTC) climbed to $116,800 on Bitstamp on Saturday, with futures markets briefly hitting $117,320 and filling a long-standing CME gap from late August.
The gap, created during a weekend sell-off around Aug. 23, has been gradually closed over the past three weeks. Traders now view this move as a critical inflection point.
“If BTC fully reclaims this level, the doors towards the new ATH will open,” said crypto investor Ted Pillows. He cautioned, however, that if $117K flips into resistance, Bitcoin could retest monthly lows below $108,000.
Institutional Demand and Macro Tailwinds
Analysts emphasize that institutional demand remains too strong for $124,500 to have marked the cycle top.
Keith Alan, co-founder of Material Indicators, pointed to $2.3 billion in net inflows into U.S. spot Bitcoin ETFs over the past five trading days, signaling renewed appetite from large investors.
“Why? Because there is simply too much institutional demand, and that demand is growing,” Alan wrote on X.
Upcoming Federal Reserve rate cuts, with the CME FedWatch Tool showing 100% odds of at least a 25 basis-point cut on Sept. 17, are further bolstering bullish sentiment.
Traders See ATHs Within Weeks
Popular trader BitBull highlighted Bitcoin’s recovery of its 8-year trendline support as a key technical trigger.
“$BTC has reclaimed its 8-yr trendline level. It has a breakout in July, and last month BTC lost this key level. But now, bulls have closed a strong candle,” he explained.
“This shows BTC momentum is very strong, and a new ATH could happen in 2-3 weeks.”
Similarly, analyst Rekt Capital noted that historical bull market patterns suggest the current cycle has not yet peaked, reinforcing the case for higher highs, according to Cointelegraph.
