$BTC

According to CoinDesk, Bitcoin (BTC) experienced a notable increase over the weekend, reaching a peak of $87,800 on Monday. This surge has resulted in a new gap between the closing price of CME futures on Friday and the opening price for the new week. The futures closed at $84,190 last week and opened approximately $1,000 higher at $85,160, indicating a potential drop as Bitcoin often fills these CME futures gaps.

Bitcoin's tendency to fill these gaps was evident in mid-March when it closed the gap created during the November rally following U.S. President Donald Trump's election victory. This gap was completely filled when Bitcoin's price fell to $76,700 in mid-March. The occurrence of these gaps is attributed to the difference in trading hours between spot Bitcoin, which trades continuously, and CME futures, which operate 23 hours a day from Sunday to Friday. Significant price movements during CME's off-hours lead to gaps between the previous close and the next day's open.

Historically, Bitcoin has shown a pattern of retracing to fill such gaps. Given this trend, it is likely that Bitcoin may revisit the $84,000–$85,000 range in the near future. This behavior underscores the importance of monitoring Bitcoin's price movements in relation to CME futures, as these gaps can provide insights into potential price corrections.