Bitcoin nears $118K CME Gap, a level that could trigger strong upward momentum toward the much-anticipated $150K milestone.
Since 2023, Bitcoin’s steady price surges with rising trading volumes show ongoing investor confidence and bullish market energy.
Filling the $118K gap may push Bitcoin higher, but failure could bring sharp volatility as traders brace for the next big move.
Bitcoin’s price is nearing $118,000 level with a potential gap-fill in its recent price movements. The gap, known as the CME Gap, occurs when the Bitcoin futures market closes over the weekend, creating a price difference between Friday’s close and Sunday’s open.
According to Merlijn The Trader, Bitcoin's price at $118,000 is considered a critical magnet for future movements. Every time a gap like this one is filled, it historically triggers an upward momentum, setting the stage for a potential rally.
Source: Merlijn The Trader
If the gap doesn't close, it can indicate more downward motion. The market is nevertheless optimistic that the price of Bitcoin will reach this threshold, indicating a period of consolidation or reversal.
Bullish Trends in Bitcoin’s Market
Aside from the disparity, Bitcoin's market trajectory is still strong overall. According to analyst Kamran Asghar, there has been a bullish tendency in the price movements of Bitcoin from May 2023. An increase in trade volume has coincided with each expansion phase.
Bitcoin increased 105.79% between May and November 2023, hitting $36,023.28. This trend persisted into 2024, as Bitcoin increased by 72.91% from November 2023 to May 2024 and then by 50.48% from May to November 2024.
Source: Kamran Asghar
As the price inches closer to $150K, many anticipate that Bitcoin may soon surpass this level. Asghar suggests that Bitcoin’s final step toward $150K is already in motion, with the market riding a powerful bullish rhythm.
Looking Ahead: A Price Surge or Correction?
The real test for Bitcoin is yet to come, even though the gap-fill above $118,000 might open the door for additional upward momentum. There may be increased volatility if Bitcoin is unable to sustain its upward trajectory after closing the gap.
On the other hand, closing the gap might pave the way for a sustained upward trend and bring Bitcoin closer to its $150K target.
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