Bitcoin surged past the $111,000 mark on Sunday, reaching $113,975 and fueling optimism for the much-anticipated “Uptober” rally after a challenging September. However, uncertainty lingers as the Chicago Mercantile Exchange (CME) futures gap opened this week, a price discrepancy not seen in weeks. Historically, these gaps tend to close quickly, hinting at a possible short-term pullback. Analysts warn that if Bitcoin slips below $111,000, market structure could weaken.
Data from Cryptoappsy shows Bitcoin climbing 2.25% to $111,814, with trading volume spiking 50% to $37.5 billion. Open interest in futures rose 2% to $78.5 billion, while over $47 million in leveraged positions were liquidated in the past 24 hours. Last week alone, liquidations exceeded $1 billion on two occasions.
Market watchers note that Bitcoin closed the week above key bull-market support, echoing patterns from September 2020, when brief pullbacks preceded strong October rallies. Galaxy Digital CEO Mike Novogratz even suggested Bitcoin could reach $200,000 in the current cycle.
The $112,000 resistance level remains critical. A breakout above it could strengthen bullish momentum, while failure to hold could send prices back to $105,000. Despite recent volatility, Bitcoin still gained 3% in September, and historically, October has delivered 10% to 30% returns over the past decade — keeping optimism for an “Uptober” surge alive.