Bitcoin Confronts CME Gap as 'Uptober' Approaches: Crypto Market Review

By James Van Straten (All times ET unless stated otherwise) Bitcoin, currently at $85,476.14, has seen a 2.5% increase over the past 24 hours and has created a gap in CME futures between $110,000 and $111,335. This discrepancy arises from the difference in prices when the CME market closed on Friday and reopened on Sunday. Similarly, Ether, at $2,825.06, has gained 3.4% and left a gap in futures starting around $4,000. It is worth noting that CME futures gaps often get filled. Given that the two largest cryptocurrencies are presently trading higher, it is likely that they will both drop back to retest those lower levels at some point. Historically, Bitcoin's monthly low tends to occur within the first 10 trading days, suggesting this dip could happen within the next two weeks. This is despite October, often referred to as 'Uptober,' being its second-best performing month with an average return of 22%. The CoinDesk 20 Index has seen a 3.2% gain in the past 24 hours, with all its members in the green. Beyond the crypto market, precious metals remain strong, with gold increasing 1.5% on Monday to $3,815 and silver nearing all-time highs at $47, with the next significant level at $50. The macro markets are focused on Friday's highly anticipated U.S. jobs report, expecting nonfarm payrolls of 39,000 alongside a steady 4.3% unemployment rate. The ISM Services PMI is forecast at 52, indicating the continued expansion of the world's largest economy. For bitcoin to break out of its current $110,000 to $120,000 trading range, a return of volatility and sentiment is necessary. The fourth quarter, starting on Wednesday, could provide the catalyst. It's essential to stay alert. Key Areas to Watch Upcoming Token Events Conferences Token Talk By Oliver Knight Derivatives Positioning Market Trends Bitcoin Statistics Technical Analysis Crypto Equities Crypto Treasury Companies ETF Flows Spot BTC ETFs Spot ETH ETFs Source: Farside Investors Market Updates from Overnight