Bitcoin Fills CME Gaps, Eyes $109,000 Resistance Amid Volatility

Bitcoin has recently experienced significant price movements, with the cryptocurrency trading within a descending channel that began on May 22, when it reached a high of $112,000. During a recent dip, a CME futures gap around $106,000 was filled as Bitcoin dropped to approximately $105,000. This gap occurs when there is a price difference between the closing price of one trading session and the opening price of the next, often indicative of market sentiment and potential price movements.

The chart shows a visible CME gap between the $108,000 and $108,400 levels. Historically, most CME gaps are filled early in the trading week, suggesting that Bitcoin's price could move towards these levels to close the gap. This phenomenon is not uncommon in the cryptocurrency market, where price movements often correct previous gaps to establish a more stable trading range.

Two CME futures gaps have officially been filled. These gaps—between $108,300–$107,800 and $106,600–$106,300—have been closed, marking a significant technical development. Historically, Bitcoin has shown a tendency to revisit and close CME gaps, which builds confidence among traders that the market has completed a necessary correction. Now, with those gaps closed, BTC may have the fuel to resume upward momentum.

The phrase “run it back” signals potential for a bullish continuation. Traders are watching closely to see if Bitcoin can hold above $107,000 support. If buying pressure sustains, eyes will turn to the next resistance zone around $109,000–$110,000. Closing the gaps clears technical hurdles, allowing bulls to potentially regain control.

As the second quarter draws to a close, Bitcoin is approaching the $109,000 mark, driven by bullish momentum and converging technical signals. However, this optimistic outlook is accompanied by underlying tensions, including a demand deficit, liquidity games, and uncertainty surrounding US interest rates. The June monthly close could potentially alter the market dynamics significantly.

Last weekend, the Bitcoin market experienced intense volatility due to algorithmic manipulations. A trading bot triggered a sharp rise in the BTC/USD pair, temporarily pushing it beyond $109,000. This operation liquidated a $12 million short position before the market corrected its gains. These manipulations, which rely on coordinated liquidity movements in the order book, are becoming more common, especially during low-volume periods like weekends. Currently, the BTC/USD pair has filled the last gap in the CME futures market, formed during these fluctuations. However, the unbalanced liquidity distribution, with demand concentrated between $108,000 and $110,000 and supply extending down to $98,000, creates a fertile ground for sudden movements and increased risk of extreme volatility in the next 24 to 48 hours.

June could be a historic month for Bitcoin. Despite strong volatility fueled by macroeconomic news and market manipulations, the month is set to finish in the green. The second quarter shows an impressive increase of 29.45%, positioning this period among the strongest of the year for BTC. To establish a record monthly close, the Bitcoin price simply needs to stay above $104,630, a target that is less than 3% from current levels and perfectly achievable if the bullish momentum holds. Technical signals and volumes confirm this bullish potential, but the market remains sensitive to macro shocks and the strategies of large holders. Caution is advised as an extended weekend approaches in the United States, where liquidity could become scarce.

Behind the encouraging figures, a worrying signal is emerging: demand is no longer keeping pace with supply. Long-term holders are reactivating their dormant holdings, while miners are massively taking profits. As a result, the volume of BTC put into circulation exceeds that absorbed by new buyers, a configuration considered bearish. This dynamic increases available supply, weakens market support, and may reflect a sense of exhaustion among experienced investors. The 30-day apparent demand indicator has returned to negative territory, a first since April, when Bitcoin was still trading below $75,000. This technical reversal fuels fears of a market peak already reached or imminent. Added to this is a key timing variable raised by analyst Rekt Capital. If Bitcoin follows its usual post-halving cycle, the consolidation phase could occur as early as September or October 2025. In other words, time is running out: only a few months remain before entering a more pronounced consolidation phase.