Bitcoin’s Recent Price Movement: A Bullish Reversal Pattern Emerges
Bitcoin has completed its weekly CME gap fill between $109,680 and $111,310, a technical milestone that last preceded a major rally in late 2024. This development has sparked renewed optimism among traders, with analysts at RektCapital noting a bullish divergence on the daily timeframe. The leading cryptocurrency is holding the same higher low structure from which the October 2024 reversal emerged, hinting that a similar breakout could propel Bitcoin toward $130,000 before Q4 ends.
Back in 2024, Bitcoin filled its CME gap at $68,785 before launching a two-month run to $108,000. The current scenario bears a striking resemblance to the 2024 reversal pattern, with Bitcoin’s funding rate on Binance flipping negative this week, a rare occurrence that has historically marked local bottoms and preceded major rallies. On-chain data also shows large spot exchange outflows, indicating quiet accumulation amid widespread fear.
Bitcoin Market Sentiment Hits 2017 Lows: A Contrarian Indicator
Crypto traders who have been around since late 2017 report that morale is at one of its lowest points in years. Sentiment in major chat rooms is showing exhaustion and doubt, with many convinced the cycle has ended. Even seasoned traders admit to underperforming this year compared to 2020–2021. Coupled with last Friday’s brutal wipeout, the market feels like a ghost town. However, both technical patterns and macroeconomic indicators suggest otherwise.
Source: CryptoQuant
Gold Indicator Shows Bitcoin Is About to Steal the Spotlight
Meanwhile, gold has outperformed Bitcoin since March, rising 28.1
