Bitcoin Rockets Over Weekend, But CME Gap Raises Correction Risk

Bitcoin surged over the weekend to reach $120,321, placing it within close range of its all-time high near $123,000. However, the move left behind a CME futures gap around $119,000 — a technical signal that may suggest a short-term pullback is likely.

CME’s bitcoin futures, which don’t operate on weekends, closed Friday at $117,430 and reopened Monday at $119,000, forming a gap in price data. Historically, Bitcoin often retraces to “fill” such gaps, meaning traders expect a return to the gap level before the trend resumes.

“This one pushed further than most past gaps, which typically closed the same day,” said trader Daan Crypto Trades on X.

Since CME bitcoin futures trade only 23 hours per day, five days a week, gaps often form when major price moves occur during off-hours, especially over the weekend. These untraded zones can act as magnets for short-term price action.

Bitcoin’s approach to record highs also marks a transition into price discovery, where no previous price ceiling exists. In such cases, gaps may evolve into “runaway gaps” that remain unfilled due to intense market momentum.

“It’s a level worth watching,” Daan added. “If BTC pulls back to within 1–2% of $119K, we might see a reversal. But if it keeps pushing, that gap may remain open — for now.”

With traders eyeing the U.S. market open, all attention is on whether Bitcoin will retrace to fill the CME gap or break decisively into new record territory.