CME Bitcoin Futures hits record high, raising odds of price retracement

Bitcoin futures on the Chicago Mercantile Exchange have recorded a $10,350 price gap, the largest CME Bitcoin futures gap in the exchange’s history.

According to TradingView’s Mar. 2 data, the CME Bitcoin (BTC) futures closed at $84,650 in the previous session and opened at $95,000 in the next, creating a substantial gap of $10,350. This gap significantly surpasses the previous record of just over $4,000 observed in Aug. 2024.

A CME gap occurs because Bitcoin trades 24/7 on global crypto markets, while CME futures pause on weekends. If Bitcoin’s price moves significantly during this period, a gap forms between Friday’s closing price and Sunday evening’s opening price. 

Traders often keep an eye on these gaps because Bitcoin has a history of “filling” them, meaning that its price usually returns to the gap level before moving further in either direction. This happens because of liquidity imbalances, as institutional traders often place orders around untraded price zones.

The latest gap emerged after Bitcoin surged from $85,000 to nearly $95,000 following President Trump’s announcement of a U.S. Crypto Strategic Reserve on March 2. The news injected over $300 billion into spot markets, driving Bitcoin and altcoins higher.

Bitcoin has already filled a previous gap between $92,800 and $94,000, but in doing so, it created a much larger one between $84,650 and $94,000. Despite the fact that it may take weeks or even months, many traders anticipate that Bitcoin will eventually return to these levels.

Large gaps typically fill, according to historical statistics, but the timing is unpredictable. In the bull market of 2021, certain gaps only closed in the subsequent bear market. Bitcoin is still on an uptrend, but traders are now keeping an eye on whether the market will close this gap by correcting.