BTC Price Faces CME Gap Ahead of 'Uptober'

Bitcoin's price has created a gap between $110,000 and $111,335, following its movement between the closing of the CME market on Friday and the reopening on Sunday. Historically, October is Bitcoin's best month, often referred to as 'Uptober', with the potential for a 22% average return. However, the presence of a CME futures gap suggests a potential dip may occur as both Bitcoin and Ethereum show similar setups in their futures prices. The CoinDesk 20 Index has also experienced a 3.2% increase in the past 24 hours. Wider market influences include a focus on upcoming U.S. jobs data and macroeconomic signals. Additionally, the crypto market is observing a reduction in BTC futures open interest, while some traders remain bullish despite a polarized market sentiment, indicated by negative funding rates on certain platforms. Recent fluctuations suggest a cautious stance as traders react to market conditions.

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