Bitcoin’s weekend rally has brought it within reach of its all-time high, but a newly formed CME futures gap around $119,000 may present a near-term obstacle.

After closing at $117,430 on Friday, CME’s cash-settled bitcoin futures opened at $119,000 on Monday—creating a $1,570 price gap. Historically, such CME gaps have a tendency to get “filled,” meaning spot prices often retrace to cover the untraded range between Friday’s close and Monday’s open.

“Most previous gaps did close within the same day, but this one has moved a bit further than those,” noted pseudonymous trader Daan Crypto Trades on X.

While spot markets trade 24/7, CME futures pause for one hour each day and close over the weekend, making them prone to price gaps when significant movement occurs during downtime.

As of Monday, BTC is trading at $120,321, edging closer to its $123,000 record high. According to Daan, Bitcoin is entering price discovery territory, where previous resistance levels are absent and price action becomes more speculative. In such cases, gaps may not fill immediately—and can even act as “runaway gaps” driven by continued bullish momentum.

“If price were to revisit and close the gap, it could mark a potential reversal zone,” Daan added. “But unless we drop to within 1–2% of $120K again, I wouldn’t count on it just yet.”

As the U.S. trading session begins, traders are closely watching whether Bitcoin will backtrack to fill the CME gap or push higher into uncharted territory, leaving the gap behind—for now.