I just checked the Bitcoin chart and something interesting is happening. The price is hovering around $66.5K after the recent move, but analysts still see potential for a significant breakout toward the $100K medium term.

What catches my attention is the CME gap. Basically, when Bitcoin futures on CME close over the weekend but the spot markets remain open 24/7, price gaps are created that eventually get filled. There’s a bearish gap near $88K that could be a short-term target before BTC tries to recover. Van de Poppe mentions that Bitcoin is consolidating after trading in a range, and a small retracement to fill that CME gap could be the move before a stronger rally.

On-chain data is also signaling interesting things. Outflows from exchanges continue to be positive, meaning less selling pressure in the spot markets. Long-term holders have stopped massively distributing their coins after months of selling pressure. This suggests renewed confidence in the project.

On the technical side, Bitcoin just printed three consecutive red monthly candles, something that historically has preceded rebounds of between 30% and 130%. Additionally, the 21-day moving average is being supported, indicating better short-term momentum. JPMorgan estimates that Bitcoin could reach $170K this year if institutional adoption sustains.

The key now is to see if Bitcoin can break through resistance levels between $91K and $92K. If it does so with strong momentum, the path toward $95K and eventually $100K opens up. The CME gap remains a crucial reference for traders right now. We’ll see if January marks the breakout point many are expecting.