By James Van Straten (All times ET unless indicated otherwise) Bitcoin's (BTC) flirt with a record high $124,000 on Thursday was followed by a drop that led to it closing last weekend's CME gap at $117,600 after hotter-than-expected PPI inflation data and Treasury Secretary Scott Bessent’s apparent flip-flop on bitcoin purchases for a strategic reserve.

The gap occurs because CME hours for BTC futures don't match bitcoin's 24/7 trading. When the futures market is closed over the weekend, bitcoin's movements can create a discontinuity in prices on the CME chart. While filling the gap is a recurring pattern in market behavior, there's not guarantee it will take place.

Bitcoin has now set four all-time highs in 2025. Importantly, the magnitude of pullbacks following these peaks has been shr

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