Bitcoin's recent price action has caught the attention of analysts, with some pointing to a "double bottom" pattern that could propel the cryptocurrency towards $110,000. However, a potential CME (Chicago Mercantile Exchange) gap looms, which might delay or complicate this bullish scenario.
Currently, Bitcoin is trading around $104,447, approximately 7% below its peak of nearly $112,000 from last month. According to Swissblock, Bitcoin seems to be stuck between a floor of $100,000 and a resistance zone just under $110,000. They describe the current price action as a "stall," suggesting that a fresh surge in fundamental momentum is needed to break beyond this range.
The "double bottom" pattern is a technical formation that suggests a potential reversal of a downtrend. It occurs when a price tests a support level twice and bounces off it, forming two distinct "bottoms" on a price chart. This pattern is often interpreted as a sign that selling pressure is waning and that buyers are ready to step in, potentially driving the price higher.
However, the presence of a CME gap introduces uncertainty. CME gaps occur when the price of Bitcoin on the CME exchange opens significantly higher or lower than the previous day's close, creating a "gap" in the price chart. These gaps often get filled as the price tends to move back to the previous day's closing level. If a CME gap exists below the current price, it could act as a magnet, pulling the price down before any significant rally can occur.
Analysts at Swissblock cautioned that the lack of new capital entering the market raises the risk of a "double-top" formation, a technical pattern that often signals an impending reversal. In a joint report with analyst Willy Woo, Swissblock noted that while transaction volumes and liquidity are sliding, the network remains fundamentally stable. The report highlighted that liquidity has dipped, with fewer transactions and lower volume, but network activity has held steady, suggesting user confidence remains intact. Additionally, profit-taking remains limited, meaning sellers aren't flooding the market. This combination suggests that while Bitcoin might remain rangebound for now, a sharp decline is unlikely, at least until sentiment or fundamentals shift more significantly.
On October 31, 2025, the global cryptocurrency market cap stood at approximately US$3.69 trillion, reflecting a daily drop of about 2.0%. Bitcoin (BTC) dominance has increased to roughly 59.3 %, showing a subtle shift toward the leading asset. Bitcoin's rebound to around US$109,000 suggests traders found near-term support after a pullback, but the upward momentum is fragile.
Given these conflicting signals, traders and investors should remain cautious and monitor price action closely. A confirmed breakout above the $110,000 resistance, accompanied by strong volume, would lend credence to the bullish "double bottom" scenario. However, any significant pullback towards a potential CME gap below could signal further consolidation or even a deeper correction.
