bullish

Bitcoin

when

Spot

would

Key takeaways:
<ul>
 <li>Bitcoin rallied 4.5% in 48 hours, reclaiming $114,000.</li>
 <li>A reset in BTC’s open interest points to healthier upside after long de-leveraging.</li>
 <li>A CME gap near $111,300 remains a short-term risk to bullish momentum.</li>
</ul>
Bitcoin (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>) price rallied 4.5% in less than 48 hours, retesting $114,000 on Monday. The recovery followed last week’s sharp correction between Monday and Saturday, where <a href="https://adlerscryptoinsights.substack.com/" rel="noopener noreferrer nofollow" target="_blank">data indicated</a> the pullback was less about aggressive shorting and more about longs de-leveraging to set up a cleaner base for future upside.
<figure>
 <img alt="Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-09/01999630-4e65-7b5d-a3ef-b59a3aed302a" title="">
 <figcaption style="text-align: center;">
 Bitcoin one-day chart. Source: <a href="https://www.tradingview.com/symbols/BTCUSDT/" rel="noopener noreferrer nofollow" target="_blank">Cointelegraph/TradingView</a>
 </figcaption>
</figure>
Between Sept. 21 and Saturday, Bitcoin slipped to $109,500 from $115,600, a 5.3% decline alongside a 6.2% drop in futures open interest (OI) to $39.9 billion from $42.6 billion. The 30-day correlation between price and OI tightened to +0.46, signaling longs were trimming exposure rather than shorts forcing the move. Such resets often clear excess leverage, paving the way for healthier rallies.
Spot market dynamics are also <a href="https://x.com/AxelAdlerJr/status/1972532254821032344" rel="noopener noreferrer nofollow" target="_blank">turning favorable.</a> Buyers continued to dominate centralized exchanges, with net 30-day flows in negative territory at around 170,000 BTC, meaning more coins are leaving exchanges than entering. This pattern is often seen as a sign of accumulation and reduced sell-side pressure.
<figure>
 <img alt="Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-09/01999632-ee28-7bae-82c2-4134401286e0" title="">
 <figcaption style="text-align: center;">
 Bitcoin 30-day net flow. Source: Axel Adler Jr./X
 </figcaption>
</figure>
Meanwhile, Crypto market researcher Dom <a href="https://x.com/traderview2/status/1972307129445896650" rel="noopener noreferrer nofollow" target="_blank">pointed out</a> that the immediate target could be above $115,000. The analyst said,&nbsp;
<blockquote>
 “The liquidation divergence has played out pretty well. Spot books remain thin up until ~$115K on Binance. Thin books = easier to move price. Still need the bulls to stay aggressive to get there.”
</blockquote>
Funding rates have cooled into a neutral range, removing the risk of cascading long squeezes and instead supporting a gradual rebuild of leverage. However, there is a lack of cohesion between the aggregated spot cumulative volume delta (CVD) and OI.
Spot CVD has <a href="https://coinalyze.net/bitcoin/open-interest/" rel="noopener noreferrer nofollow" target="_blank">remained largely</a> flat during Monday’s rally, and OI is gradually increasing. The price action could welcome late spot bids if the price stabilizes above $113,000, setting the stage for the much-anticipated “Uptober” rally.
<figure>
 <img alt="Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-09/0199962e-2c1b-71ff-a58d-8390d70e1bc1" title="">
 <figcaption style="text-align: center;">
 Bitcoin price, aggregated open interest, spot CVD, and funding rate. Source: Coinalyze
 </figcaption>
</figure>
<a href="https://cointelegraph.com/news/300k-bitcoin-target-becoming-increasingly-likely-analyst" rel="noopener noreferrer nofollow" target="_self">Related:&nbsp;$300K Bitcoin target ‘becoming increasingly likely,’ analyst says</a>
<h3 id="strong-cme-gap-risk-remains-in-play-near-111-300-strong">CME gap risk remains in play near $111,300</h3>
Despite Bitcoin’s breakout above $114,000, derivatives traders could be watching a CME gap that remains unfilled between $111,300 and $110,900. CME gaps occur when Bitcoin futures on the Chicago Mercantile Exchange close for the weekend and reopen at a different price level, leaving a visible void on charts. Historically, BTC has shown a strong tendency to revisit these levels, with every gap since June being fully closed.
This suggested a short-term pullback toward the $111,000 zone cannot be ruled out before the recovery rally extends higher. The CME gap also coincides with a fair value gap, and a drop to $111,000 would also sweep the internal liquidity block between $112,300 and $111,400.
<figure>
 <img alt="Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-09/0199962a-863d-742e-aa68-b122174d7ada" title="">
 <figcaption style="text-align: center;">
 Bitcoin one-hour chart. Source: Cointelegraph/TradingView
 </figcaption>
</figure>
Thus, a short-term dip near these levels remains in play over the next few days. An immediate bullish invalidation would be a strong daily close above $115,000, which may reduce the probability of a drop to $111,000.
While historical trends emphasize that CME gap fills are not guaranteed, its recent 100% closure rate makes it an important technical factor for traders assessing near-term risks within Bitcoin’s broader bullish Q4 outlook.&nbsp;
<a href="https://cointelegraph.com/news/btc-price-due-108k-ping-pong-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow" target="_self">Related: BTC price due for $108K ping pong:&nbsp;5 things to know in Bitcoin this week</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin gears up for ‘Uptober’ after $114K rally revives bulls

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