According to Velo data, Mondays generated negative returns on average over the past month. However, this Monday started in the green as Bitcoin climbed above $106,000, reclaiming a key technical level, the 365-day moving average, which has acted as important long-term support throughout this cycle. This moving average currently sits near $102,444.
However, a small gap on the Chicago Mercantile Exchange (CME) formed around $104,170 following weekend trading. A CME gap occurs when the price of bitcoin on CME futures opens higher or lower than the previous session’s close, usually over the weekend when CME markets are closed.
Historically, these gaps are often “filled” as price action revisits these levels, suggesting a near-term downside target, although the broader narrative has turned bullish amid expectations that the U.S. government shutdown could end as early as this week.
Following bitcoin’s rally on Monday, crypto-related stocks surged in pre-market trading. AI-related crypto stocks lead gains.
Galaxy Digital (GLXY) is up 5% to $33, IREN (IREN) is up 7% to $66, and Cipher Mining (CIFR) is trading around $21, up 5%.
Meanwhile, pure Bitcoin cash games are also seeing strength. Strategy (MSTR) is up 3% premarket at $248, while Metaplanet (3350) closed Monday’s session up 3% at 427 yen.
Elsewhere in the market, gold jumped 2% to $4,079, and silver is closing in on the $50 mark, up 3.3%. The US Dollar Index (DXY) continues to hover near the 100 benchmark, while US 10-year Treasury yields have moved back above 4.1%.
