Will Bitcoin Follow Gold in Q4? BTC USD Price Analysis For Monthly Close as Bears Target CME Gap

Core Insights - Bitcoin (BTC) price closed September at approximately $113,400, down from an intraday high of $114,842, amid discussions on whether it will follow gold's recent performance into Q4 [1] - Gold reached a new all-time high of around $3,871 per ounce, influenced by US government shutdown concerns and potential Federal Reserve policy easing, which may support risk assets like Bitcoin [2] - Bitcoin's price action is seen as a consolidation phase, with $115,000 identified as a key upside trigger and a Chicago Mercantile Exchange gap near $110,000 acting as a downside target for bears [3] Market Dynamics - US spot Bitcoin funds experienced a net inflow of $518 million on September 29, indicating strong investor interest, which partially offset earlier outflows [4] - Perpetual futures funding remained modestly positive, suggesting a mild long bias without excessive positioning that typically indicates local tops [4] - Bitcoin bulls are closely monitoring gold's rally for potential signals while being cautious of the downside risks associated with the $110,000 gap [4] Institutional Activity - Tether's recent purchase of $1 billion worth of Bitcoin indicates strong institutional demand, bolstering bullish expectations for Q4 [5] - Market analysts suggest that Bitcoin's price is preparing for another attempt at higher levels, with recent movements described as a slight pullback after breaking through a crucial resistance zone [6]