Bitcoin Bulls Target $117,000 Amid CME Gap Closure Concerns
The current technical analysis of Bitcoin shows a conflict between short-term momentum and macro trends. Bulls are defending support, pushing towards the $117,000 resistance. However, an unfilled CME gap might necessitate a downside move to reset the chart before surpassing this target.
Gap-Filling and Future Rally
- Ezy Bitcoin highlighted that Bitcoin may need to fill an existing gap before a major rally can occur, viewing this as a necessary reset rather than a weakness.
- The Bitcoin CME Futures chart indicates unfilled gaps acting as price magnets, historically revisited before climbing resumes.
- In the past five months, every observed gap has been filled, suggesting a potential short-term retracement before another rally.
- This pullback could present an opportunity for investors to accumulate more Bitcoin.
Recovery Momentum Amid Market Pressure
- According to Crypto VIP Signal, Bitcoin quickly recovered after a drop below $113,000, indicating active buyer interest.
- The immediate resistance is between $114,600 and $114,800, which needs to be overcome for the bullish trend to continue.
- A successful breakout above this range could lead to targets between $116,000 and $117,000, confirming positive momentum.
