- The unfilled CME gap below the spot price could influence short-term retracements as Bitcoin trades above the thin zone.
- Bitcoin has repeatedly tested the $117,914 level, solidifying it as a key support zone amid low volatility.
- Price has failed to break through $119,754, keeping BTC trapped in a narrow range despite a 0.1% weekly gain.
Bitcoin’s 7-day price movement has remained relatively steady. The 0.1% increase has kept the token above its $118,807 spot rate, registering a minimal gain over the week. However, the narrow 24-hour range reveals tight price action between $117,914 and $119,754. This has allowed for only limited volatility, even as the new CME gap sits slightly below current levels.
The identified CME gap at $118,475 is notable due to its alignment with short-term support. This may increase the focus on how price reacts should it return toward this point. The price structure remains compressed, and the $118,807 spot value currently places Bitcoin above the midpoint of its daily range. The tight nature of the movement points to indecision in the market, despite upward progress in the weekly outlook.
CME Gap Emerges Below Current Price Action
The appearance of the CME gap below current levels has drawn close attention. Gaps in CME futures are often watched due to their historical tendency to be revisited. The formation occurred when price rose quickly from the $118,000 range, skipping the $118,475 level during a gap in trading hours. This leaves a thinly traded area that could become relevant in short-term price action.
Price movement above the gap indicates market strength. However, the absence of interaction at that level raises the likelihood of a return. Bitcoin’s chart currently shows clustered candles just above the gap, reinforcing the importance of the $118,475 zone. The gap remains open, with no indication of immediate reversal toward that level. Yet the narrow range suggests price could re-engage with it should volatility return.
Tight Range Develops Between Key Resistance and Support Zones
Bitcoin is now trading just below its local resistance of $119,754. This level has capped upward attempts in the past day. The price has not sustained movement beyond this point, creating a zone that may challenge buyers. As resistance builds above, market participants are watching the lower boundary near $117,914, which continues to serve as short-term support.
The price has interacted with this support zone multiple times over the past 24 hours, further anchoring its relevance. Meanwhile, the presence of the CME gap slightly above this area adds complexity. Traders continue to track whether Bitcoin will break above $119,754 or revisit levels near the gap to fill untraded territory. Both zones now frame Bitcoin’s immediate path
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