Analyst: Bitcoin May Retrace to $114,000 to Fill CME Gap

BlockBeats News, July 15th, according to Cointelegraph, Bitcoin fell 5% to $116,850 after hitting a new all-time high earlier this week. Analysts stated that the Bitcoin drop was caused by some Bitcoin holders taking profits. The recent Bitcoin rise left a gap on the CME futures market between $114,380 and $115,630. Futures gaps are usually "filled," with traders often considering these price levels as resistance or support based on market structure. If history is any indication, the BTC price may eventually drop to fill the CME gap at $114,400.

Cryptocurrency analyst Mikybull Crypto posted on X on Tuesday, stating, "Bitcoin is likely to fill the CME gap during the CPI data release, followed by further upside." However, Michael van de Poppe, the founder of MN Capital, pointed out the possibility of Bitcoin experiencing a further pullback to $108,000.