Bitcoin price has been consistently recording bullish months after closing the first quarter on a bearish note. However, despite the bearish start for the month, August is set to turn the tables for the BTC price rally and set a new ATH. The price has entered a crucial CME gap range between $117,000 and $113,870 and the latest price action suggests this gap could fill in the next few hours. This move has grabbed the attention of institutional and technical traders alike, as CME gaps—formed when Bitcoin trades outside regular futures hours—are often “magnetic” zones, eventually drawing price action back to fill them.
Now that the price is about to fix the gap, market participants are closely watching to see if Bitcoin will gain further upside momentum or consolidate below resistance.
Bitcoin is currently trading around $114,800, within the CME gap as it attempts to fill the gap, indicating a further downside. Historically, over 80% of CME gaps eventually get filled and as a result, the traders have been monitoring this range for weeks. Therefore, once the gap is resolved, the technical pressure is believed to be relieved, potentially paving the way for a new leg up in August.
As seen in the above chart, the price has entered the CME gap range and is trying hard to fill the gap at the earliest. The price is expected to reach the lower threshold at $113,870 that may be followed by a strong rebound to the current highs. While strong buying pressure could lead the rally towards new highs, probably above $125,000.
On the other hand, the long-term holders continue to accumulate, while exchange reserves are dropping steadily with a steady rise in ETF inflows. The broader macro environment is characterized by expectations of Fed easing later in the year and waning inflation concerns. Therefore, if the bulls defend the $117K level and market sentiments remain positive, the Bitcoin (BTC) price could discover new highs above $123,000 or $125,000.
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