Bitcoin is presently range-bound, trading between key levels of $113,000 and $120,000. Market participants are closely monitoring an unfilled gap in the CME Bitcoin futures market, positioned at $114,300, which is widely seen as a potential magnet pulling the price downward in the mid-term.
Technical analysis highlights significant liquidation clusters acting as resistance between $120,000 and $121,000 and support between $113,600 and $114,500. The $113,800 level is acting as a crucial intra-range midpoint, heavily influencing near-term price movement directions.
Recent price action, characterized by long wick formations on the higher end of the range, indicates rejection near resistance and potentially sets the stage for a move back towards lower liquidity zones below.
Collectively, these factors suggest the market lacks a decisive trend in the immediate term. Price action is expected to remain confined within the established range, oscillating between the identified liquidation levels and the technical target presented by the CME gap below.