Bitcoin Faces Resistance Near $116K Amid CME Gaps and Mixed Macro Signals, Potential Downside Toward $111K

Key Points

1. Bitcoin faces strong resistance near $116,000, a critical level for determining near-term market direction.

2. A new CME futures gap between $113,500 and $114,000 suggests potential short-term downside pressure.

3. Key support levels to watch are $114,305 (immediate support) and $111,390 (critical level), with a failure below these possibly leading to a drop toward $111,000.

4. Weak retail interest, as indicated by Google Trends, may limit Bitcoin's ability to sustain upward momentum.

5. Macro factors such as a weakening dollar index and potential September rate cuts add complexity to Bitcoin's price movement.