Bitcoin News Today: Bitcoin Faces Potential Retest of $111,000 After 3.6% Pullback

Bitcoin’s recent bullish momentum has shown signs of stalling, with analysts suggesting a potential retest of the $111,000 level in the near future. The cryptocurrency, which briefly touched $123,000 earlier this month, has since retreated to trade above $118,000, marking a 3.6% pullback. Technical indicators and on-chain data suggest that the current consolidation could be a precursor to a price correction or a breakout attempt [1].

On-chain analyst CryptoMe highlighted a key concern in Bitcoin’s price action: an "unrealized gap" between $111,000 and $115,000. According to data from CryptoQuant’s QuickTake platform, this range saw minimal retail participation during Bitcoin’s rapid rally between July 9 and 14, with most buying pressure coming from institutional players. As a result, the UTxO histogram shows a visible absence of outputs in that price range, a historical pattern that often leads to a retesting of those levels [1].

Historical parallels have further reinforced this view. In 2024, Bitcoin skipped the $70,000–$80,000 range on its way to $110,000 but eventually revisited and filled that gap. CryptoMe suggests a similar scenario could unfold around the $111,000 level. The analyst emphasized that while the broader trend remains bullish, the retest could occur either as a direct pullback from current levels or following a further push toward $140,000 and a subsequent correction [1].

The potential retest has also been echoed by other market participants. A report noted bearish divergence in Bitcoin’s price chart, indicating a possible pullback toward $92,000. This scenario mirrors past corrections and underscores the importance of technical analysis in assessing Bitcoin’s near-term trajectory [2]. Although the $123,000 level may have acted as a short-term peak, the market remains unready to confirm a long-term top, adding to the uncertainty [1].

Analysts recommend that investors remain cautious with their risk exposure and leverage positions. Given the historical tendency for price gaps to be filled, a return to $111,000 is still a viable scenario. The current sideways movement on the 2-hour chart reflects this indecision, with traders awaiting further signals to determine the next directional move [1].

Despite the immediate uncertainty, the broader narrative for Bitcoin remains cautiously optimistic. The asset continues to attract institutional interest and regulatory clarity, both of which are considered long-term catalysts for price appreciation. The key question for traders now is whether the $111,000 level can hold as a critical support zone or if it will succumb to downward pressure, triggering a deeper correction [1].

The market’s next move will likely be influenced by the actions of major institutional players and broader macroeconomic conditions. As the cryptocurrency market matures, the interplay between bullish momentum and bearish corrections will continue to shape Bitcoin’s price trajectory. Investors are advised to monitor key technical levels closely for any signs of a potential breakout or breakdown in the coming weeks [4].

Sources:

[1] Mitrade - [https://www.mitrade.com/insights/news/live-news/article-3-1007023-20250802](https://www.mitrade.com/insights/news/live-news/article-3-1007023-20250802)

[2] advfn.com - [https://mx.advfn.com/bolsa-de-valores/COIN/BTCUSD/crypto-news/96546269/bitcoin-traders-warn-123k-was-a-top-how-low-can](https://mx.advfn.com/bolsa-de-valores/COIN/BTCUSD/crypto-news/96546269/bitcoin-traders-warn-123k-was-a-top-how-low-can)

[4] Leap - [https://leapdigitalinvestments.com.au/](https://leapdigitalinvestments.com.au/)