Bitcoin News Today: Bitcoin Gains 0.59% as CME Gap and Institutional Sales Test $118K-$120K Levels

Bitcoin’s recent price action has drawn heightened attention as the cryptocurrency navigates a critical technical threshold amid mixed institutional activity and market sentiment. The CME Bitcoin futures market opened with a fresh gap over the weekend, creating a price range between $118,700 and $120,300. Analysts have highlighted historical tendencies for such gaps to close within days, with the last five gaps resolving by the following Monday. However, market participants caution against overreliance on this pattern, noting that prior bull markets have occasionally ignored such gaps entirely [1]. Daan Crypto Trades, a market analyst, emphasized the importance of monitoring the gap but warned against excessive focus, which could lead to missed opportunities. “Watch the gap but don’t value it too much,” he advised, adding that prior bull runs often bypassed such technical levels [2].

Simultaneously, institutional activity has amplified volatility. Galaxy Digital, a major player in the crypto space, executed a significant BTC transfer on July 25, selling nearly 30,000 BTC—valued at $3.5 billion—across exchanges. The firm later withdrew $1.15 billion in USDT, signaling a strategic shift in positioning. This move follows a prior liquidation of 80,000 BTC linked to a dormant Satoshi-era wallet, which briefly pushed Bitcoin below $115,000 earlier in the week. Galaxy’s current holdings stand at 18,504 BTC, estimated at $2.14 billion, according to blockchain tracker Lookonchain [3].

Bitcoin’s price has consolidated in a $118,000–$119,500 range, with immediate support and resistance levels critical for determining short-term direction. As of July 26, the asset traded at $118,921, reflecting a 0.59% 24-hour increase. A sustained break above $119,500 could validate upward momentum, while a failure to hold this level may trigger a retest of the $118,000 support. Broader macroeconomic conditions and institutional buying pressure remain key variables, with analysts noting that sustained accumulation above $118,000 would be necessary to challenge the $120,000 psychological barrier [4].

The CME gap closure has also highlighted Bitcoin’s evolving institutional profile. The sixth consecutive week of overnight gap closures in futures markets underscores growing participation from institutional investors, contrasting with earlier cycles where gaps often persisted unresolved. This behavior aligns with projections from some analysts, including those at Coinpedia, who forecast a potential rise to $132,000 by October if key resistances are cleared and macroeconomic conditions remain favorable [5]. However, bears remain skeptical, citing insufficient follow-through buying and lingering uncertainty around large-scale liquidations.

Market participants are closely watching for signs of consolidation or a breakout. Technical indicators suggest a mixed outlook: while the $115,000 gap has been filled, buyers must now sustain price above $118,000 to set up a test of $120,000. Failure to hold this support could push Bitcoin toward the $108,300–$112,000 range, a high-volume area where traders have been advised to adopt aggressive strategies. The coming days will be pivotal in determining whether Bitcoin can secure a foothold above $118,000 and mount a credible assault on the $120,000 milestone.

Sources:

[1] [Bitcoin Rebounds 2.0% as Institutions Buy the Dip, Eye 120K Resistance](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-rebounds-2-0-institutions-buy-dip-eye-120k-resistance-2507/)

[2] [Bitcoin Endures One Of The Most Intense Bear Weeks](https://www.mitrade.com/insights/news/live-news/article-3-989792-20250727)

[3] [Bitcoin Opens with CME Gap as Price Eyes $120K Resistance](https://coinmarketcap.com/community/articles/688759382477c254f74c0dce/)

[4] [Page 18 | Big Trump Candle / Wrapped SOL on Solana](https://www.tradingview.com/symbols/BTCSOL_E7A8MP.USD/ideas/page-18/)

[5] [Bitcoin News Today: Bitcoin's October Rally Eyes $132K](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-october-rally-eyes-132k-altcoins-target-5x-surge-2507/)