Bitcoin News Today: Bitcoin nears $113,900 resistance amid CME futures gap and stable SOPR sentiment

Bitcoin is currently nearing a critical resistance level of $113,900, influenced by a significant gap in CME futures trading and balanced investor sentiment. The price action has drawn attention to this zone as traders anticipate either consolidation or a potential bounce. A CME futures gap between $112,500 and $113,900, formed after the weekend, has created a technical pressure area where no traditional futures trades occurred, making it a focal point for market participants [1]. Historical patterns suggest such gaps often get "filled," meaning the price may retrace toward the lower end of the gap or hold above $113,900, signaling a bullish continuation.

Short-term investor behavior, as measured by the Spent Output Profit Ratio (SOPR), remains balanced, with the metric hovering near 1.03. This indicates that traders are selling close to their purchase price, showing no signs of panic or euphoric selling. In contrast, previous bull cycles saw SOPR reach 1.16–1.17, reflecting overheated market conditions. The current SOPR suggests a healthy, measured market sentiment without excessive volatility [2].

Analysts at Swissblock emphasize that the recent pullback near $113,693 is a normal and healthy pause rather than a sign of a broader reversal. The market appears to be in a consolidation phase, potentially setting the stage for an upward move. Additionally, steady demand for Bitcoin ETFs and a lack of significant macroeconomic risks support a stable outlook [1].

Despite the current technical pressures, the overall market environment remains favorable. With no major threats emerging from macroeconomic data and ongoing ETF inflows, investors are advised to monitor key price levels and technical indicators closely. The coming days may provide clarity on whether Bitcoin can break through $113,900 or if a retracement toward $112,500 becomes more likely.

Source: [1] Bitcoin Nears $113,900 Resistance Amid CME Gap and Balanced Short-Term Sentiment

(https://en.coinotag.com/bitcoin-nears-113900-resistance-amid-cme-gap-and-balanced-short-term-sentiment/)

[2] Bitcoin Nears $113,900 Resistance Amid CME Gap and Balanced Short-Term Sentiment