Bitcoin News Today: Bitcoin Posts 0.1% Weekly Gain Trapped in $117,914-$119,754 Range Amid CME Gap Pressure

Bitcoin’s price has remained confined within a narrow trading range as the $118,475 CME gap exerts short-term pressure on the market. Over the past week, the cryptocurrency has posted a 0.1% gain, maintaining a spot price of $118,807 above its 24-hour range midpoint. However, volatility remains subdued, with Bitcoin oscillating between key support at $117,914 and resistance near $119,754. The inability to breach the latter level has kept the asset in a compressed structure, despite the modest weekly progress [1].

The CME gap at $118,475, formed when prices surged from the $118,000 range without trading at that level, has become a focal point for short-term traders. This untraded zone, positioned slightly below current levels, could act as a psychological barrier or catalyst for renewed volatility. Market participants are closely monitoring whether the price will revisit the gap to fill the void, a historical tendency observed in futures markets [1]. Analysts note that the gap’s proximity to existing support at $117,914 adds complexity to Bitcoin’s near-term trajectory, as traders weigh the likelihood of a test at either zone [1].

Price action has reinforced the significance of the $117,914 support level, which has been repeatedly tested over the past 24 hours. This repeated interaction has solidified its role as a critical floor for short-term stability. Meanwhile, resistance at $119,754 has consistently curtailed upward momentum, preventing buyers from sustaining a breakout. The tight range between these levels highlights market indecision, with neither bulls nor bears asserting dominance. The current configuration suggests that a shift in either direction—whether a retest of the CME gap or a breakout above resistance—could trigger a broader move [1].

The 7-day price movement underscores the compressed nature of Bitcoin’s recent action. While the 0.1% weekly gain indicates some upward bias, the lack of volatility has limited meaningful directional trends. Traders are now parsing whether external catalysts, such as macroeconomic data or regulatory developments, could inject liquidity into the market and widen the trading range. For now, the focus remains on the interplay between the CME gap and the defined support/resistance zones, with outcomes likely to dictate Bitcoin’s immediate path [1].

Source: [1] [Bitcoin Trades Within Tight Band as $118,475 CME Gap Adds Short-Term Pressure] [https://cryptonewsland.com/bitcoin-trades-within-tight-band-as-118475-cme-gap-adds-short-term-pressure/]