Bitcoin News Today: Bitcoin Struggles Below $116,000 Resistance Amid CME Gaps and Bearish Pressure

Bitcoin remains trapped below the $116,000 resistance level amid CME futures gaps and mixed macroeconomic signals, with the potential for a pullback toward $111,000[1]. The price has struggled to maintain levels above $116,080, a key psychological and technical barrier, and has formed a series of lower highs and lower closes since peaking above $122,000 in early July[1]. Analysts highlight this level as a critical battleground that could determine the immediate direction of the asset.

A newly formed CME futures gap between $113,500 and $114,000 has emerged as a short-term pressure zone[1]. Historically, such gaps tend to get filled, which could see Bitcoin dipping below $114,000 before stabilizing. The market is currently in what some analysts describe as a "distribution phase," where selling pressure appears to be gaining control over buying momentum[1].

The immediate support level at $114,305 has held firm in recent bounces, but repeated rejections at $116,000 have increased bearish pressure. If Bitcoin fails to reclaim the $116,000 level, the next key support target is $111,390, a price that has previously attracted strong buying interest in June and July[1]. A breakdown below this level could lead to further downside, with the CME gap near $111,000 acting as an additional trigger for selling pressure[1].

Macroeconomic conditions also play a role in Bitcoin’s current trajectory. While the U.S. dollar index is weakening and a September rate cut is increasingly likely, retail interest remains subdued according to Google Trends data[1]. This weak participation from individual traders could limit the asset’s ability to sustain a recovery, despite ongoing institutional ETF inflows and expanding M2 liquidity.

The mixed environment—fueled by CME gap dynamics, macroeconomic uncertainty, and uneven retail participation—suggests that Bitcoin’s near-term path remains uncertain. Analyst Ted Pillows notes that the price is likely to remain volatile until a clear breakout above $116,000 occurs[1]. Traders are advised to closely monitor both the $116,000 resistance and the $111,390 support, with further declines potentially targeting the $111,000 level if the current bearish momentum continues[1].

Source: [1] Bitcoin Faces Resistance Near $116K Amid CME Gaps and Mixed Macro Signals, Potential Downside Toward $111K (https://en.coinotag.com/bitcoin-faces-resistance-near-116k-amid-cme-gaps-and-mixed-macro-signals-potential-downside-toward-111k/)