Bitcoin Price Fluctuates Between $100,000 and $110,000 Amid CME Gap Uncertainty

Bitcoin's price has been oscillating within a tight range, currently between $100,000 and $110,000. This range-bound price action is characterized by a failed breakout above $111,960, which was quickly followed by a return to the range. The lack of strong volume backing these movements suggests that Bitcoin may continue to fluctuate within this zone in the near term.

Key technical levels to watch include the range resistance at $110,000, where price was recently rejected, and the range support at $100,169, which is backed by a swing low at $98,200. Additionally, a CME futures gap at $108,300 is of particular interest. Historically, 90% of CME gaps get filled, and this one may attract price action soon, potentially triggering a short-term retrace.

Currently, Bitcoin's price is hovering around the range high near $110,000. Unless there is a decisive close above this level with strong volume, the market structure favors continued consolidation or a move back toward the range support. The CME futures gap at $108,300 adds to the probability of a short-term retrace this week, as over 90% of such gaps tend to get filled, often within days.

Analysts predict that Bitcoin is likely to remain range-bound this week unless there is a high-volume breakout. A retrace toward $108,000 is probable due to the CME gap, with $100,000 remaining a key support level. The $108,000 level is significant as it represents a daily support level that has been reclaimed recently. This reclaim, coupled with the break of a short-term countertrend structure, suggests that Bitcoin could continue its upward momentum towards its all-time high (ATH) of $112,000 and beyond. However, the presence of the CME gap at $108,000 introduces a level of uncertainty, as the market may aim to close this gap before resuming its upward trend.

Analysts have also noted that the support line at $106,000 might be tested again in the coming period. This short reversal is seen as necessary for the market to consolidate and potentially gain more momentum for future price increases. The current charts indicate that Bitcoin's price could experience a brief pullback to test this support level, which could provide a buying opportunity for investors.

The upward trend in Bitcoin's price has been consistent, with significant gains observed in recent years. However, the potential for a short-term pullback at the $108,000 level highlights the volatility and unpredictability of the cryptocurrency market. Investors are advised to monitor the market closely and be prepared for potential price fluctuations as the market navigates this critical level.