Bitcoin price fills CME gap, but ‘$240M market dump’ stops a $104K rebound

💡 DMK Insight

Bitcoin’s recent drop to fill the futures gap at $104,920 is a crucial moment for traders. The pressure from whales suggests a strong resistance level is forming, which could keep BTC from rebounding in the short term. This selling pressure often indicates that larger players are positioning themselves, potentially looking to accumulate at lower prices. Traders should be cautious; if BTC fails to reclaim this level, it could signal further downside, possibly testing lower support levels. Watch for volume spikes around this price point as they could indicate a shift in sentiment. Additionally, keep an eye on correlated assets like Ethereum, as movements there can influence Bitcoin’s trajectory. In the coming days, monitoring the $104,000 support level will be key. A sustained drop below this could trigger further selling, while a bounce back could reignite bullish sentiment, especially if accompanied by increased buying volume.