In recent days, Bitcoin (BTC) continues to struggle as it approaches a strong resistance area just below the 120,000 USD mark. At the time of writing, the world's largest cryptocurrency is trading around 118,000 USD, down about 3.6% from its recent all-time high.

The price action is still stuck in a narrow range, causing investors to question: Will Bitcoin soon break through this resistance area to set a new peak, or will it enter a short-term correction before continuing the upward trend?

'Untested Gap' In Bitcoin Price History

According to data from the CryptoQuant QuickTake platform, the price range of 111,000–115,000 USD is considered an 'untested zone' and could attract trading flows in the future, despite the market sentiment still leaning towards a bullish scenario.

On-chain analyst CryptoMe pointed out an interesting phenomenon: From July 9 to July 14, Bitcoin surged from 110,000 USD to 123,000 USD in just a few days, almost bypassing the price range of 111,000–117,000 USD where not much trading occurred.

On-chain data shows that most of the buying pressure in this rally came from institutions and large investors, while retail investors participated less. This rapid movement has created a clear 'gap' on the UTxO histogram chart.

'Price areas with little trading are often filled by the market over time,' CryptoMe noted.

Although part of the gap has been 'filled' as BTC prices touched the 115,000–117,000 USD area in recent sessions, the area around 111,000 USD has yet to be tested.

Price History Indicates The Possibility Of Retesting 111,000 USD

Looking back in history, Bitcoin has often overlooked an important price area during strong rallies, but later returned to test it.

For example, in 2024, BTC overlooked the 70,000–80,000 USD range when it surged to 110,000 USD, but later returned to fill this gap before continuing the upward trend.

CryptoMe believes that in the current context, the possibility of BTC retesting 111,000 USD is entirely feasible, even if the overall trend remains bullish. The biggest question is:

  • Will this retest come right from the current price range?

  • Or will BTC continue to rise to higher levels, such as 140,000 USD, before correcting?

Risk Management Strategy For Investors

Analysts recommend that traders consider this correction scenario when managing risk and using leverage.

'Although the current trend is positive, the likelihood of Bitcoin returning to test the 111,000 USD area is still very possible. Investors need to prepare mentally and adjust their positions accordingly.'

⏳ In summary: Bitcoin is still maintaining a long-term upward trend, but the 'price gap' around 111,000 USD is a technical factor that analysts cannot ignore. If BTC breaks through 120,000 USD, a scenario reaching 140,000 USD is entirely feasible, but even then, a correction to 111,000 USD to 'fill the gap' could still occur. Investors need to closely monitor important support and resistance areas to optimize profits and limit risks.