Bitcoin holds the $114.4K–$115.5K CME gap as new support, but low volume signals possible sharp volatility ahead.
A breakdown may target unfilled CME gaps near $92K, aligning with the 200-day EMA and deeper support zones.
Rejection at $120K–$124K keeps bulls cautious, though the broader uptrend holds unless price dips below $92K.
Bitcoin is trading at a key level after filling a long watched CME gap between $115,555 and $114,440. This range had previously acted as resistance and now acts as immediate support.
According to market analysts, bulls are holding this area tightly, yet technical indicators reveal a potentially volatile situation ahead. Bitcoin futures are currently priced at $115,145, down 1.95% on the day.
The broader trend remains upward, but with unfilled gaps and key resistances nearby, the asset’s next move could be decisive.
Key Support Level Faces Test as Volume Remains Low
The $114,440–$115,555 range is now a key zone, having flipped from resistance to support. Price has consolidated just above this band, suggesting a tug of war between buyers and sellers.
Day range activity shows intraday highs near $117,125 and lows of $114,215. Volume remains notably low, hinting at either market indecision or an upcoming high volatility breakout.
Bitcoin CME Futures 1-day price chart, Source: Egrag Crypto
Next, if price breaks below this area, downside targets include the $92,700 and $92,000 zones. These levels align with unfilled CME gaps, which often influence retracements. The 200 day EMA, currently rising, intersects just under $92,000, forming a technical confluence point. However, if the support holds, a bounce toward $120,000 remains possible.
Resistance Holds Strong While Gaps Still Lag Below
Bitcoin faced rejection near the $120,000–$124,000 resistance zone after a sharp rally attempt. This range has so far capped any breakout attempts and is a short term barrier. Analysts have pointed to another unfilled CME gap near $92,000 as a potential future target if the current support breaks.
Additional support levels include $80,965 and $78,010, with deeper zones between $74,855 and $72,400. These areas have historically served as demand zones and may attract buyers during deeper pullbacks. While bulls defend the current range, technicals show a cautious outlook.
Analysts Maintain Bullish Outlook Despite Structural Risk
An analyst noted that Bitcoin had completed a clean breakout from an inverse head and shoulders pattern. Price is now retesting the breakout level, near the filled CME gap around $114.2K. This similar outlook supports the importance of this zone in determining short term direction.
Despite bearish risks, the broader uptrend remains valid unless Bitcoin breaks below $92,000. Until confirmed, both a bounce or a breakdown remain possible outcomes at this stage.
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