Between July 9 and 14, Bitcoin had a very fast, non-stop rally from 110k to 123k. It happened so quickly that the 111k–117k range was passed like transit, and nobody even understood what happened. Also (we know from our past analysis) on-chain data like Active Addresses, New Addresses and Network Activity shows that there was no strong retail presence in the market during that time. The rally was mostly driven by institutional buying, which usually causes such rapid price movements without many small investors reacting.
✅ Because of this, few transfers occurred in the 111k-117k zone, and UTxOs could not form. As shown in the images, this created a visible gap in the UTxO histogram. This gap represents an unrealized area.
💪🏻As an analyst with 9 years of experience and over 5 years working with on-chain data, I’ve seen this kind of gap many times. Throughout Bitcoin’s 16 year history, such gaps appeared from time to time but were later filled as the price revisited those zones. Since I first shared this observation on July 14, prices like 115k, 116k, and 117k have already been realized, partly filling the gap. However, the 111k–115k area still remains unfilled.
That’s why, although I’m BULLISH in the medium term, I believe this gap will eventually be filled and the 111k–115k range will be realized at the end of the day.
⚠️In short, we’ll likely see 111k again, even if just once.
Remember last year (2024), there was also a UTxO gap between 70k and 80k. Price skipped over it to reach 110k and a new ATH, but later returned to the 70k zone and filled that gap at the end of the day.
🎯 As for the 111k test; whether it will happen through a direct drop from today’s level, or after a move to 140k followed by a correction that I can’t say. But either way, I believe the gap will be filled! So investors should know that, even in this bullish environment, a pullback toward 111k is still possible, and they should adjust their positions, leverage, and risk levels accordingly.
Written by CryptoMe
