Bitcoin Retests Key Support Near $118.5K Amid CME Gap Considerations for Potential Market Movement

• Bitcoin price retests breakout support after surpassing mid-July resistance, with the 50-period moving average reinforcing the $118.5K–$118.8K zone.

• The CME gap near $117K aligns with the 4-hour 200MA, providing a confluence area that could attract short-term trading interest.

• Sustained price above the breakout level keeps upward momentum toward $122K, while traders watch for possible wick movements into the CME gap.

Bitcoin is currently retesting key support levels, with traders eyeing the CME gap for potential price action. Stay informed on market trends!

What is Bitcoin Retesting Key Support?

Bitcoin is retesting the breakout zone after moving above a long-term descending resistance. This critical support level is forming around $118.5K to $118.8K, which traders are closely monitoring for potential upward momentum.

How Does the CME Gap Impact Bitcoin Prices?

The CME gap near $117K is significant as it aligns with the 4-hour 200MA, creating a potential area for price attraction. Traders believe that a wick into this level could present buying opportunities for altcoins.

Frequently Asked Questions

What are the key levels to watch for Bitcoin?

Key levels include the breakout zone around $118.5K and the CME gap at $117K. Sustaining above these levels could indicate further gains.

How does the current market condition affect Bitcoin?

Current market conditions are choppy, but a sustained price above key support levels could lead to upward momentum toward new highs.

Key Takeaways

• Bitcoin’s Current Position: Bitcoin is retesting crucial support levels, indicating potential for upward movement.
• CME Gap Significance: The CME gap at $117K could attract price action, presenting trading opportunities.
• Market Conditions: Traders should remain vigilant as the market consolidates, watching for key breakout confirmations.

Conclusion

In summary, Bitcoin’s retest of the $118.5K support level is critical for future price movements. Traders should keep an eye on the CME gap and other key indicators to navigate the current market landscape effectively.