On July 15, Bitcoin (BTC) experienced a notable correction, declining by 5% to $116,850 following a recent all-time high. Market analysts attribute this pullback to profit-taking activities among BTC holders. The cryptocurrency’s surge created a futures gap between $114,380 and $115,630 on the CME exchange, a technical phenomenon where price levels often act as critical support or resistance zones. Historically, these gaps tend to be revisited and “filled,” suggesting a potential retracement in BTC’s price action.
Industry expert Mikybull Crypto highlighted on social media that the price dip could coincide with the release of key CPI data, potentially filling the CME gap before resuming an upward trajectory. Conversely, MN Capital’s Michael van de Poppe cautioned that BTC may experience a deeper correction, possibly testing levels near $108,000. These insights underscore the importance of monitoring macroeconomic indicators and technical patterns to navigate BTC’s volatile market environment effectively.