- Latest BTC dip allowed Bitcoin to fill another CME gap.
- Analysts expect the next target to be $116,000 and above.
- Another believes more dips are ahead for BTC based on USDT Dominance chart signals.
Over the last few days, the price of BTC has been falling repeatedly to lower highs as it tried to break past the $120,000 price target and move towards higher ATH prices. Fortunately, the latest BTC dip allowed Bitcoin to fill the $114,000 – $15,000 by dipping to the $113,000 price range. Now that the pioneer crypto asset has filled another CME Gap , the asset is on its way to reclaiming the $116,000 price and move in an upward trajectory.
Latest BTC Dip Allowed Bitcoin to Fill Another CME Gap
A few days ago, the price of Bitcoin was trading at the $119,000 price range, and analysts were hoping to see the pioneer crypto asset reclaim the $120,000 price range. However, instead of hitting higher highs, the price of BTC instead fell to much lower targets due to certain corrections caused by external market moves and price patterns and structures on the BTC and ETH price charts.
In detail, over the past few days, the price of BTC fell first from the $119,000 price range to the $115,000 price range, a dip caused by Galaxy Digital selling 80,000 BTC . Soon after, Powell’s refusal to announce a rate cut in August led to another dip, this time for all financial markets. During this dip, the price of BTC fell to the $113,000 price range after having recovered the $116,000 price range.
Next Target Set for $116,000 and Higher
Presently, the price of Bitcoin (BTC), according to CoinMarketCap analytics, has been trading in the $114,000 to $115,000 price range. This means the price of BTC has been working to fill out the last remaining CME Gap. In Q1, when the price of BTC dipped from 6-digti prices to the $70,000 price range, it filled out several CME Gaps , and the last remaining one so far, just got filled out too.
As we can see from the post above, this reputed crypto analyst shares his observation of BTC completely filling the Daily CME Gap, and notices how Bitcoin is now trying to exit this price region in an effort to reclaim the recent levels above. More specifically, the price of BTC says it will start by reclaiming the $116,000 price range, which is the top of the recently filled Daily CME Gap, and then work its way upwards.
On the flip side, the analyst in the post above says that Bitcoin (BTC) remains short-term bullish only if USDT Dominance stays below the purple box, as depicted in the image. Above the box, where BTC is now, the analyst expects a move into the red box above, which likely means further downside for BTC, according to the analyst.
