Bitcoin Price Eyes $120K As $104K CME Gap Haunts Bullish Setup

Key Insights:

• Bitcoin price holds above $105K as traders target a $120K breakout.
• CME gap at $104,312 remains unfilled, creating downside pressure.
• $100K is seen as strong psychological support for long positions.

Bitcoin price holds above $105K, but an unfilled CME gap at $104K raises bearish risks even as traders eye a $120K breakout.

Bitcoin Price Faces Tug of War Between Gap and Breakout

Bitcoin (BTC) hovered above $105,000 on June 9, with bulls defending recent gains amid conflicting market signals. A looming CME gap near $104,312 continues to stir debate among traders eyeing a possible short-term retrace.

Data from TradingView and Cointelegraph Markets Pro showed BTC/USD rebounding sharply after falling to $100,500 on June 5. The move reestablished confidence in buyers, who now aim to retest the $107,800 Bitcoin price resistance and beyond.

Despite the rally, the Chicago Mercantile Exchange (CME) chart revealed an unfilled futures gap left from the weekend close. As highlighted by trader Crypto Rover on X, the gap worth over $104,000 remains unaddressed. That raises concerns about potential price gravity toward lower levels.

Whales and Liquidity Suggest More Volatility

Popular trader Cas Abbe pointed to liquidity pressure building around current levels. He cited a liquidation heatmap showing $15.11 billion in short liquidations if BTC rallies 10%, versus $9.58 billion in long liquidations if it drops 10%.

“BTC liquidation cluster is now signaling an upside move,” Abbe wrote on X, suggesting the market could attempt a breakout. However, he also noted that negative funding rates over the weekend signaled large short positions entering the market, adding fuel to both bullish and bearish expectations.

Another trader, Crypto King, echoed similar volatility buildup, describing the Bitcoin price structure as a “classic volatility squeeze.” According to the post, BTC remains compressed just below $107,800, holding higher lows while volume continues to dry up.

“RSI is cooling off. If we flip resistance this time, the next stop is $120K,” he added, underscoring the bullish scenario if price breaks the current ceiling.

CME Gap at $104K Adds Bearish Weight

Despite bullish sentiment, the CME gap remains a technical factor weighing on price expectations. Historical patterns show that most CME gaps eventually get filled, creating potential downside pressure.

Hardy, another market observer, suggested on X that a dip below $100K to fill the gap “is quite possible,” although it may trigger panic among retail traders. “They tend to act like magnets,” he warned.

Crypto Rover’s chart pegged the unfilled CME gap at $104,312, a level Bitcoin price has not touched since its early-week bounce. This area could act as a target if market sentiment weakens or buyers lose momentum.

$100K Bitcoin Price Support Holds Firm, Analysts Stay Cautious

Despite bearish signals, support at $100,000 continues to attract attention. Trader CrypNuevo reaffirmed long positions near the round-number level, calling it the “strongest psychological support.”

“I’m building some longs with easy invalidation below it,” he wrote, referencing the June 5 dip. His strategy aligns with the idea that Bitcoin price remains in a broader accumulation zone following its May all-time high.

Rekt Capital added that the $106,600 level now acts as the next critical zone for trend continuation. A daily close and retest above that mark would validate a bullish reversal, he said in a chart shared on X.

“Can Bitcoin successfully confirm this retest with a Weekly Close above $104,400 for what would be a 4th week in a row?” he asked, adding context to the weekly structure’s importance.

Breakout or Fill First?

Bitcoin now faces a classic setup: a bullish technical squeeze against an unfilled CME gap. Traders remain split between two key levels—$100K as downside invalidation and $107,800 as breakout trigger.

While Bitcoin price has reclaimed its 10-day simple moving average, further confirmation is needed. Analysts agree that a move above $106,600 followed by consolidation could open doors to $110K–$120K.

Until then, the $104,312 CME gap continues to cast a shadow over the recovery. Whether BTC fills it or defies, it remains the question heading into the week.

Disclaimer

In this article, the views and opinions stated by the author or any people named are for informational purposes only. And they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.