Bitcoin (BTC) has continued to face resistance below the $120,000 level, with price action showing little momentum to push the asset toward a new high.
At the time of writing, the world’s largest cryptocurrency is trading above $118,000, reflecting a slight pullback of around 3.6% from its most recent all-time high. With the asset still in a tight range, investors are watching whether Bitcoin can establish a breakout or if a price correction is more likely in the near term.
Few transactions occurred in that range, meaning unrealized outputs were not established. Historically, such gaps have often been revisited by the market, filling those levels over time.
The analyst also mentioned that part of the gap has already been addressed with price action touching $115,000–$117,000 in recent sessions, but the lower section around $111,000 remains unfilled.
The analyst advises market participants to consider the possibility of a pullback when planning their risk exposure and leverage positions, noting:
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.
Featured image created with DALL-E, Chart from TradingView
