Bitcoin Opens with CME Gap as Price Eyes $120K Resistance

• CME gap between $118.7K–$120.3K may influence short-term action.
• Galaxy Digital sold 30,000 BTC, triggering market-wide volatility.
• Bitcoin consolidates with support at $118K, resistance near $119.5K.

Bitcoin futures on CME opened with a fresh gap over the weekend, as price action resumes near previous highs. Analysts highlight caution despite a historical tendency for such gaps to fill quickly. At the same time, large institutional movements are driving volatility and shaping sentiment. With Bitcoin trading just under $119,000, the market is watching for a breakout or further consolidation.

CME Gap Reappears as Price Hovers Near All-Time Highs

Market analyst Daan Crypto Trades reported a new CME gap forming between roughly $118,700 and $120,300. These gaps appear when Bitcoin futures resume trading at a different level after market closure.

Historical data shows the last five such gaps closed the following Monday, indicating a short-term pullback or surge could occur. However, Daan cautioned traders against relying too much on gap-filling behavior.

He emphasized that during previous bull markets, price discovery ignored existing gaps. “Watch the gap but don’t value it too much,” he advised, noting that excessive focus on these patterns sidelined many investors. The accompanying chart highlights the precise zone of the gap.

Bitcoin is currently in a consolidation range, with support near $118,000 and resistance around $119,500. A breakout could fuel further upward movement, while failure to hold support might trigger downside pressure.

Galaxy Digital BTC Transfers Add to Market Volatility

Blockchain tracker Lookonchain reported that Galaxy Digital moved nearly 30,000 BTC valued at $3.5 billion on Monday. The bulk of these funds were sent to exchanges and reportedly sold off.

Following the selloff, Galaxy withdrew $1.15 billion in USDT, suggesting a shift in trading or positioning strategy. The firm now holds 18,504 BTC, with an estimated value of $2.14 billion.

This activity comes days after the high-profile liquidation of 80,000 BTC, allegedly linked to a dormant Satoshi-era wallet. That selloff was believed to support a broader real estate investment initiative and triggered a brief dip in BTC below $115,000. Galaxy’s intraday movements continue to influence market sentiment and raise concerns over further liquidations.

At the time of writing, Bitcoin trades at $118,921.68, showing a 0.59% increase in the past 24 hours. Intraday fluctuations continue, with bulls watching the $119,500 resistance level. A clean break above this zone could confirm upward momentum, while failure may extend the current consolidation phase. 

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.