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Bitcoin Trapped Between $120K and $113K Clusters as CME Gap Looms
Bitcoin’s downside wick suggests potential movement lower, as the current price structure shows resistance to upside progress and limited trend development.
BTC price floats between two liquidation clusters, with traders expecting a possible revisit to $114.5K–$113.6K after testing the upper band.
An unfilled CME gap at $114.3K supports the likelihood of Bitcoin moving toward the lower cluster in the coming one to two weeks.
Bitcoin continues to trade within a defined range as price action shows signs of both upward and downward liquidity targeting. The recent long wick observed on the downside has now become a focal point for potential price moves, following a series of upper wick rejections last week.
Long Wick Structure Could Prompt Revisit of Lower Levels
According to CrypNuevo, recent Sunday updates indicate that Bitcoin’s price failed to advance beyond last week’s upper wicks. This development was instrumental in anticipating the week’s downward movement. However, the formation of a long wick on the downside now introduces a potential for it to be filled in the coming sessions.
Source: CrypNuevo
CrypNuevo emphasized that Bitcoin's behavior remains tied to past price activity. The extended wick created during the recent drop is attracting interest, suggesting that traders may see renewed momentum targeting this area. This wick formation often leads to further testing of liquidity zones, as has occurred in similar setups.
The market is currently not trending decisively. Instead, Bitcoin appears locked within a structure showing minimal progression beyond critical levels, making price direction less predictable in the short term.
Liquidation Clusters Define the Immediate Price Range
In a follow-up tweet, CrypNuevo noted that Bitcoin is trapped between two key liquidation clusters. The upper cluster lies between $120K and $121K, while the lower sits between $113.6K and $114.5K. Based on prior behavior, there is potential for price to approach the upper cluster before reversing downward toward the lower range.
Source: CrypNuevo
This type of price environment has typically been range-bound. CrypNuevo referenced earlier cases where price moved from one cluster to the other, forming a short-term oscillating pattern. The current structure supports a similar possibility, especially in the absence of strong bullish or bearish trends.
The most crucial liquidation level within this structure appears at $113.8K. It acts as a midpoint, possibly guiding the next leg of the movement depending on whether price first tests higher or lower liquidity.
Unfilled CME Gap Supports Mid-Term Bearish Target
A critical technical component in this outlook is the CME gap identified at $114.3K. CrypNuevo referenced a previous tweet pointing out how this gap remains unfilled by a few hundred dollars. Historically, unfilled gaps tend to attract price back toward them.
Source: CrypNuevo
The proximity of this CME gap to the lower liquidation cluster reinforces the mid-term projection that Bitcoin could revisit the $113.6K to $114.5K range. This level may serve as a natural target if upper cluster liquidity is cleared in the coming days.
Over the next one to two weeks, market participants are closely watching these key price zones. The CME gap and liquidity clusters could play a decisive role in shaping Bitcoin’s short-term trajectory.
The post Bitcoin Trapped Between $120K and $113K Clusters as CME Gap Looms appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.