Bitcoin Bull Run Stumbles: Analysts Predict a Possible $111K Retest Soon

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.Meanwhile, recent on-chain analysis has highlighted an area of potential concern in Bitcoin’s price history that may point to a retest of lower levels before further upward movement.Analyst Highlights “Unrealized Gap” in Bitcoin’s Price MovementAccording to data shared on CryptoQuant’s QuickTake platform, the $111,000–$115,000 range remains an untested zone that could see renewed activity in the future, despite broader market optimism.CryptoQuant contributor and on-chain analyst CryptoMe has identified what he calls a “gap” in Bitcoin’s recent trading behavior. The analyst noted that between July 9 and 14, Bitcoin experienced a rapid rally from $110,000 to $123,000 without significant trading activity in the $111,000–$117,000 range.On-chain data during that period reportedly showed limited retail participation, with most buying pressure coming from institutional players. “This rapid upward move created a visible gap in the UTxO histogram,” CryptoMe explained, adding: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.Historical Patterns Suggest Possible Retest of $111KDrawing from Bitcoin’s 16-year price history, CryptoMe pointed out that similar scenarios have occurred before. For instance, in 2024, Bitcoin skipped the $70,000–$80,000 range on its way to $110,000 but eventually revisited and filled that gap.Based on these recurring patterns, the analyst believes the $111,000 level may see a retest, even in a generally bullish environment. “What remains uncertain,” CryptoMe said, “is whether this will happen as a direct drop from current levels or after a further climb, potentially toward $140,000, followed by a correction.”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 TradingViewWeiter zum vollständigen Artikel bei NewsBTC Weiter zum vollständigen Artikel bei NewsBTC