- BTC broke below $116K support, exposing downside toward the $108K–$112K demand zone amid rising bearish pressure.
- CME gap around $114K is filled, but a lower gap near $92K and weak momentum raise risk of deeper correction.
- Key supports are at $114K, $110K, and $92K (200-day EMA); failure to hold could lead to drop to $105K or below.
Bitcoin’s price action shows increasing downside pressure as strong selling activity drives prices below key support levels. The daily candle closed with a large bearish body, falling from the $116,000 region.
This was a clean break beneath the previous mid-July support around $116K, exposing BTC to further downside risks. With the failure to reclaim resistance around $120,000, analysts now observe a potential short-term top formation.
Historical Demand Zone Emerges Between $108K and $112K
According to the Volume Profile Visible Range, a strong buyer interest zone is between $108,000 and $112,000. This area has a high trading volume density, pointing to historical accumulation.
However, the profile becomes notably thin between $113K and $116K, which allowed for a rapid drop after $116K failed. Price is just above this dense demand region, with $110,000 acting as the next likely support.
Rejection at the $120K–$122K range earlier in July capped bullish momentum. Since then, Bitcoin has failed to build sustained upward movement. Resistance at $116K has now become a key barrier for recovery. Bulls must recover this level quickly to regain market control.
CME Gap Around $92K Remains Unfilled as Price Battles $114K
Egrag Crypto confirms that the CME gap between $115,555 and $114,440 has now been filled. Price continues to trade near this zone, with BTC futures around $115,145 at the time of reporting.
However, another unfilled gap is below, between $92,700 and $92,000, indicating potential risk if current support levels break.
The daily range between $117,125 and $114,215 is an active price battle. Immediate support is between $114,440 and $115,555. If breached, Bitcoin may trend lower toward the $110K range and possibly revisit the low $100Ks.
Long Term Support Aligns with 200-Day EMA Near $92K
Further downside could attract prices toward deeper supports. The $92K level aligns with the 200 day EMA, supporting it as a high confluence zone. Other lower supports include $80,965, $78,010, and a broader historical demand band around $74,855–$72,400. These zones have previously held against steep declines.
Despite low volume levels, the broader outlook is technically intact above $92K. Still, weak momentum and unfilled gaps suggest high caution. Price must remain above $114K to avoid leading to deeper moves toward these lower supports.
Overall, Bitcoin currently tests critical support near $114K while strong sell pressure challenges recovery. Analyst projections show the next major bottom could form between $107K and $105K.