Bitcoin Fills CME Gap but $240M Whale Dump Stops Rally at $104K
Bitcoin (BTC) filled its latest CME futures gap at $104,000 after the Wall Street open, a historically reliable short-term target for bulls. However, a sudden $240 million sell-off by large whales in the order book stalled the rebound and pushed BTC back below key resistance. Derivatives traders have turned risk-off: open interest (OI) in BTC futures dropped more than 11% in the past week, according to CryptoQuant, signaling a broad deleveraging across the market. Analysts from Material Indicators and Skew highlight concentrated sell orders and renewed short positions at the $104K pivot. While gap fills often precede price gains, the current whale pressure and reduced OI suggest consolidation may continue before any sustainable breakout.
Bearish
The sudden $240 million whale sell-off at the $104K CME gap resistance halted Bitcoin’s rebound and pushed BTC lower, signaling short-term bearish pressure. Historical patterns show CME gap fills can trigger brief rallies, but large concentrated sell orders often lead to pullbacks. The 11% drop in open interest indicates widespread deleveraging, reducing speculative buying power. While this may lay the groundwork for future consolidation, the immediate effect is a risk-off sentiment among traders. Similar whale dumps in mid-2025 led to price corrections before eventual recoveries, suggesting traders should brace for potential further declines before any sustained uptrend.