Bitcoin Gap Fills at $116K and $111K Signal Bearish Risk

Published: 2025-07-19 10:13:28 |

Bitcoin surged to a new all-time high of $123K and is consolidating near $118K. Galaxy Digital’s Michael Harvey sees another record by July if U.S. spot ETFs draw inflows, treasuries accumulate, and retail demand rises. However, profit-taking and equity weakness could trigger a 5–10% pullback toward $110K. On-chain metrics, including a low Short-Term Holder MVRV, still point to upside above $140K. Chart analysis highlights open 4-hour fair value gaps at $111K and a CME gap at $114K–$116K. These gap fills may act as selling magnets, risking a drop to $111K support. Traders should watch gap levels and the $110K–$111K zone, while strong buyer volume and a Greed-index in ‘Greed’ indicate potential defence by bulls.

Bearish

Technical gaps and profit-taking risks increase short-term selling pressure. Open fair value gaps at $111K and a CME gap at $114K–$116K serve as magnets pulling Bitcoin toward $110K–$111K support. Despite bullish drivers like ETF inflows and on-chain metrics suggesting upside to $140K, the immediate risk of a 5–10% correction and gap fills points to a bearish outlook in the near term.