Bitcoin CME gap fill indicates short-term decline to 111K

I believe that Bitcoin, having filled the CME gap near 114K, will now reverse from this point. My expectation is that it will decline further and drop to around 111K.

This analysis considers the CME futures gap as a significant technical indicator, which often acts as a magnet for price correction. The current market behavior suggests a potential downward movement, aligning with the idea that the price may fall to the 111K level before any bullish reversal occurs.

Traders should watch for confirmation signals around the 114K area and be prepared for a possible price dip towards 111K. This scenario fits within typical market correction patterns following gap fill episodes, especially when the overall crypto market sentiment shows signs of caution.

In summary, the technical setup indicates a likely short-term decline after filling the CME gap, with the target being approximately 111K. Risk management should focus on these key levels, and patience might be necessary before considering long positions again.