Bitcoin Fills CME Gap at $104K Amid Whale Sell-Off

Bitcoin's price action made headlines again as it filled a closely watched CME futures gap at $104,000 following the Wall Street open. For traders, this level had long been anticipated as a likely target, given the historical tendency for Bitcoin to revisit unfilled CME gaps.

The fill brings a sense of technical closure to short-term traders, yet it also introduces fresh volatility into the market. Gaps in CME futures often act as magnets for price, and this particular one was seen as a major near-term target for bearish pressure.

Whales Sell Into Strength

Data from on-chain platforms shows that whales — entities holding large amounts of Bitcoin — have been offloading positions near recent local highs. This selling activity is a signal of caution, as large holders often distribute ahead of possible corrections or uncertainty.

While some traders expected a bounce following the gap fill, the lack of follow-through suggests sellers are still in control for now. This adds weight to the importance of key resistance levels ahead.

$107.5K: The Level Bulls Must Beat

According to market analysts, Bitcoin now faces a significant resistance zone at around $107,500. A clean break and close above this level could mark a bullish reversal and potentially kickstart a new leg up in the current cycle.

Until then, sentiment remains mixed. While long-term holders remain confident, short-term traders are watching this resistance level closely as the key to flipping momentum back in favor of the bulls.

With macroeconomic factors and market liquidity in play, Bitcoin’s next move may come down to whether buyers can reclaim control above $107.5K — or whether more downside is in store first.