- Bitcoin dipped to $114,322, completing a July CME gap amid renewed U.S. tariffs.
- Traders now eye either a deeper drop to $104K or a possible rebound to new highs.
Bitcoin has once again proven its predictability in unexpected ways. On Friday, it slid to a new three-week low, bottoming out at $114,322 on Bitstamp. In doing so, the cryptocurrency perfectly filled a gap in the Chicago Mercantile Exchange (CME) Bitcoin futures chart — a phenomenon that traders know all too well. These gaps, often formed over weekends, tend to get “filled” in subsequent trading sessions, and this one was no exception.
Crypto investor Ted Pillows believes this could be the setup for an upward surge, noting, “We should see a nice upward movement now.” However, not everyone is convinced that a bullish reversal is imminent.
$104K or All-Time High? Traders Split on What’s Next for Bitcoin
While Bitcoin successfully filled the July CME gap, analysts and traders are divided about the next direction. Some argue that unless Bitcoin quickly reclaims the $116,000 mark, the decline could deepen. Trader Cipher X flagged $104,000 as a potential downside if the bulls don’t show up soon.
Others are placing short-term hope in daily close levels. Trader Crypto Candy warned that if the price fails to end above the $115,000 to $116,700 zone, Bitcoin may fall further to around $111,800 — before bouncing toward a possible all-time high.
Tariffs Weigh Heavily on Crypto, Less on Stocks
The broader market context isn’t helping Bitcoin. The U.S. has reintroduced sweeping reciprocal trade tariffs, souring investor confidence. While Bitcoin took a noticeable hit, falling more sharply than traditional assets, S&P 500 futures dropped just 0.4%.
Market analysts like The Kobeissi Letter say investors have become desensitized to tariff news, noting that similar announcements might have caused a 3% dip just months ago. Interestingly, despite inflationary signals from the PCE index and a hawkish Fed, stocks had recently reached new highs on the back of strong tech earnings — yet Bitcoin still felt the sting harder.
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