Charles Esther
Bitcoin’s price momentum is showing signs of weakening, which could lead to lower price targets.
A Wyckoff analysis highlights the risk that the crucial $100,000 support level may fail.
The attempt to push Bitcoin’s price up to $122,000 is currently looking weak due to recent rejection patterns seen on daily charts.
Focus on CME Gap Around $117,500
Market attention remains on the CME futures gap near $117,500, which could influence short-term price movements.
Currently, Bitcoin (BTC) trades around $118,272 but faces the risk of ending its bullish run earlier than expected.
New price targets below $100,000 have emerged amid ongoing market uncertainty.
Wyckoff Analysis Points to a Possible $95,000 Target Zone
Recent trader analysis from ZAYK Charts indicates Bitcoin might enter a “distribution phase,” which traditionally signals a trend reversal.
Bitcoin is struggling to maintain its footing above the $100,000 mark, a significant support level that has been tested multiple times since early 2025.
ZAYK Charts suggests that Bitcoin could drop to the $95,000 zone, a level last seen in early May.
Understanding the Wyckoff Method’s Implications for Bitcoin
According to the Wyckoff method, Bitcoin has already gone through a “mark-up” phase—a rebound from long-term lows—and is now entering the “distribution” phase.
This phase is characterized by sideways price movement and weakening momentum, often followed by a decline.
The recent price behavior is backed by bearish signals on the Relative Strength Index (RSI), indicating potential for a downward move.
Historical Price Action Between $92,000 and $95,000
The $92,000 to $95,000 range has been a critical area for Bitcoin since last November, acting as both support and resistance during major price swings.
Recent Price Rejection at $122,000
Trader Mikybull Crypto described the recent surge above $122,000 as “ugly” after the price was rejected and fell back into the previous trading range.
Altcoins were the main beneficiaries as Bitcoin’s price momentum faded.
CME Gap Near $117,000 Could Influence Market
Other traders, including Daan Crypto Trades, are closely monitoring the CME Group Bitcoin futures gap near $117,000.
This gap coincides with the 200-period moving averages on the four-hour chart, a key technical support area.
A dip into this region could present new buying opportunities for traders, especially for strong altcoins.
Volatility Expected Ahead of US CPI Report
Market volatility is expected to increase due to the upcoming US Consumer Price Index (CPI) report for July.
This key economic data could have an immediate effect on cryptocurrencies and broader risk assets.
