Bitcoin Stays Above $106K: Is the CME Gap at $104K Likely to Bring Prices Down?

Current Price Action: Bitcoin has established a new trading range above $105,000 after a significant rise from $101,890, with a recent price of around $106,386 reflecting strong short-term buying pressure.

Trading Volume and Liquidity: The 24-hour trading volume reached approximately $70.66 billion, indicating deep liquidity and active market participation, which supports a bullish sentiment in the short term.

CME Futures Gap: Analysts are focusing on a CME futures gap near $104,100, which could act as a retracement point; a break above $106,635 may signal further upward movement, while a drop below $105,000 could lead to a test of the gap.

Market Sentiment and Supply: With nearly 19.94 million Bitcoins in circulation and a capped supply of 21 million, the asset's scarcity continues to attract attention, while traders will watch for price stability above $105,000 to gauge future movements.