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Bitcoin eyes all the time while entrepreneurs await $ 117,000 retest


Bitcoin (Btc) Starts a new week in an exciting place as the price action knocks on new all-time highs.

  • Bitcoin has risen to $ 122,000, the latest signing that price discovery is around the corner.

  • DIP discussions are focused on the CME gap of the weekend, offering $ 117,000 as a target retracement.

  • The CPI and PPI are due this week as market cement forecasts that the Federal Reserve will cut interest rates next month.

  • USDT transactions from whales suggest a lack of interest in booking.

  • A Red Coinbase Premium is spelling potential problems for Bitcoin during the upcoming US trade sessions.

Bitcoin entrepreneurs check $ 122,000 Surge on the weekend

The action of Bitcoin price was wasted no time that boosts the bulls after the weekly close.

A quick flow took BTC/USD beyond $ 122,000, and local highs of $ 122,312 in Bitstamp came before a retrating, per data from Cointelegraph Markets Pro and Tradingview.

BTC/USD one hour chart. Source: Cointelegraph/TradingView

In doing so, Bitcoin is liquid over $ 100 million in short positions while taking a liquor wall under all times high.

Data from the resource tracking Coinglass Now shows the objection added to $ 123,000 and above.

BTC Liquidation Heatmap (screenshot). Source: Coinglass

Recreation, market participants are relieved but careful. The BTC/USD, they have argued, can trend back to combine the acquisitions before attacking all the time high.

“Bitcoin looks great, almost a new time high. However, this is a weekend move,” the Crypto businessman, analyst and businessman Michaël van de poppe wrote in a Post on x Monday.

“I suppose we can see some lower -level tests before we continue. Such downward trial = violent move to altcoins = buy a sinking period.”

BTC/USDT four -hour chart with RSI data. Source: Michaël van de poppe/x

Meanwhile, looking at the general leverage trends, meanwhile, popular businessman Bitbull has a bullish signal that should expand further into the current battle for price detection.

The ratio of leveraged futures to see the purchase is the rotating lows that have not been seen since the pit of the last bitcoin market in late 2022.

“That’s a rare signal,” he Summary.

“This means that this rally is no longer -propped by leveraged longs that can be eliminated overnight. It is driven by demand area, the kind that tends to hold through volatility.”

Bitcoin futures to spot ratio. Source: Bitbull/x

All eyes at the new Bitcoin CME gap

When it comes to a BTC price dip, market participants have something in their minds.

The weekend moving created a New “gap” In the Bitcoin futures of the CME Group – and the observers are diligently watching the signs “fill it.”

CME gaps are a classic feature of the bitcoin trading landscape, and recently, the price has round back up or down As it takes to fill them – often in days or even hours.

“You can see a quick fill somewhere this week – something to keep in mind,” Jelle’s famous businessman identifiedEchoing sentiment from the entire trade community.

CME Bitcoin futures an hour chart. Source: Cointelegraph/TradingView

Filling the latest gap will fully take BTC/USD above just $ 117,200, a level key as a resistance/support in the flip zone.

On Sunday, the popular businessman and analyst rectual capital described The upcoming weekly close as “decisive” because it defined the fate of the $ 117,200 mark.

Last week, capital reaches Focused In reclaiming that level as the key to the general recovery of BTC prices in a “cycle of downside deviations.”

BTC/USD a week chart. Source: Rek Capital/X.

CPI headlines are “Crucial” US Macro Data Week

The July copies of the US consumer price index (CPI) and producer price index (PPI) are due this week, and markets are enthusiastic for policy signals.

Interest rates remain on the agenda for merchants at risk in the middle Continued pressure In the Federal Reserve to act from President Donald Trump.

“This week’s inflation data will be important as markets look ahead of the September Fed meeting,” Kobeissi’s trade letter resource said X followers.

The probability at the target rate for the September FOMC meeting (screenshot). Source: CME Group

Current data from CME Group’s Fedwatch tool The pricing of the markets is shown at a rate cut by the Fed next month, with nearly 90% odds, which contrasts to 57% figures from a month ago.

The CPI itself is expected to come slightly higher than last month – something that will lend more weight to a surprise cooling, says Bitbull.

“If the CPI is less than expected, the September cutting rate will be confirmed. This will help rally risk rallies,” he explained in a X post Monday, calling on the release of “largest crypto event” data.

“In the event that the CPI comes higher than expected, the rate of possibility will decrease with crypto prices. Due to the unemployment rate recently, the CPI is expected to decrease, which will be good for the markets.”

Various Senior Fed officials will be taken to the stage next to the data, which will potentially pour more light light.

Whales stop selling BTC

For the onchain analytics platform, an altcoin blockchain is worth watching when it comes to Bitcoin price return signals.

In one of these ”Quicktake“Blog posts on Monday, contributing Amr Taha suggested that Stablecoin Tether’s major transfers (USDT) in the tron is in conjunction with BTC/USD corrections.

“When $ 10m+ transactions exceed $ 5B a day, it often indicates large -scale income to bitcoin,” he summarizes.

A chart shows changes in the balance of the daily purse for TRC-20 USDT wallets, with transactions worth $ 10 million or more in particular interest, they are thought to belong to whales.

USDT TRC-20 Daily Balance Balance of Data (Screenshot). Source: cryptoquant

The bait offers two examples of the work process. On July 16 and July 23, spikes in Whale USDT transactions preceded Bitcoin prices of 4.5% and 3.8%, respectively.

Now, however, whales have not developed an appetite to reduce risk.

“Large USDT movements can serve as an early warning for BTC corrections,” Taha concluded.

“Recent data suggests that the lack of $ 10M+ transactions suggests whales are not cashing in the USDT.”

“Pump and Dump” is afraid of Red Coinbase Premium

BTC price breakout concerns are already going public.

Related: Ethereum bag holders will spin back to Bitcoin: Samson Mow

For both contributing to JA Maartunn, a potential problem center of the US’s largest Coinbase.

The Coinbase Premium Indexthat measures the difference -BTC prices between Coinbase BTC/USD and Binance BTC/USDT pairs, are back to negative territory.

“Coinbase Pump & Dump?” She is Queried In X.

“The price jumped from $ 118k to $ 122k earlier today as investors were stacked. But Coinbase’s premium index flipped red afterwards.”

Bitcoin Coinbase Premium Index. Source: cryptoquant

A “red” premium suggests a lack of prolonged interest from Coinbase users, which puts more pressure at the onset of US trading trading hours to support higher prices.

The popular Roman businessman, who remains cautious in the market, meanwhile emphasized that a lack of trading volume has implications for an emerging boom to the largest Altcoin Ether (Eth).

Number Cointelegraph reportedETH/USD has hit the highest level since late 2021 on the weekend.

“It’s great to see a break of big resistance but 2 issues I see are bear divs and low quantities,” Roman said X followers in one of his latest posts.

“High volume always proves breakouts and I don’t see it here. I wouldn’t be surprised if we were going to sideways/slightly dropped before.”

Eth/USD one hour chart with volume data. Source: Cointelegraph/TradingView

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.