As Traders Await $117,000 Test, Bitcoin Hits New Highs

BitcoinBTCPrice action is at a record high as we begin a new trading week.

• Bitcoin has surged to 122,000 dollars, the latest indication that price discovery may be around the corner.

• Discussions about dips focus on CME’s gap over the weekend, where $117,000 was offered as a target for retracement.

• CPI and PPI will be released this week, as the markets continue to place their bets on a Federal Reserve rate cut next month.

• USDT transactions by whales indicate a lack in interest for profit booking.

• Red Coinbase Premiums can indicate potential Bitcoin problems during upcoming US trading session.

Bitcoin traders evaluate $122,000 weekend rise

Bitcoin’s price movement was a big boost for bulls following the close of the week.

According to data, a quick surge pushed BTC/USD above $122,000. Local highs reached $122,312 at Bitstamp before a decline began. Cointelegraph Markets Pro The following are some examples of how to get started: TradingView.

Bitcoin has liquidated more than $100 million of short positions, destroying a liquidity wall just below the all-time highest levels.

Monitoring resource data CoinGlass Now shows that resistance is added to the equation at 123,000 dollars and higher.

Market participants responded with relief but caution. BTC/USD may well be on a downward trend to consolidate gains and then attack all-time records, according to these analysts.

“Bitcoin looks great, almost a new all-time high. However, it’s a weekend move,” crypto trader, analyst and entrepreneur Michaël van de Poppe wrote in a post on X Monday. 

“I would assume we’ll see some tests on lower levels before we’ll continue. Such a downwards test = violent move on Altcoins = buy the dip season.”

BitBull, who was observing the overall trends in leverage, had an incredibly bullish sign that would extend well beyond today’s battle to find a price.

The ratio between leveraged futures and spot purchasing is at lows that have not been seen since Bitcoin’s final bear market of late 2022.

“That’s a rare signal,” He summarized. 

“It means this rally isn’t being propped up by leveraged longs that can get wiped out overnight. It’s being driven by spot demand, the kind that tends to hold through volatility.”

Attention on new Bitcoin CME Gap

Participants on the market have only one thought in mind when it comes to BTC’s price drop.

This weekend, the move has been made up. new “gap” CME Group Bitcoin Futures and are closely watching the market for any signs of a rise. “filled.”

It’s not cool to be the guy that…

But we have a large CME gap that opened up over the weekend – between $117 & $119k.

We would like to close the deal as soon as possible. pic.twitter.com/fUr7K3huus

— Nic (@nicrypto) August 11, 2025

CME gaps have been a feature of Bitcoin trading for many years. Recently, the price has increased. circled back up or down As required to fill these, usually in days or hours.

“Could see a quick fill somewhere this week — something to keep in mind,” Jelle Jelle acknowledgedThis sentiment is echoed by traders across the board.

By closing the current gap, BTC/USD will be able to return just above $117.200. That level has already been identified as an important resistance/support area.

Rekt Capital, a trader and analyst from Sunday. described Weekly close on the way “decisive” It was this decision that determined what would happen to the $117.200 threshold.

Last week, Rekt Capital focused Reclaiming this level is key to the recovery of BTC prices in general. “cycle of downside deviations.”

CPI Headlines “crucial” US macro data week

Markets are eagerly awaiting the July US Consumer Price Indexes (CPI) & Producer Price Indexes (PPI).

Investors in risk assets continue to focus on interest rates continued pressure Donald Trump to take action on Federal Reserve.

“This week’s inflation data will be crucial as markets look ahead to the September Fed meeting,” The Kobeissi Letter: A trading resource told X-Followers

CME Group, Current Data FedWatch Tool The markets have almost 90% chance of a Fed rate cut next month, as opposed to 57% a month earlier.

BitBull stated that CPI will likely be higher than the previous month. This would lend more credibility to an unexpected cooling.

“If CPI comes in lower than expected, the September rate cut will be confirmed. This will help risk-on assets rally even more,” “He said” X post On Mondays, the release of data is referred to as the “week’s” “biggest crypto event.”

“In case CPI comes in higher than expected, rate cut probability will go down along with crypto prices. Given that the unemployment rate has been going up lately, CPI is expected to come lower, which will be good for the markets.”

The data will be presented by senior Fed officials, who may shed more light on mood.

Whales hold back on BTC

CryptoQuant’s onchain analysis platform is watching one altcoin blockchain for signs of a Bitcoin price reverse.

One of its Quicktake Amr Taha wrote a blog post on Monday suggesting that Tether, the stablecoin (USDTTron corrections have been synchronized with BTC/USD.

“When $10M+ transactions exceed $5B in a day, it often signals large-scale profit-taking in Bitcoin,” “He said”

This chart displays the changes in wallet balances for TRC-20USDT wallets. It is particularly important to note transactions of $10 million and more, which are believed to be whales.

Taha gives two examples to illustrate the workings of this process. In the weeks of July 16th and 23, a spike in USDT Whale transactions was followed by Bitcoin price drops of 4,5% and 3,8%. 

Whales are still developing their appetite for risk.

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

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

“Pump and dump” Red Coinbase Premium: Fears and concerns

Public concern about the strength and stability of BTC’s breakout has already been expressed.

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

J., a fellow CryptoQuant Contributor. A. Maartunn reported that a possible problem centered around Coinbase, the biggest US exchange.

It is important to note that the word “you” means “you”. Coinbase Premium IndexThis measure, which compares the prices of BTC between Coinbase BTC/USD, and Binance BTC/USDT, has returned to a negative value.

“Coinbase Pump & Dump?” He queried On X.

“Price jumped from $118K to $122K earlier today as investors piled in. But the Coinbase Premium Index flipped red right after.”

The following are some of the ways to get in touch with each other “red” The lack of interest in Coinbase Premium indicates a lackluster level of user engagement, which puts more pressure on US TradFi to start trading at higher rates.

Roman, a cautious trader, remained concerned as the markets gained. He said that the lack of volume in trading had negative implications for the emerging boom, Ether, the biggest altcoin.ETH).

The following are some of the ways to get in touch with us. Cointelegraph reportedThe ETH/USD pair reached its highest level since the end of 2021 at the weekend.

“Great to see a break of large resistance but 2 issues I see are bear divs and low volume,” Roman told X of his recent posts. 

“High Volume ALWAYS validates breakouts & I don’t see it here. Wouldn’t surprise me if we went sideways/slight down before up.”

This article contains no investment recommendations or advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.