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

BitcoinBTCThe price movement is at new highs as a result of the 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 transaction from whales suggests a lack interest in profit-booking.

• Red Coinbase Premiums can indicate potential Bitcoin problems during the US trading sessions.

Bitcoin traders estimate $122,000 weekend spike

Bitcoin’s recent price spike boosted the bulls immediately after the closing of the previous week.

According to data, a quick surge pushed BTC/USD above $122,000. Local highs reached $122,312 at Bitstamp before retracement. Cointelegraph Markets Pro You can also find out more about the following: TradingView.

Bitcoin has liquidated more than $100 million of short positions, forming 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.

Participants were happy but cautious in their reactions. BTC/USD could easily trend down in order to consolidate the gains, before hitting all-time highs.

“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.

Leveraged futures and spot purchases are at a level not seen since late 2022, when Bitcoin was in its last bear market.

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

“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.”

The new Bitcoin CME gap is a major concern

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

Weekend’s shift has caused a new “gap” CME Group Bitcoin Futures and are closely watching the market for any signs of a rise. “filled.”

You are the worst.

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

Ideally, we would close it soon. 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 Filling them out can take days, or even just hours.

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

By closing the current gap, BTC/USD will be back 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 The upcoming week’s close is scheduled for the following Monday. “decisive” As it decided the fate of $117,200.

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

This week the US Consumer Price Index and Producer Price Index for July are expected, with markets eager to hear about policy.

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,” Trading resource The Kobeissi Letter told X Followers

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

BitBull said that the CPI is likely to be slightly higher this month than it was last, which will give even greater weight to any 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 that in X post On Mondays, the release of data is called “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.”

A number of senior Fed officials are expected to take the stage along with the data and provide additional insight into the mood.

Whales delay BTC sales

CryptoQuant’s onchain analytics platform believes that one altcoin blockchain should be watched when Bitcoin prices are reversing.

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 whale transactions.

Taha gives two examples to illustrate the workings of this process. The spikes in USDT whale transactions on July 16 and 23 preceded Bitcoin’s price corrections by 4.5% and 3.8% respectively. 

Now however, the whales still have not developed an appetite that will reduce their 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

Already, there are concerns about the strength of BTC’s price break out.

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

J. Maartunn, another CryptoQuant contributor. A. Maartunn, a problem could be centered at the Coinbase exchange in the US, which is by far, its largest.

It is important to note that the word “you” means “you”. Coinbase Premium IndexThe difference between Binance BTC/USDT and Coinbase BTC/USD pairs is now back to negative territory.

“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).

You can also read about the advantages of using 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 Followers in his most recent post. 

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

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.