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

BitcoinBTCPrice action is reaching new record highs.

• Bitcoin has soared past $122,000 in the latest sign of price discovery.

• The CME gap at the weekend is being discussed as it offers a $117,000 retracement goal.

• CPI (CPI) and PPI (PPI) are expected this week. The markets have been betting that Federal Reserve rates will drop next month.

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

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

Bitcoin traders evaluate $122,000 weekend rise

Bitcoin’s recent price spike sent bulls roaring after the closing of the previous week.

Data from reveals that a rapid surge in BTC/USD took it beyond 122,000 and reached local highs on Bitstamp of $122,312 before the retracement started. Cointelegraph Markets Pro You can also find out more about the following: TradingView.

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

Monitoring Resource Data CoinGlass Now, resistance begins to be added above $123,000.

Participants were relieved, but also cautious. 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’s bullish signals, which were based on the overall trends in leverage, should go beyond just this current struggle for price discovery.

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 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.”

The new Bitcoin CME spread is a major concern

Market participants are focused on one thing when they hear about a BTC drop.

This weekend, the move has been made up. new “gap” in CME Group’s Bitcoin futures — and observers are keenly watching for signs that it will get “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 hope to have this closed as quickly 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 them — often in days or even hours.

“Could see a quick fill somewhere this week – something to keep in mind,” Popular trader Jelle acknowledgedThe sentiments of the entire trading community are echoed in this statement.

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

Rekt Capital, the popular trading and analysis firm, published a Sunday report. described The upcoming week’s close is scheduled for the following Monday. “decisive” It was this decision that determined what would happen to the $117.200 threshold.

Last week, Rekt Capital focused The key to a BTC recovery is to reclaim that price level. “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).

Risk-asset investors continue to be interested in interest rates amid continued pressure Donald Trump has called on the Federal Reserve Board to take action.

“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 provides current data. FedWatch Tool The markets are pricing in an interest rate reduction by the Fed for next month with odds of almost 90%, as opposed to the previous 57%.

CPI itself is expected to come in slightly higher than last month — something which will lend even more weight to a surprise cooling, says BitBull.

“If CPI comes in lower than expected, the September rate cut will be confirmed. This will help risk-on assets rally even more,” He explained it in an X post The data released on Monday is called the Week’s Release “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 delay BTC sales

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

The “QuicktakeAmr Taha, a contributor to the blog on Monday suggested that there were large Tether transfers (USDTThe corrections in BTC/USD have also coincided with TRON.

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

This chart shows changes to wallet balances daily for TRC-20USDT wallets. Of particular note are transactions of $10 million and more, which may belong to whales.

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. 

Here, 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” Concerns over the red Coinbase premium

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. A. Maartunn says that a problem could be rooted in the US’s largest exchange, Coinbase.

You can also find out more about the following: 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” It is possible that Coinbase’s users are not interested in trading, pushing the price of US TradFi up.

Roman, the well-known trader who has been cautiously watching as the markets have gained in value, has meanwhile stated that an absence of trading volume could be a negative factor for Ether’s (the largest altcoin) emerging boom.ETH).

You can also read about the advantages of using Cointelegraph reportedOver the weekend, the ETH/USD reached its highest level in late 2021.

“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.”

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.