BTC price to fill $117K CME gap? 5 things to know in Bitcoin this week
Main Idea
Bitcoin's price surge to $122,000 has traders watching key levels, including a potential retracement to $117,000 to fill a CME gap, while macroeconomic data and whale activity influence market sentiment.
Key Points
1. Bitcoin's price surged to $122,000, liquidating over $100 million in short positions and approaching all-time highs.
2. A CME gap between $117,000 and $122,000 has traders anticipating a potential retracement to fill the gap.
3. Upcoming US CPI and PPI data are critical for market direction, with potential implications for Federal Reserve rate cuts.
4. Whale activity, indicated by USDT transactions, shows no signs of large-scale profit-taking, suggesting continued bullish sentiment.
5. Concerns about the sustainability of the breakout arise from a negative Coinbase Premium Index, indicating weak institutional buying interest.
Description
Bitcoin has a new dip target as a new week begins with BTC price action targeting all-time highs — will bulls end up defending $117,000?
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