BTC price to fill $117K CME gap? 5 things to know in Bitcoin this week

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.