Bitcoin (BTC) starts a new week in an exciting place as price action knocks on new all-time highs.
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Bitcoin surges to $122,000, the latest sign that price discovery is around the corner.
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Dip discussions focus on the weekend’s CME gap, which offers $117,000 as a retracement target.
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CPI and PPI are due this week as markets cement bets that the Federal Reserve will cut interest rates next month.
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USDT transactions from whales suggest a lack of interest in profit-booking.
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A red Coinbase Premium spells potential problems for Bitcoin during upcoming US trading sessions.
Bitcoin traders assess $122,000 weekend surge
Bitcoin price action wasted no time boosting the bulls after the weekly close.
A swift surge took BTC/USD beyond $122,000, and local highs of $122,312 on Bitstamp came before a retracement began, per data from Cointelegraph Markets Pro and TradingView.
In doing so, Bitcoin liquidated over $100 million in short positions as it took out a wall of liquidity just below all-time highs.
Data from monitoring resource CoinGlass now shows resistance being added at $123,000 and above.
Reacting, market participants were relieved but cautious. BTC/USD, they argued, could well trend back down to consolidate gains before attacking 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.”
Eyeing overall leverage trends, meanwhile, popular trader BitBull had a bullish signal that should extend far beyond the current battle for price discovery.
The ratio of leveraged futures to spot buying is circling lows not seen since the pit of Bitcoin’s last bear market in 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.”
All eyes on the new Bitcoin CME gap
When it comes to a BTC price dip, market participants have one thing on their mind.
The weekend’s move up has created a new “gap” in CME Group’s Bitcoin futures — and observers are keenly watching for signs that it will get “filled.”
I hate to be that guy…
But we have a large CME gap that opened up over the weekend – between $117 & $119k.
Ideally we close this soon. pic.twitter.com/fUr7K3huus
— Nic (@nicrypto) August 11, 2025
CME gaps are a classic feature of the Bitcoin trading landscape, and recently, price has 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 acknowledged, echoing sentiment from across the trading community.
Filling the latest gap completely would take BTC/USD back to just above $117,200, a level already key as a resistance/support flip zone.
On Sunday, popular trader and analyst Rekt Capital described the upcoming weekly close as “decisive” as it determined the fate of the $117,200 mark.
Last week, Rekt Capital focused on reclaiming that level as key to the overall BTC price recovery in a “cycle of downside deviations.”
CPI headlines “crucial” US macro data week
The July prints of the US Consumer Price Index (CPI) and Producer Price Index (PPI) are due this week, and markets are keen for policy signals.
Interest rates remain on the agenda for risk-asset traders amid continued pressure on the Federal Reserve to act from President Donald Trump.
“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.
Current data from CME Group’s FedWatch Tool shows markets pricing in a rate cut by the Fed next month, with almost 90% odds, contrasting with the 57% figure from a month ago.
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 in an X post Monday, calling the data release 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…
cointelegraph.com