Bitcoin continues to demonstrate volatility, reaching a new high of $122,000 and raising questions about potential corrections and the impact of macroeconomic data on the market.
Bitcoin on the Path to New Records
After the weekly close, Bitcoin's price quickly surged above $122,000, hitting a peak of $122,312 on the Bitstamp platform. During this rally, over $100 million in short positions were liquidated. Monitoring data shows new resistance at $123,000 and above.
Exploring the New CME Gap
The recent price rise of Bitcoin created a new gap in CME futures, and traders are closely watching for its potential 'fill.' The gap formed between $117,000 and $119,000, which may indicate further market movements. Observers note that filling the gap could lead to testing levels near $117,200.
Macroeconomic Data and Market Impact
This week, data on the Consumer Price Index (CPI) and Producer Price Index (PPI) are expected, which may influence the Federal Reserve's decision on interest rate cuts. CPI is expected to come in slightly higher than last time. If the data comes in lower than forecasted, it could support the rise of risk assets, including Bitcoin.
The situation in the Bitcoin market remains tense. Traders are waiting to see how forthcoming data will affect sentiment. The current price movement of Bitcoin may indicate increased interest in the asset, but potential corrections are also not ruled out.
