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2w ago

Bitcoin Nears Record $123K Peak as CPI Data Approaches

Investors view tomorrow’s CPI report as the trigger for a breakout or retracement after spot ETF flows fueled a run to $122K.

Watch out for potential bitcoin double top as bulls fail to break $122k again
Watch out below: bitcoin’s weekend surge leaves cme gap
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Overview

  • Bitcoin retreated to the $118K–$120K range after briefly touching $122K, positioning it within 1% of its $123K all-time high.
  • Fresh U.S. spot ETF inflows totaling roughly $773 million over three days combined with corporate treasury buys have underwritten the recent rally.
  • Traders have built heavy hedges in downside puts near $115K–$118K with options open interest around $43 billion; they point to an unfilled CME futures gap near $116K–$117K as a pullback magnet.
  • On-chain data show long-term holders are reducing sales even as spot volume remains subdued; realized-profit metrics signal vulnerability to rapid reversals.
  • Market participants expect today’s CPI print will decide whether Bitcoin breaks above its prior high or retraces toward lower support levels around $110K.