CPI Data and CME Gap Shape Bitcoin (BTC USD) Price Outlook This Week

Bitcoin (BTC USD) price held above a recent breakout point after moving through the $116,000 level earlier in the week.

Traders monitored a CME futures gap and US inflation data as potential catalysts for the next leg. At the time of writing, BTC price traded near $122,000, up 2.29% over the past 24 hours.

It gained 4.51% in the last week but remained 2.39% lower over the past month.

CME gap and Bitcoin (BTC USD) price levels

The CME gap between $117,000 and $119,000 was observed earlier today.

Such gaps appear when the Chicago Mercantile Exchange Bitcoin futures market closes for the weekend, and spot prices move in the meantime. They often close during subsequent trading sessions.

Analyst Crypto Candy said the upcoming Consumer Price Index release could trigger enough volatility to fill the gap.

The Bitcoin (BTC USD) price had found support between $115,000 and $116,000 earlier in the week. A move from that zone toward previous highs would keep the bullish structure intact.

Below that, historical demand areas near $110,000 and $111,000 had repeatedly attracted buying interest in recent months.

Above current levels, crossing the resistance at $120,000 an all-time high near $123,000 marked the next target. Analysts saw a potential brief dip back to around $116,000 before a push toward $123,000 if support held.

Macro Events and Bitcoin (BTC USD) Price Reactions

Data from Ali Charts showed a repeated pattern in past months. The BTC price often dropped ahead of CPI or Producer Price Index releases, then reversed higher after the announcements.

Earlier this year, similar events fueled rallies to $122,000, followed by pullbacks toward $105,000 and $112,000.

In July, CPI data coincided with a low near $112,500 before the BTC price recovered toward $120,000.

Analysts said the combination of today’s CPI and tomorrow’s PPI reports could again spark large intraday swings. That made the CME gap a focal point for short-term market participants.

As the BTC price broke and held above $120,000, the $123,000 all-time high would come into focus. This zone was seen as a potential decision point for momentum traders.

Short Liquidation Risks and Near-term Outlook

Open interest data from Binance, OKX, and Bybit showed significant short positioning between $118,000 and $121,000 at press time.

Liquidation heat maps indicated that a sustained move through this zone could trigger cascading buy orders as leveraged shorts closed positions.

Analysts estimated up to $14 Billion in shorts could be at risk above $125,000. If that level broke, cumulative liquidations might accelerate toward $17.6 Billion.

By contrast, long liquidation levels flattened beyond current prices, suggesting less pressure on bullish traders.

The Bitcoin (BTC USD) price staying above $116,700 was seen as critical to preserving the short-term uptrend.

A break below that level could shift focus back toward $115,000 and the $110,000–$111,000 demand zone.

At the same time, a clean move above $125,000 could confirm a breakout, backed by the combination of supportive technical levels and liquidation pressure.

Traders continued to watch the CPI and PPI data for confirmation of either scenario.

• The BTC price stayed near $119K at press time, just under recent highs.
• A CME gap between $117K and $119K could close during CPI-driven volatility.
• Resistance levels above $120K may trigger short liquidations worth Billions.

The BTC price traded near $122,000 at press time. It gained 4.51% in the last week but remained 2.39% lower over the past month.

The asset held above a recent breakout point after moving through the $116,000 level earlier in the week.

Traders monitored a CME futures gap and US inflation data as potential catalysts for the next leg.