- Bitcoin holds strong above $115.2K after breaking $116.6K resistance, with $123K as the next major target.
- The CME gap between $117.4K and $119.2K may be filled during CPI volatility before the next leg higher.
- $14B in shorts face liquidation risk if the price crosses $125K, signaling a potential sharp rally.
CME Gap in Focus as CPI Data Nears
Bitcoin’s current daily chart on Binance shows the price at $118K, up 0.10%. The asset recently broke above $116K resistance, sustaining support at $115K before facing rejection at $120K.
According to Crypto Candy, the CME gap between $117K and $119K could be filled during today’s CPI-driven volatility. If support holds at $115K $116K the path toward a retest of the all-time high zone remains.
Historical demand zones at $110K and $111K have repeatedly provided strong buying interest. Resistance at $123K marks the next key level after $120,086. The projection suggests a short-term pullback toward $116K before a push toward $123K.
Macro Events Driving Price Swings
Data from Ali Charts highlights a consistent pattern: dips ahead of CPI and PPI releases often reverse into rallies post-announcement. Earlier this year, Bitcoin’s major CPI/PPI reactions included sharp runs to $122K and subsequent pullbacks to $105K and $112K.
The most recent rebound from July’s CPI low near $112,500 has driven the price back toward $120K.
With CPI and PPI releases repeatedly triggering significant intraday volatility, today’s data could act as the catalyst for the CME gap fill and potential breakout toward $123K.
Liquidations Could Fuel Breakout
$14 billion in Bitcoin shorts are at risk if the price surpasses $125K. Current liquidation data from Binance, OKX, and Bybit shows elevated short liquidation leverage between $118,041 and $121,261. Beyond $121,261, cumulative short liquidations accelerate toward $17.64 billion, while long liquidations flatten.
This liquidation setup, combined with strong support and historical resistance levels, points to heightened breakout potential. Sustaining above $116,700 could keep the bullish structure intact, with $125K as the trigger for a sharper rally.
