Following the announcement, Bitcoin’s price surged rapidly. At the time of the news, BTC climbed to $119,800. Earlier in the day, it had surpassed $122,000, gaining momentum toward a $123,000 record. However, this rise was short-lived, and BTC fell back to $119,000. 

Critical Levels and CME Gap in Bitcoin Price 

According to analysts, there is a significant CME gap below the $119,000 level. Coinmühendisi analysts mentioned this gap in their analysis yesterday morning. Titan of Crypto also noted that this gap needs to be filled before the upward trend can continue. This could limit BTC’s short-term movement. Historically, price has often moved to close this gap. 

Meanwhile, upcoming CPI and PPI data releases in the U.S. will also influence price direction. The figures, due on August 12 and 13, will clarify inflation trends. A decrease in inflation would strengthen expectations for a rate cut in September. Currently, the probability of a Fed rate cut at the September FOMC meeting stands at 86.4%. 

Two Possible BTC Scenarios from Analysts 

Crypto analyst Altcoin Shrpa pointed out two potential scenarios for BTC. In the first, the price pulls back to form a higher timeframe bottom, which could take weeks, followed by a more sustainable rise. In the second scenario, the price could retest the $120,000 peak, coinciding with increased treasury activities and macroeconomic developments. 

Ultimately, both shifts in trade policies and economic data will determine Bitcoin’s direction. Investors are closely monitoring these developments to shape their strategies. 

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