Bitcoin surged to $122,000, approaching all-time highs, liquidating over $100 million in short positions. Market participants anticipate a retracement to consolidate gains before attacking new highs. A CME gap at $117,000 is under scrutiny, with watchers expecting it to be filled soon. US CPI and PPI data will influence Fed rate cut probabilities. Whales hold off on profit-booking, signaling continued bullish sentiment. Coinbase Premium in the red raises concerns over BTC price strength. ETH hits highs, but low volume raises caution. Fed officials’ speeches will shed light on market sentiment.

Read more at Cointelegraph: Bitcoin Eyes All-Time Highs While Traders Wait For $117,000 Retest