Bitcoin Bulls Tackle 1.618 Fib at $122K, Eye $140K as CPI Looms
Bitcoin price has resumed bullish momentum, pressing the key 1.618 Fibonacci golden ratio near $122,000 after an Asia‐session peak of $122,227. A sustained break and hold above this level—based on the 2018 and 2022 bear-market lows—could open a path to $140,000, where Deribit call options show over $3 billion in open interest. Failure to defend $122K may trigger a pullback toward $112K. Traders now await U.S. July CPI data, with core inflation expected to rise 0.3% month-on-month. A hotter print could boost market volatility but is unlikely to derail a Federal Reserve rate cut in September. Continued dollar weakness may underpin crypto bullishness, says strategist Marc Chandler. Watch Bitcoin price action around $122K and any CPI surprises for short-term volatility and trend confirmation.
Bullish
Bitcoin’s repeated tests of the 1.618 Fibonacci level at $122K and substantial Deribit call option interest signal growing bullish conviction. The awaited U.S. CPI release, with a projected 0.3% core rise, could spark short-term volatility but is unlikely to derail the longer-term uptrend supported by anticipated Fed easing and ongoing dollar weakness. A clear break above $122K would confirm bullish momentum toward $140K, while a failure to hold could prompt a corrective dip toward $112K. Overall, the setup points to a bullish outlook for Bitcoin.