Bitcoin rebounded to a support level of $120,000 and removed a critical technical overhang after a sharp drop that temporarily filled the CME futures gap at $118,335.
In the post of x, Analyst Jerre explained Bitcoin’s movement as a “sharp response” to the unexpected jump in the Producer Price Index (PPI). Bitcoin has dropped to clear its recent lows before rebounding to a support level of $120,000.
Jelle flags PPI-driven post-selling volatility
The chart shared by analysts showed price action that sliced the intraday lows and immersed in the $118,000 range before the rebound. The move partially filled the CME futures gap before Bitcoin recovered and traded back a $120,000 support area.
UK Hodol confirms CME gap closure
British Hodol pointed out the creation of a new CME gap at $118,335 on August 11th Confirmed Today the gap has been closed. The sale of PostPPI has temporarily ingested Bitcoin into this gap range, completing the move before a quick rebound. As this gap was resolved, significant technical overhead was removed from the market.
The Bitcoin CME gap is met
In particular, the U.S. Bureau of Labor Statistics reported that PPI in July was the largest monthly increase since June 2022, up 3.3% year-on-year, higher than the expected 2.5%, leading to current volatility in the crypto market. Meanwhile, the core PPI, which excludes energy, trade and food, rose 0.6%, marking its biggest increase since March 2022.
Technical context and market outlook
Bitcoin is currently below the $120,000 level as it failed to absorb sales pressure due to its post-PPI volatility. Bull Theory It’s attracting attention Its main support is $117,500, and could be $110,000 if it breaks. Meanwhile, resistance remains at $124,000. He urged the market to monitor the latest ETF reports as tariff-driven manufacturing pressures could affect CPI next month.
Bitcoin technology patterns
In particular, analyst Ali Ash explained The outlook for short-term Bitcoin is bearish and its failure to retest support resistance has led to the creation of a textbook, Upslast Trap, which emits buyer liquidity. He identified $116,000 as his first key support, warning that the break below could open the door to $110,000.
Bitcoin looks bearish
On the other hand, I have Crypto Patel I’ve noticed it before Being confirmed above the $120,000 level can open up a way for Bitcoin to reach $150,000, but a rejection resolves pullbacks up to $111,000 or $100,883. Similarly, Crypto Rover was hoping for a record high if Bitcoin cleared resistance between $121,500 and $123,000.