Bitcoin tests key level near 122K ahead of CPI

A technical read suggests a double top near 122K could trigger a test of 100K as CPI data looms.

Bitcoin Stalls at 122K as Double Top Warns of 100K Target

Bitcoin's daily chart shows the rally stalling near the key level of 122,056, a rejection that mirrors a move seen on July 14. Analysts describe this as a potential double top, with the neckline around 111,982 acting as the guardrail to watch. If prices close below that level, the pattern would be confirmed and a move toward 100,000 becomes a real possibility, calculated by the measured move method from the gap between the peaks and the neckline.

Before the US CPI data due today, sentiment appears fragile. The lack of power to push above 122k signals buyer exhaustion and a greater risk of a sharper move if inflation surprises to the upside. A hotter CPI would push rate-cut bets lower and could unleash selling pressure across risk assets, including Bitcoin.

Macro data now dominates movement in crypto, and this setup highlights how much the chart is tethered to broader headlines. The pattern may reflect momentum fatigue more than a guaranteed reversal, and traders should watch how the CPI data reshapes bets on future monetary policy. Even if the double top hints at a path lower, crypto markets have shown they can surprise on both sides when macro signals shift the risk appetite.

Highlights

The coming days will reveal whether the chart was warning or just noise.