Bitcoin (BTC) surged 3.6% in the past 24 hours, breaching $122,000 and approaching its July 14 all-time high of $122,838. This marks a 4.5% weekend rebound from recent losses, fueled by derivatives activity showing a 7,834 BTC open interest increase and leveraged long positions accumulation.
On-chain metrics reveal robust network growth, with new Bitcoin addresses hitting a one-year peak of 364,126 daily. Technical analysts note the reappearance of the Golden Cross pattern, while Benjamin Cowen highlighted historical post-halving trends suggesting potential September consolidation before Q4 cycle peaks.
Market focus centers on Tuesday's US CPI data, expected to show annual inflation at 2.8%. Polymarket odds indicate a 40% probability of two Fed rate cuts (50bps total) and 23% chance of three cuts (75bps). Analysts project targets of $130,000-$150,000 by year-end, with Charles Edwards citing a $167,800 'energy value' estimate. ETF inflows and historical Fed rate cut correlations—noted for triggering multi-week BTC rallies—further support bullish sentiment.