Bitcoin News Today: Bitcoin Surges 4.5% Toward All-Time High Amid Anticipation of U.S. Inflation Data

Bitcoin has surged in recent trading sessions, closing in on its all-time high of $122,838, as market participants await key U.S. inflation data that could influence broader macroeconomic sentiment. The price of Bitcoin has rebounded nearly 4.5% since the beginning of the week, with recent activity pushing it above $115,000 for the first time in several days [1]. Derivatives data highlights a significant rise in open interest, suggesting growing speculative activity in the crypto market [1].

On August 10, Bitcoin reached $117,000, breaking through a key resistance level and sparking renewed optimism among traders [2]. While the price has since consolidated around $118,000, analysts remain cautiously optimistic about its potential to reclaim the $123,000 peak seen in July [3]. The Bull Score Index, a measure of buying pressure, has dipped to 60, indicating a slowdown in bullish momentum amid the summer trading season [4].

Bitcoin’s performance has been closely watched amid broader market uncertainty tied to the U.S. inflation report and the outcome of high-stakes U.S.-China chip tariff negotiations. With the pause on chip export restrictions set to expire on August 12, investors are bracing for developments that could affect global supply chains and tech sector sentiment [5]. The recent move by Nvidia and AMD to offer a portion of their Chinese sales to secure U.S. export licenses has been interpreted as a signal of continued engagement with the Chinese market [5].

Despite the strong price action, Bitcoin is still trading below its mid-July high of $123,000. Some analysts, however, suggest that if the current macroeconomic environment remains favorable, Bitcoin could surpass this level. A report noted that the price of BTC has sent bullish signals on the daily chart, hinting at potential for a move beyond $122,055 [6].

Meanwhile, the broader market remains on edge. U.S. stocks closed higher as investors prepare for the inflation data release, and gold edged upward while oil prices slipped. The Australian dollar also saw movement due to weak economic data, adding to the volatility [5].

As Bitcoin inches closer to its previous peak, traders are balancing optimism with caution, with many eyes on the upcoming inflation report for further direction. If the data comes in below expectations, it could bolster risk-on sentiment and provide additional tailwinds for Bitcoin. Conversely, stronger-than-anticipated inflation could delay the Federal Reserve’s rate-cut timeline and dampen momentum across risk assets [5].

Bitcoin’s ability to hold its position near $118,000 will be a key barometer for the strength of its rally. If bulls can push the price above the $119,000 level, it may signal renewed confidence in the asset’s long-term trajectory. For now, the market remains in a holding pattern, waiting for macroeconomic clarity that could either accelerate or stall Bitcoin’s path toward a new all-time high [4].

Source:

[1] Bitcoin Price Closes in on All-Time High as Traders Await Key Inflation Data – Decrypt, https://decrypt.co/334418/bitcoin-price-all-time-high-traders-await-key-inflation-data

[2] Bitcoin Breaks $117K—Momentum Builds Toward $120K – Brave, https://bravenewcoin.com/insights/bitcoin-btc-price-today-bitcoin-breaks-117k-momentum-builds-toward-120k

[3] Can Bitcoin Reclaim Its All-Time High? Analyst Points To ... – Mitrade, https://www.mitrade.com/insights/news/live-news/article-3-1026585-20250810

[4] Bitcoin Consolidates Near $118K as Bullish Momentum ... – AInvest, https://www.ainvest.com/news/bitcoin-news-today-bitcoin-consolidates-118k-bullish-momentum-slows-2508/

[5] Traders Wait For US-China Trade Decision As Dollar Holds ... – Finimize, https://finimize.com/content/traders-wait-for-us-china-trade-decision-as-dollar-holds-steady

[6] SEC Rule Changes Could Unlock Next XRP Surge; BTC ... – FXEmpire, https://www.fxempire.com/forecasts/article/xrp-news-today-sec-rule-changes-could-unlock-next-xrp-surge-btc-hits-121k-1540232