Bitcoin nears record highs but faces key tests

Bitcoin surged past $122,000 over the weekend, liquidating over $100 million in shorts before retracing, according to Cointelegraph. Traders are eyeing resistance at $123,000, a potential pullback to the $117,200 CME gap and upcoming U.S. CPI and PPI data that could shape Fed rate-cut odds. Whale USDT activity shows little profit-taking, but a negative Coinbase Premium raises concerns about sustained buying during U.S. trading hours.

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