Bitcoin Market Watch: Key Resistance and Macro Factors to Watch in 2023

Cointelegraph has summarized five key points to watch in the Bitcoin market this week. First, the $123,000 resistance level has formed, suggesting a possibility of market correction. Second, investors are monitoring whether the CME gap will be filled. Third, the upcoming US July CPI and PPI data are expected to influence market sentiment. Fourth, large movements of USDT by whale addresses are being observed for potential market impact. Lastly, the shift from negative to positive Coinbase premium could signal a change in buying pressure. The formation of the $123,000 resistance zone indicates a critical technical level that may lead to a market pause or reversal if selling volume increases. The CME gap, typically an area where futures markets have not closed, being filled could provide a short-term bullish or bearish trigger depending on the direction of the fill. Key macroeconomic indicators like the US July Consumer Price Index (CPI) and Producer Price Index (PPI) are essential; higher-than-expected inflation data might boost Bitcoin as a hedge, while lower figures could dampen enthusiasm. Large inflows or outflows of USDT by whale addresses can signal institutional interest or profit-taking, directly affecting liquidity and market momentum. Finally, the Coinbase premium, which reflects the price difference between Binance and Coinbase, tends to be a near-term indicator of retail buying pressure. A shift from negative to positive can suggest increasing demand and potential bullishness. Overall, these factors highlight a cautious yet potentially opportunistic market environment for Bitcoin this week. Traders should stay attentive to macroeconomic data releases and large whale movements, while also considering technical levels and market sentiment indicators for their trading decisions.