Analysis from ZAYK Charts suggests that Bitcoin may be in a distribution phase according to the Wyckoff method, with the possibility of retracing to the $95,000 level if it loses support at $100,000. The RSI is showing bearish divergence, indicating that upward momentum is weakening.

Trader Mikybull Crypto noted that $BTC was strongly rejected above $122,000 and returned to the old range, opening up opportunities for altcoins.

Meanwhile, Daan Crypto Trades points out the CME gap at $117,000, coinciding with the MA200 on the 4H timeframe — which could be an attractive price area to consider strong altcoin buying positions.

All of this is happening just before the U.S. CPI report for July, which is expected to create significant volatility in the crypto market.

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