Bitcoin is once again knocking on the door of a huge technical level, with prices touching $122,056 earlier today. This isn’t just some random price point—traders have their sights set on the 1.618% Fibonacci extension, often called the “golden ratio.” It’s the same zone where bulls stumbled last month, leading to a drop back under $112,000.
Bitcoin is at $120,000 and the Fed hasn’t even cut rates yet… 🐂 pic.twitter.com/X0rC2VNWK2
— Bitcoin Magazine (@BitcoinMagazine) August 11, 2025
This time, momentum feels stronger. If Bitcoin can hold above this level, analysts say we could see a push toward $140,000, which is also the most popular strike price for call options right now. On Deribit, traders have over $3 billion in open interest betting on that number. Still, if buyers can’t keep the breakout alive, history suggests another correction might be coming.
All this action is happening right before the U.S. drops fresh inflation data. July’s core CPI is expected to rise by 0.3%, slightly more than June’s 0.2%. While that might jolt markets in the short term, most analysts believe the Fed will still move forward with a September rate cut—especially after last month’s weak jobs report. A cut would likely keep pressure on the dollar, which often benefits Bitcoin and other risk assets.
Conclusion
Hitting this golden ratio isn’t just about charts—it’s a real psychological turning point for the market. Traders remember the last failed breakout, and that memory could shape the next few days. But with possible rate cuts, heavy ETF inflows, and billions in bullish bets at $140K, the setup is far from ordinary. Whether BTC surges higher or stalls here will probably hinge on both macro data and crypto market momentum in the days ahead.
