Bitcoin's price has rebounded by 4.5% since Saturday, approaching its previous all-time high of $122,838 set in mid-July. This surge is driven by increased speculative long positioning, with a notable rise in open interest on derivatives platforms. Analysts predict Bitcoin could break its all-time high this month, bolstered by a favorable macroeconomic outlook supporting risk assets like cryptocurrency. The upcoming Consumer Price Index (CPI) report is pivotal; a softer inflation rate could enhance expectations for Federal Reserve rate cuts, further incentivizing investors. Concurrently, Bitcoin ETFs have seen an influx of $91.6 million, indicating renewed investor confidence after a streak of outflows. Despite this optimistic trend, some traders are hedging through put options, reflecting concerns over unexpected inflation spikes potentially triggering market volatility.

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