Bitcoin (BTC) bounces back to eye fresh all-time highs as a testing macro week unfolds for risk-asset traders.

BTC price action dipped below $107,000 before rebounding into the weekly close, and some are eagerly anticipating new record highs.

Bitcoin (BTC) traders are eyeing a return to all-time highs as a testing macro week gets underway.

BTC/USD dipped below the $107,000 support on Friday before a rebound ultimately took the pair above the $110,000 mark as the May 25 weekly candle closed.

Old all-time highs from January are now a key area of interest as the week progresses.

Commentator Daan Crypto Trades argued that despite the last-minute recovery, Bitcoin needed a more convincing close to seal the likelihood of further gains next.

The weekly candle closed at $109,100, according to data from Cointelegraph Markets Pro and TradingView — around $2,000 below the January high.

“Not a great looking weekly candle for an all-time high break. Generally, you want to see strong continuation especially considering the ~ $2B+ in ETF inflows that came in since breaching that previous high,” he told X followers in one of his latest posts.

Forecasting an “interesting week,” Daan Crypto Trades referenced the ongoing popularity of the US spot Bitcoin exchange-traded funds (ETFs), which last week took in $2.75 billion.

“$BTC is forming a bullish pennant here.It bounced back nicely from the support level, which is a good sign.Despite $1B long position closing and low liquidity volume, bears didn't take BTC down.I think the next week will be good for BTC.I can smell a new ATH again.”

Others had new record highs in sight thanks to price action reversing upward at just below $107,000.

“$BTC has completed the breakout. Now it's about follow-through,” fellow trader BitBull summarized.

Bond yields meet PCE in tough macro week

The week’s US macroeconomic data prints will see the Personal Consumption Expenditures (PCE) Index come into focus as the threat of rising interest rates continues.

The PCE, which is the Federal Reserve’s “preferred” inflation gauge, is due for April on Monday, May 29, and will be joined by initial jobless claims.

These follow the first revision of Q1 GDP, while in the background, rising bond yields are continuing to cause concern. Last week saw President Trump threaten 50% trade tariffs on the EU, which appeared to worsen the situation.

“It’s like clockwork: President Trump delays 50% EU tariffs until July 9th. Then, the 10Y Note Yield instantly rises back above 4.55%,” trading resource The Kobeissi Letter wrote in an X thread on the topic.

Kobeissi described the threat of higher interest rates as Trump’s “biggest problem,” and ultimately saw a lethal combination of trade deals and high benchmark interest rates.

“The Fed refuses to cut rates and trade deals are driving yields higher,” it summarized.

The minutes of the Fed’s May meeting, at which officials decided to hold rates at current levels, will also be released this week.

The latest data from CME Group’s FedWatch Tool shows subdued market expectations of a rate cut this year, with no such action anticipated before the Fed’s September meeting.

Exchange flash ‘bearish’ momentum signal

One element of the market that is flashing bearish signals as the week begins is activity in exchange order books.

In coverage of the taker buy/sell ratio, onchain analytics platform CryptoQuant announced a “strong bearish” trajectory as both buyers and sellers wound down activity.

“Across centralized exchanges (CEXs), both taker buy and taker short volumes have dropped significantly,” contributor Crazzyblockk wrote in one of its “Quicktake” blog posts.

The taker buy/sell ratio tracks the ratio of buy to sell volume across takers during perpetual swap trades, and on Friday, May 25, it slid below the key level of 1 for the first time since early April.

This, Crazzyblockk concludes, is a sign that sellers are “beginning to dominate.”

“Simultaneously, 7-day price volatility is spiking, a typical signal of market inflection zones,” the blog post continued.

Before last week’s macro-driven price retreat, Cointelegraph reported on how the same taker data was conversely implying a fresh round of upside thanks to persistent buying pressure.

"The heating up of the market is evident in the decreasing volume of both buyers and sellers in the past week. As a result, the CEX taker buy/sell ratio has fallen below 1 today for the first time since early April. This indicates that sellers are beginning to dominate.

Simultaneously, 7-day price volatility is spiking, a typical signal of market inflection zones. This aligns with the strong potential for a decisive move in either direction." - Crazzyblockk