Despite the latest macro data showing resurgent inflation in the United States, Bitcoin (BTC) is headed higher into the Sep. 14 Wall Street open.
Difference between Web 1.0, 2.0, 3.0 and 4.0
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Bitcoin gains while U.S. PPI beats forecast
Data from Cointelegraph Markets Pro and TradingView showed that BTC price action made new September highs, reaching $26,762.
Bitcoin continued to gain despite the implications of the U.S. inflation rebound as confirmed by both the Consumer Price Index (CPI) and Producer Price Index (PPI) August prints.
The latter came in at 1.6% year-on-year, surpassing the market expectations of 1.3%.
Crypto and traditional markets both disregarded the possibility of the Federal Reserve keeping a more restrictive policy to control inflation. According to CME Group’s FedWatch Tool, the odds of a rate hike pause stood at 97% at the time of writing.
The incongruity between the data and market sentiment was highlighted by the European Central Bank (ECB) decision to hike rates by 0.25% on the same day.
“This is their 10th consecutive rate hike putting rates at 4.5%, their highest since 2001,” The Kobeissi Letter commented on X (formerly Twitter).
The Kobeissi Letter also noted that although the ECB had signalled that the latest hike could be the last in the current cycle, futures markets were still 30% sure of continuation.
“Central banks around the world are bracing for a LONG pause with elevated rates,” it concluded.
BTC price predictions pass $27,000
Looking at the current situation of Bitcoin, investors were optimistic that the value of BTC/USD could reach $27,000.
As Jelle, a well-known trader, said to X subscribers, “Bitcoin is still following the Power of Three approach — pushing towards the nearby resistance.”
Rekt Capital, a trader and analyst, had a more conservative view of BTC price growth, noting that it could be following a similar chart pattern as in 2021, when it hit its all-time high. He commented, “Bitcoin bounces from ~$26,000. As long as $26k is maintained as support, the Phase A-B of the fractal could be in play.”
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