HomeÚltimas NoticiasNoticias De bitcoinBTC price targets $27K as Bitcoin bulls shrug at PPI inflation surprise

BTC price targets $27K as Bitcoin bulls shrug at PPI inflation surprise


Bitcoin (BTC) headed higher into the Sep. 14 Wall Street open despite fresh macro data showing resurgent United States inflation.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin gains while U.S. PPI beats forecast

Data from Cointelegraph Markets Pro and TradingView followed BTC price action as it made new September highs, topping out at $26,762.

Bitcoin built on strength seen after the previous daily close, ignoring 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 against market expectations of 1.3%.

Crypto nonetheless joined traditional markets in rejecting the idea that U.S. macro policy might stay more restrictive for longer in order to tame inflation.

According to CME Group’s FedWatch Tool, there was practically no consensus over the Federal Reserve raising interest rates again later in the month. On the contrary, odds of a rate hike pause stood at 97% at the time of writing.

Fed target rate probabilities chart. Source: CME Group

The disconnect between the data and market sentiment was underlined by a decision by the European Central Bank (ECB) to hike rates by 0.25% on the day.

“This is their 10th consecutive rate hike putting rates at 4.5%, their highest since 2001,” financial commentary resource The Kobeissi Letter wrote in part of a reaction on X (formerly Twitter).

“The ECB also cut all their growth forecasts through 2025. The fight against inflation is far from over.”

Kobeissi added 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

Eyeing the state of play on Bitcoin, market participants were hopeful that another leg up would take BTC/USD to $27,000.

Related: Bitcoin price can hit $46K by 2024 halving — Interview with Filbfilb

“Bitcoin still acting out the Power of Three setup — pushing into the local resistance,” popular trader Jelle told X subscribers in part of the day’s analysis.

“Break above $26,400 and I got my eyes on $27,600 next.”

BTC/USD annotated chart. Source: Jelle/X

More conservative on the outlook for BTC price strength was trader and analyst Rekt Capital, who eyed an ongoing repeat of a chart fractal from 2021 — Bitcoin’s latest all-time high.

“Bitcoin bounces from ~$26,000. And as long as $26k holds as support, Phase A-B of the fractal could be in play,” he wrote alongside explanatory charts.

“But we’ve seen this fractal occur in 2019 and 2021 as well. A relief rally followed by rejection could reveal a weakening support at $26k.”

BTC/USD annotated chart. Source: Rekt Capital/X


Reciba noticias de Vimilin desde Google news


Please enter your comment!
Please enter your name here


BTC price shows ‘textbook’ Wyckoff moves as Bitcoin bulls defend $25K

Bitcoin (BTC) consolidated higher on Sept. 15 as analysis described recent BTC price behavior as “textbook.”Collect this article as an NFT to preserve this moment...

Magic Eden integrates Solana’s compressed NFTs into marketplace

Nonfungible token (NFT) marketplace Magic Eden has announced that it will support Solana’s compressed NFTs (cNFTs) to provide a cost-efficient and scalable alternative to owning...

House Democrats back Biden candidacy as calls for president to drop out intensify on the left

FIRST ON FOX: House Democrats appear to be behind another Biden-Harris ticket, even as President Biden is being discouraged against running by some on the...

3 Standout Stocks to Buy as Worse-Than-Expected CPI Numbers Revive Inflation Fears

The August CPI report showed headline annual inflation rising 3.7% compared to the 3.2% reading seen in July and a 3.0% increase in June. As inflation...

Más popular