{"id":152408,"date":"2023-09-15T04:00:00","date_gmt":"2023-09-15T04:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=152408"},"modified":"2023-09-18T17:20:36","modified_gmt":"2023-09-18T17:20:36","slug":"bitcoin-rejects-bears-surging-6-amid-rising-inflation-path-to-28k","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-rejects-bears-surging-6-amid-rising-inflation-path-to-28k\/","title":{"rendered":"Bitcoin (BTC) Rejects Bears Surging 6% Amid Rising Inflation"},"content":{"rendered":"

The price of Bitcoin<\/a> (BTC) is up roughly 6% from September lows,<\/strong> a welcomed recovery following steep losses in late August and the follow-through a few days later. <\/span>The bounce could be driven by fundamental factors and optimism of price increase ahead of next year\u2019s Bitcoin halving<\/a><\/span><\/strong>.<\/strong><\/p>\n

<\/p>\n

Overall, buyers are confident, but how fast the coin will surge above $28,000, aligning with gains of August 29, is yet to be seen. A breach of this liquidation level might see BTC spike to $30,000 in the medium term.\u00a0<\/span>On the flipside, if BTC fails to get support, further losses open up the coin to $20,000 or worse.<\/span><\/p>\n

Eyes On Inflation, Monetary Policy<\/span><\/h2>\n

The resilience across the crypto board is despite a<\/span>\u00a0judge in the U.S. Bankruptcy Court for the District of Delaware permitting FTX<\/a>, the bankrupt exchange, to liquidate some of their holdings, including Bitcoin, to settle its creditors.\u00a0<\/span><\/strong><\/p>\n

Though they might have to seek permission before selling high-profit coins, including BTC, this was a negative development. FTX will be allowed to sell up to $100 million of assets weekly, but that limit can be increased to $200.\u00a0<\/span><\/p>\n

Bitcoin brushed off this news, and the coin rose\u00a0<\/span>as the focus turned to inflation readings in the United States and monetary policy status in Europe.\u00a0<\/span><\/strong>The latest inflation data\u00a0<\/span>revealed<\/span><\/a>\u00a0that overall CPI rose while core items, including food and energy, fell slightly. The release saw BTC edge higher, floating above $26,000.<\/span><\/p>\n

Bitcoin Price Analysis<\/span><\/h2>\n

\"Bitcoin<\/p>\n

The leg higher to spot rate is with rising volumes, evident in the daily chart. Present trading volumes are relatively high, pointing to support from traders.<\/span><\/p>\n

As it is, primary support is at $25,200. Since the leg up is with participation, traders might look to load the dip, targeting $27,700 or August 29 highs.\u00a0<\/span><\/strong>This expansion might draw more volumes, lifting the coin further.\u00a0<\/span>Subsequent breakouts confirming the bull bar of August 29 may drive BTC to $28,600\u00a0<\/span><\/strong>or August 17 highs in a buy trend continuation formation.<\/span><\/p>\n

Conversely,\u00a0<\/span>any rejection from spot levels, pushing prices below $25,000<\/span><\/strong>\u00a0at the back of expanding volumes, cancels this bullish outlook.\u00a0<\/span>BTC will drop to June 2023 lows at $20,000 in that case<\/span><\/strong>.<\/span><\/p>\n

Technical charts courtesy of\u00a0<\/strong>Trading View<\/strong><\/a>.<\/p>\n

Disclaimer<\/strong>:<\/strong>\u00a0The opinions expressed do not constitute investment advice. If you wish to make a purchase or investment we recommend that you always conduct your research.<\/strong><\/em><\/p>\n

\n

If you found this article interesting, here you can find more\u00a0Bitcoin News<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is up roughly 6% from September lows, a welcomed recovery following steep losses in late August<\/p>\n","protected":false},"author":11,"featured_media":148987,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[87,100,74],"tags":[4602,4930],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/152408"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=152408"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/152408\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/148987"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=152408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=152408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=152408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}