{"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 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 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>\nEyes On Inflation, Monetary Policy<\/span><\/h2>\n
Bitcoin Price Analysis<\/span><\/h2>\n
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