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

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.

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.

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Sep-15-2023 08:18:47 AM