Bitcoin Surges to New September Highs Despite US Inflation Data, ECB Raises Rates
Summary:
Bitcoin (BTC) ignores US inflation data, surges to new September highs. Market sentiment remains bullish as BTC/USD aims for $27,000. European Central Bank (ECB) raises rates, signaling continued fight against inflation. Traders optimistic about Bitcoin's upward momentum, while some caution about potential weakening support at $26,000.
Bitcoin (BTC) continued its upward trajectory as Wall Street opened on September 14, disregarding fresh data showing a resurgent United States inflation. The cryptocurrency reached new highs for September, peaking at $26,762. The market shrugged off the implications of the US inflation rebound, as confirmed by the Consumer Price Index (CPI) and Producer Price Index (PPI) August prints, which exceeded market expectations. Despite this, both the crypto and traditional markets rejected the notion that US macro policy would remain restrictive to combat inflation. The European Central Bank (ECB) further highlighted this disconnect by raising rates by 0.25% that day, making it their 10th successive rate hike. However, according to financial commentary resource The Kobeissi Letter, central banks worldwide are preparing for a prolonged pause with elevated rates. Market participants are optimistic that BTC/USD will surpass the $27,000 mark. Popular trader Jelle noted that Bitcoin is currently pushing against local resistance and has set their sights on $27,600 if it breaks above $26,400. On the other hand, trader and analyst Rekt Capital expressed a more conservative outlook, highlighting the potential weakening support at $26,000 based on a chart fractal from 2021.
Published At
9/14/2023 4:27:13 PM
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