Bitcoin Rally Is in the Cards – BTC Is Riding Hot Inflation Data

It has been just revealed that Bitcoin seems to be riding the hot inflation data, according to the latest reports. Check out the new BTC trajectory projection.

Bitcoin (BTC) is priming itself for a big move to the upside even amid higher-than-expected inflation data that came in last week, the founders of Glassnode say.

According to Glassnode founders Jan Happel and Yann Allemann, Bitcoin has reclaimed the $26,000 level as support, and BTC’s Risk Signal appears to have taken a nosedive.

Glassnode has reported that BTC’s Risk Signal is a measure used to determine the level of risk associated with a potential major price drop for Bitcoin.

According to Glassnode’s founders, the recent rise of the US Consumer Price Index (CPI) by 0.6% was expected to impact the BTC price, which it has done.

BTC has now regained support above $26,000 and is aiming for a breakout past $27,000, potentially moving out of a multi-week range.

The decline of the Risk Signal into the 60s indicates a shift in attitude. Profit booking pressure around $27,400 and $28,200 is possible, but this climb seems to be poised as a step towards tackling the psychological barrier at $30,000.

The US Bureau of Labor Statistics revealed last week that the CPI rose from 0.2% in July to 0.6% in August, coinciding with an increase in crypto and equities.

On social media platform X, the Glassnode founders, who use the pseudonym Negentropic, have predicted a continuous rise in Bitcoin prices.

They have shared a chart showing that BTC has bounced back from an upward trend and is set to climb towards the upper boundary of the channel, reaching around $150,000.

At this stage, emotions like greed, euphoria, and FOMO (fear of missing out) may begin to emerge.

Stay tuned for more details about the crypto market and make sure to check out the numbers as well.