Bitcoin (BTC) continued to rise on September 14th, defying the resurgent inflation data coming out of the United States. Despite the release of the Consumer Price Index (CPI) and Producer Price Index (PPI) reports showing higher-than-expected inflation levels, Bitcoin reached new highs for the month.
The BTC price, as reported by Cointelegraph Markets Pro and TradingView, peaked at $26,762. This surge followed the previous day’s upward momentum for Bitcoin. Interestingly, the cryptocurrency market, along with traditional markets, seemed unconcerned about the implications of inflation and the possibility of more restrictive macro policies in the US.
Contrary to market sentiment, there was no clear consensus among experts about whether the Federal Reserve would raise interest rates later in the month. At the time of writing, the probability of a rate hike pause stood at 97%, according to CME Group’s FedWatch Tool.
The European Central Bank (ECB) also made a surprising move on the same day by deciding to increase rates by 0.25% – the 10th consecutive rate hike, reaching the highest level since 2001. However, the ECB’s decision to raise rates did not eliminate concerns about inflation, as they also lowered their growth forecasts through 2025. This move highlighted the fact that the fight against inflation is far from over.
Despite the uncertainty surrounding macroeconomic policies, the price of Bitcoin continued to see significant upward potential. Many market participants believed that BTC/USD would surpass the $27,000 mark. Traders like Jelle and Rekt Capital expressed their bullish outlooks for Bitcoin’s price.
Jelle anticipated a continuation of the “Power of Three” setup, with a potential breakthrough above $26,400 and eyes set on hitting $27,600. On the other hand, Rekt Capital observed a fractal pattern in Bitcoin’s price chart, similar to what was seen during the 2019 and 2021 bull runs. He emphasized that as long as the support at $26,000 held, the fractal could play out positively for Bitcoin.
It is important to note that this article is not intended as investment advice. Investors should conduct their own research and analysis before making any decisions.