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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Glassnode Co-Founders Weigh In On Bitcoin (BTC) Path To $30,000

Semilore Faleti by Semilore Faleti
7 days ago
in Bitcoin
Reading Time: 3 mins read

Bitcoin has had an eventful week, gaining by over 5% to trade above the $26,000 price. Even following the release of the US Consumer Price Index, which showed an inflation rise of 0.6%, the premier cryptocurrency remained resilient with little to no price drops.

As BTC now hovers around the $26,500 price mark, market analysts and crypto enthusiasts continue to speculate on the token’s next movement. 

Notably, co-founders of market intelligence platform Glassnode Jan Happel and Yan Allemann have plotted a possible path through which Bitcoin may return to $30,000 in the coming weeks.

Related Reading: Bitcoin Dominates Ethereum In Daily Active Addresses Despite Lagging In TX Count

Bitcoin’s Road To $30,000 Marked By Double Price Barriers, Analysts Say

Through a post on their shared account on X, known as Negentropic, the Glassnode co-founders stated that Bitcoin is currently targeting a move above $27,000, having reclaimed its support at $26,000 in the past week.

According to the analysts, the Bitcoin Risk Index has now dipped into the 60s, indicating there is an ongoing shift to a positive sentiment around the asset. This means that more investors are beginning to view Bitcoin as a favorable investment.

The US Consumer Price Index (CPI) jump by 0.6% was expected to stir the BTC price, and it has.

Reclaiming support above $26k, BTC's now eyeing a breakout past $27k, potentially exiting a multi-week range.

Risk Signal's nosedive into the 60s signifies this attitude shift. Profit… pic.twitter.com/BgrMq5Rb62

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) September 15, 2023

If these sentiments translate into buying pressure, Bitcoin could embark on an upward trend. However, the Glassnode co-founders predict the token will face significant resistance at $27,400 and $28,200, as traders could opt to take profit at these price levels.

However, the analysts predict BTC will eventually overcome these barriers, pushing through to the $30,000 price mark, which they described as a “psychology barrier.” 

The last time Bitcoin traded above $30,000 was back in July. Since then, the world’s largest cryptocurrency has seen its price decline by over 17% due to multiple events, most notably, the massive Bitcoin sell-off by aerospace company Space X. 

Related Reading: Bye Bye Birdie: Binance Begins Process Of Axing BUSD Stablecoin

Is A Bitcoin Rally Coming?

In other news, data from Into The Block shows that Bitcoin’s transaction fees for this week were valued at $6.3 million, representing a 40% increase on the last week. 

While a rise in transaction fees could represent network congestion, which is known to drive network users away, it could also mean there is a high level of adoption. 

Furthermore, Into The Block also reported that Bitcoin recorded exchange inflows of $10 million and outflows of $70 million. 

The high level of Bitcoin being moved off exchanges indicates rising investors’ interest in the cryptocurrency, which could also translate into a notable price gain.

However, it is worth stating that these are only predictions and should not be counted as investment advice.

At the time of writing, Bitcoin trades at $$26,537 with a 0.33% loss in the last day based on data from CoinMarketCap. The token’s daily trading volume is also down 12.86% and valued at $11.25 billion.

Bitcoin

BTC trading at $26,516 on the hourly chart | Source: BTCUSD chart on Tradingview.com
Featured image from Pixabay, chart from Tradingview
Tags: bitcoinbtcglassnodeprice prediction
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Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer and analyst that works for NewsBTC, providing insights into the latest developments in the cryptocurrency world. With articles featured in other prominent publications such as Coinmash and Bitcoinist, Semilore has a known passion for covering the growing impact of blockchain technology in the global financial world. Beyond his professional work, Semilore has a deep interest in music and politics. He enjoys discovering new artists, attending concerts and music festivals, and closely following global affairs and issues of social justice and equality. You can follow Semilore on Twitter @SemiloreFaleti.

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