Bitcoin (BTC) experienced a surprising surge on Friday, crossing the $26,500 threshold, marking a 1.15% gain from the previous day's close. The cryptocurrency now stands at $26,568, with market bulls eyeing the $27,000 mark. This rise brings Bitcoin to its highest point this month, dispelling fears of a potential September downturn that could have affected its impressive year-to-date performance.
Yann Allemann, co-founder of analytics firm Glassnode, suggests that Bitcoin is poised for a significant breakout towards $30,000. According to Allemann, the market sentiment around Bitcoin is shifting positively, as evidenced by Risk Signal's drop into the 60s. Despite expected resistance and profit-booking pressure around the $27,400 and $28,200 levels, Allemann believes these are merely hurdles before Bitcoin tackles the significant psychological barrier of $30,000.
On the other hand, formidable resistance looms ahead for Bitcoin. Binance's order book shows a strong sell wall indicating this resistance. However, robust buy-side orders are evident at the $26,000 level. Notably, Bitcoin remains resilient in the face of higher-than-expected US inflation data reported this week.
The U.S. Consumer Price Index (CPI) data showed a 0.6% increase in August, led primarily by a surge in gasoline prices that account for more than half of the uptick. Despite this increase in inflation data, an immediate intervention from the Federal Reserve is unlikely as it is expected to leave interest rates unchanged in its policy meeting next week.
CoinGecko data places Bitcoin's current market cap at over $514 billion with a 24-hour trading volume of approximately $8.16 billion, underscoring the substantial financial stake involved.
In related news from the broader crypto world, Genesis, a former titan among trading platforms, has ceased all global trading operations. This decision comes in the aftermath of the 2022 collapse of crypto hedge fund Three Arrows Capital, which Genesis cites as a pivotal factor in their closure due to the subsequent market turbulence.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.