Glassnode, Bitcoin The price is preparing for a major upward movement despite higher-than-expected inflation data last week. in your opinion.
According to Glassnode founders Jan Happel and Yann Allemann, BTC managed to reclaim the $26,000 level as support. This seems to mean that BTC’s Risk Signal is bearish.
BTC’s Risk Signal is a metric from Glassnode that measures the risk level of a major price drop for Bitcoin.
The 0.6% increase in the US Consumer Price Index (CPI) was expected to stimulate the BTC price, and it did. Having extended its support above $26,000, BTC now seems to have the potential to break out of a multi-week range by surpassing $27,000.
NEWS CONTINUES BELOWThe Risk Signal’s decline to the 60s indicates this change in attitude. Profit-booking pressure may loom around $27,400 and $28,200, but this climb is seen as a step before breaking the psychological barrier at $30,000.
As Koinfinans.com reported, last week the US Bureau of Labor Statistics announced that the CPI increased from 0.2% in July to 0.6% in August, and the data release coincided with a rise in crypto and stocks.
Glassnode founders, who use the pseudonym Negentropic, predict a long-term rally to much higher prices for Bitcoin.
Analysts are sharing a chart that suggests Bitcoin has bounced out of a major ascending channel and will begin to rise to the upper end of the channel near $150,000, where “greed, euphoria, and FOMO (fear of missing out)” could occur.
