Reserve

Skyrocketing

Bitcoin

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<p>Now that Bitcoin has reclaimed its support level above $26,000, all eyes are on the potential for a significant breakout. Yann Allemann, co-founder of analytics firm Glassnode, <a href="https://twitter.com/Negentropic_/status/1702733794439004303" rel="noopener noreferrer nofollow">believes</a> the cryptocurrency is positioned to exit a multi-week range and push toward the $30,000 mark.&nbsp;</p> 
<p>The <a href="https://u.today/bitcoin-disappoints-traders-following-cpi-data" rel="noopener noreferrer nofollow">U.S. Consumer Price Index (CPI)</a> data showed a 0.6% jump, which is now expected to impact Bitcoin prices in the near future.</p> 
<h2 id="the-road-to-30k">The road to $30K?</h2> 
<p>According to Allemann, the market sentiment around <a href="https://u.today/bloombergs-mcglone-forecasts-bitcoin-to-dominate-in-era-of-rising-interest-rates" rel="noopener noreferrer nofollow">Bitcoin</a> is shifting positively. Risk Signal's drop into the 60s signifies this changing attitude.&nbsp;</p> 
<p>Some resistance and profit-booking pressure are expected around the $27,400 and $28,200 levels, but Allemann suggests that these are merely hurdles before the cryptocurrency tackles the significant psychological barrier of $30,000.&nbsp;</p> 
<p><a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow">CoinGecko data</a> 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.</p> 
<h2 id="the-cpi-factor">The CPI factor&nbsp;</h2> 
<p>The U.S. CPI increased by 0.6% in August, led primarily by a surge in gasoline prices. This advance accounts for more than half of the uptick, with gasoline peaking at nearly $4 per gallon. The CPI's year-on-year advance is 3.7%, with core CPI climbing by 0.3%.&nbsp;</p> 
<p>The inflation data comes a week before the <a href="https://u.today/bloombergs-mcglone-forecasts-bitcoin-to-dominate-in-era-of-rising-interest-rates" rel="noopener noreferrer nofollow">Federal Reserve's policy meeting</a>, where it's likely to leave interest rates unchanged. Although inflation has increased, an immediate intervention from the Federal Reserve is unlikely.</p>

Is Bitcoin Skyrocketing to $30K? Glassnode Co-Founder Thinks So

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