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Bitcoin, BTC $27,069 price is up today, rising over 2.5% with a sharp upward candle that sent the price to a September high of over $27,400. The Bitcoin price increase today comes after a flat weekend where BTC held the key $26,000 level, giving confidence to traders and analysts who see this level as crucial.Annual core CPI falls ahead of FOMC:According to the 13th September Consumer Price Index (CPI) report, inflation rose 3.7% in August, higher than the 3.5% in July. More importantly, the annual core CPI model, which measures all items minus food and energy, showed more positive data. August annual core CPI came in at 4.3%, less than the previous month’s jump of 4.5%. The potential that inflation may reach the United States Federal Reserve’s 2% targets is providing hope that interest rate increases will pause at the Federal Open Market Committee (FOMC) meeting on Sept. 20, an outcome that investors believe benefits risk assets like Bitcoin.Also to CME Group, a derivatives marketplace with a global benchmark product that estimates interest rates, there is a high probability that the Fed will pause interest rate increases. The graph points to a possible freeze in interest rate hikes. The public sentiment shows confidence in the pause, and investors believe that this has created the possibility for a broad crypto market recovery.Institutional interest in Bitcoin boosts market sentiment:Multiple large institutions filed for Bitcoin ETFs after the U.S. Court of Appeals Circuit Judge Neomi Rao sided with Grayscale Investments on 29th August  in its case against the U.S. Securities and Exchange Commission. This accompanies growing institutional interest in Bitcoin from companies like BlackRock and Fidelity Investments. While both institutions had spot BTC ETF approvals delayed on 2nd September,  the $1.5 trillion asset manager Franklin Templeton filed for a spot Bitcoin ETF on 12th September. To date, the SEC has refused to approve a spot Bitcoin ETF, despite numerous applicants, including BlackRock, Fidelity, Cathie Wood’s ARK and 21Shares, which has filed three times. The SEC’s next decision deadline is 16th October, but another postponement is highly probable.Bitcoin supply on exchanges keeps dropping:Lastly, coinciding with Bitcoin’s price gains, the BTC supply on exchanges continues to remain below the 4th September monthly peak. Crypto exchanges have shed over 40,000 BTC since then. Bitcoin leaving crypto exchanges is generally perceived as a bullish signal since the available supply for spot selling decreases. With Bitcoin continuing to leave exchanges, liquidations also tend to have a strong impact on price. In the past 24 hours alone, over $28.4 million BTC shorts have been liquidated, with over $27.9 million in shorts liquidated in a 12-hour timeframe.Meanwhile, as Bitcoin price is showing some bullish momentum in the short-term ahead of the FOMC, the Bitcoin Fear &amp; Greed Index is still flashing “fear” despite climbing slightly compared with the previous month. So, that’s a wrap for today’s WedNewsDay, we hope you all enjoy the read! Stay tuned for next week’s WedNewsDay and don’t forget to follow our social media accounts. Thank you!Follow us onWebsite | <a href="https://werentnft.io/" rel="noopener noreferrer nofollow">https://werentnft.io/</a>Instagram | <a href="https://www.instagram.com/werent_nft/" rel="noopener noreferrer nofollow">https://www.instagram.com/werent_nft/</a>Twitter |<a href="https://twitter.com/WebuyOfficial" rel="noopener noreferrer nofollow"> </a><a href="https://twitter.com/WerentOfficial" rel="noopener noreferrer nofollow">https://twitter.com/WerentOfficial</a>Medium |<a href="https://medium.com/&#64;webuynft" rel="noopener noreferrer nofollow"> </a><a href="https://medium.com/&#64;werentnft" rel="noopener noreferrer nofollow">https://medium.com/&#64;werentnft</a>Facebook | <a href="https://www.facebook.com/werentnft" rel="noopener noreferrer nofollow">https://www.facebook.com/werentnft</a>Youtube | <a href="https://www.youtube.com/&#64;WeRentNFT" rel="noopener noreferrer nofollow">https://www.youtube.com/&#64;WeRentNFT</a>

WedNewsDay! Why is Bitcoin price up today?

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