Bitcoin price targets $27,000 as bulls ignore PPI data

Bitcoin price is targeting $27,000 as bulls ignore surprise PPI inflation data. Despite recent macro data showing a rebound in US inflation, Bitcoin traders are anticipating greater increases.

The Consumer Price Index (CPI) and Producer Price Index (PPI) August prints reaffirmed the US inflation return, and Bitcoin continued to gain ground after the previous daily closing. The assumption that US macro policy may continue to be more restrictive for longer to control inflation was rejected by crypto and traditional markets.

There was virtually no consensus over the Federal Reserve raising interest rates again later in the month, with odds of a rate hike pause standing at 97%. The European Central Bank (ECB) also cut all growth forecasts through 2025.

The fight against inflation is far from over, and market participants were hopeful that another leg up would take BTC/USD to $27,000. Bitcoin is still acting out the ‘power of three setup’ involving accumulation, manipulation, and distribution, which can be used to identify potential trade opportunities.