Bitcoin's Inflation Test
Bitcoin is facing a crucial test as it struggles to reclaim a key price range of $84,000 to $85,000. According to Glassnode's analysis, this area marks where many long-term holders acquired coins, and its ability to break above could be a significant response to the latest news.
The upcoming US data releases will provide crucial information about inflation and labor market trends, which will impact interest-rate expectations. The personal income and outlays report on September 30 will measure August's inflation, while the ISM manufacturing survey on October 1 covers September's factory input costs. A reassuring consumer inflation reading could arrive just before a less comfortable snapshot of factory input costs.
Glassnode identified two other significant price levels: a deeper True Market Mean reference near $77,000 and an overhead mean MVRV reference near $96,700. Traders may have to revise their view of the Fed as each data release lands.