Bitcoin (BTC) stayed higher into the Sep. 10 weekly close as optimistic forecasts favored $23,000 next.
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BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
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$23,000 targets remain in place
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Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $21,730 on Bitstamp overnight — the most since Aug. 26.
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The pair managed to conserve its prior gains despite low-volume weekend trading conditions being apt to amplify any weakness.
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Among analysts, excitement was palpable going into the new week, one which should prove pivotal for short-term crypto price action.
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The Ethereum (ETH) Merge and fresh United States inflation data were the top catalysts expected to influence the market.
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“Expect volatility to pick up around next week's economic data,” on-chain monitoring resource Material Indicators wrote in part of a tweet over the weekend.
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“In the meantime, remember...THIS is a rally. If you don't take profit along the way, you risk giving it all back.”
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An accompanying chart showed the Binance BTC/USD order book providing solid resistance near $21,500, a zone which bulls subsequently appeared to overcome.
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BTC/USD order book data (Binance). Source: Material Indicators/ Twitter
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For popular account Il Capo of Crypto, meanwhile, there was room for additional upside.
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He added, however, that there was a “90% chance” that BTC price action would return back under $20,000 in future.
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$23,200 was also a target for trader CJ, who eyed various short-term levels for clues as to long and short entry positions.
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"Septembears" take a beating
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The weekly close thus looked set to be a three-week high, Bitcoin already trading above closing prices from the second half of August.
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BTC/USD 1-week candle chart (Bitstamp). Source: TradingView
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On macro, hopes that a sustained risk asset rally would ensue became more vocal, with analyst Hernik Zeberg particularly confident.
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"Every time Inflation tops — Stock market rallies! EVERY TIME! And RSI (momentum) — is in turning area," he argued on the day.
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"US CPI coming out on Tuesday. This time will not be different!"
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U.S. inflation vs. S&P 500 annotated chart. Source: Henrik Zeberg/ Twitter
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July CPI data showed that the U.S. may have already seen peak inflation.







