Bitcoin (BTC) surged more than $ 1,000 in seconds on December 10 when data from the United States Consumer Price Index (CPI) showed inflation in November was worse than anticipated.
November CPI is in line with expectations
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair hit $ 50,132 on Bitstamp when the data was released on Friday.
An hour before the Wall Street open, the pair had already reached its highest level in more than 24 hours.
The CPI had been highly anticipated by both cryptocurrency analysts and traditional finance analysts, with views favoring at least a 6.7% YoY increase for November, and even more than 7%. In the event, the figures broadly adjusted to conservative guesses, reaching 6.8%.
CPI below expectations
Bullish
all markes popping
– Alex Krüger (@krugermacro) December 10, 2021
However, the results mean that CPI inflation is at its highest level in almost 40 years.
Still trading in range
The short-term successes of Bitcoin did not last long, with the BTC / USD pair below $ 50,000 at the time of writing.
The largest cryptocurrency remained trapped in a range with no visible bullish bias, requiring a breakout above $ 53,600 to change, analysts previously argued.
Yes, there’s been a decent amount of volatility for #BTC recently
In fact, $ BTC has been threatening to lose this red support throughout the week but failing to confirm a breakdown
BTC has returned above red yet again
Still holding here until further notice#Crypto #Bitcoin pic.twitter.com/739hdAooiI
– Rekt Capital (@rektcapital) December 10, 2021
Yes, there has been a decent amount of volatility for #BTC recently
In fact, $ BTC has been threatening to lose this red support throughout the week, but has been unable to confirm a potential drop.
BTC has returned above the red once again
Still holding on here until further notice
Altcoins were unmoved by the CPI event, with Ether (ETH) still down 1.3% in the last 24 hours.
Of the top 10 cryptocurrencies by market cap, only Terra (LUNA) managed to make a small profit on the day.
Keep reading: