BTC surpasses $50,000 as US CPI data shows the biggest inflation in nearly four decades

Bitcoin (BTC) jumped over $1,000 in seconds on December 10 after the US Consumer Price Index (CPI) data revealed that inflation in November was higher than expected

The November CPI is in line with predictions

As of Friday, statistics from Cointelegraph Markets Pro and TradingView showed BTC/USD trading at $50,132 on Bitstamp.

The pair has already reached its highest level in over 24 hours one hour before Wall Street opened.

CPI had been eagerly anticipated by both crypto and traditional finance professionals, with forecasts predicting at least a 6.7 percent year-on-year increase in November, if not more than 7 percent. In the end, the figures generally conformed to cautious predictions, hitting 6.8 percent.

CPI below expectations

Bullish

all markes popping— Alex Krüger (@krugermacro) December 10, 2021

Bitcoin Still restricted to a specific range

Bitcoin's short-term gains did not last long, with BTC/USD already trading below $50,000 at the time of writing.

Analysts earlier believed that the largest cryptocurrency remained locked in a range with no clear upside bias, requiring a break over $53,600 to change.

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

The CPI event had no effect on altcoins, with Ether (ETH) still down 1.3 percent in the last 24 hours.

Only Terra (LUNA) out of the top ten cryptocurrencies by market capitalization managed to make a slight gain on the day.