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
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
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.