Bitcoin jumped back within the $68,000 range following the release of U.S inflation data. Market participants eagerly anticipated the release, as positive inflation figures could have triggered a minor sell-off.
However, traders holding long positions eventually won the day as the Consumer Price Index (CPI) inflation increased by 6.2% in October over a year ago. Per the statistics from the U.S Bureau of Labor Statistics (BLS), inflation increased by 0.9% in Oct. alone, more than twice the 0.4% recorded in September and 0.3% in August.
Bitcoin is trading around $68,200 at the time of writing, with a market cap of nearly $1.3 trillion. Previous predictions of the top coin hitting $70,000 are becoming inevitable with the recent move from the world’s largest coin.
BTC is currently up by more than 2% since the start of the intraday sessions.
Given the current macro-economic conditions, Bitcoin crossing $70,000 and setting new highs seem inevitable. Investors continue to make a case for how the cryptocurrency is a better wealth store than fiat.
BTC is currently up by more than 2% since the start of the intraday sessions. The most recent surge saw Bitcoin flip the $68,500 resistance a few minutes to the time of writing, further liquidating leveraged short traders.
More than $70 million short position got liquidated in the past two hours across the crypto marketing with a little over $40 million REKT in BTC positions. It is also important to note that Bitcoin’s current feat has impacted the Relative Strength Index (RSI) — showing an increase in buying pressure.
The global cryptocurrency market cap has also hit a new all-time according to market trends. The total worth of the crypto industry spiked by 2% almost reclaiming the $3 trillion mark
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!