Bitcoin Price Gains $1,000 in Minutes as CPI Data Processes Another 2% DXY Drop
Wild volatility continues for Bitcoin and altcoins as lowest CPI since January hits the dollar.
Market Update
Bitcoin (BTC) jumped $1,000 in five minutes before Wall Street opened on Nov. 10 as US inflation and jobs data boosted risk assets .
BTC/USD 1 hour candle chart (Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit daily highs of $17,782 on Bitstamp.
The pair was only hours away from a more than two-year low below $15,700 at the time, taking its 24-hour low to 12.8%.
At the time of writing, BTC/USD is hovering around $17,400, with volatility still rampant as US markets open to digest economic data.
This came in the form of the Consumer Price Index (CPI) for October, as well as unemployment claims.
Both offered a positive surprise, with CPI below expectations and UI claims above, implying that the Federal Reserve rate hikes were working and a pivot could be in place earlier than expected.
Analyzing Bitcoin's reaction to Binance's order book, monitoring the Resource Materials indicators showed the closest resistance hurdle at $18,500.
“The bear market rally is still alive,” read the accompanying comments.
Wild volatility continues for Bitcoin and altcoins as lowest CPI since January hits the dollar.
Market Update
Bitcoin (BTC) jumped $1,000 in five minutes before Wall Street opened on Nov. 10 as US inflation and jobs data boosted risk assets .
BTC/USD 1 hour candle chart (Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit daily highs of $17,782 on Bitstamp.
The pair was only hours away from a more than two-year low below $15,700 at the time, taking its 24-hour low to 12.8%.
At the time of writing, BTC/USD is hovering around $17,400, with volatility still rampant as US markets open to digest economic data.
This came in the form of the Consumer Price Index (CPI) for October, as well as unemployment claims.
Both offered a positive surprise, with CPI below expectations and UI claims above, implying that the Federal Reserve rate hikes were working and a pivot could be in place earlier than expected.
Analyzing Bitcoin's reaction to Binance's order book, monitoring the Resource Materials indicators showed the closest resistance hurdle at $18,500.
“The bear market rally is still alive,” read the accompanying comments.
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