Bitcoin (BTC) surprised everyone on November 10 when BTC price dynamics suddenly reached new records. The jump in the price of bitcoin also coincided with news that inflation in the United States hit a 30-year high in October, according to the Wall Street Journal.
1 hour BTC/USD light chart (bit print). Source: TradingView
Bitcoin and Ether ‘Growing Unabated’
Data from Cointelegraph Markets Pro and TradingView recorded a rapid change in the rate of BTC/USD, which reached $2000 in just 45 minutes.
In line with several similar moves in recent weeks, Bitcoin not only reversed its previous short-term downtrend but also surpassed its all-time high at $68,564.
As of this writing, volatility has not been achieved when there is $69,000 on the horizon, and with it the potential for a psychologically significant $70,000 mark.
According to a Cointelegraph report, the level of interest from traders was good, as they believed that any correction at the moment would lead to a new bullish potential.
The famous Bentushian merchant replied: “The ascent is inevitable.”
“No downside, just a trend for BTC and $ETH from $40.7K. With a short period of consolidation. Will (the bears) be right?”
The accompanying chart describes the $40,000 area as possibly the “last fall ever” with Bitcoin now in pricing mode.
BTC/USD price chart annotated. Source: Pentoshi / Twitter
ETH is copying Bitcoin with a new record
Ether (ETH), Binance Coin (BNB) and XRP also reversed their bearish stance as sentiment shifted rapidly throughout the day.
Related: Bitcoin Will Reach $250,000 In January 2022 But Reverses S2FX BTC Pricing Model – New Expectations
ETH/USD has followed Bitcoin and made its own record of $4,868, which is closer to the $5,000 limit.
ETH/USD 1 hour light chart (bit print). Source: TradingView
As of this writing, the US markets haven’t opened yet and traders have been eyeing Tesla after the November 9 sales hit the crypto markets negatively.