Bitcoin (BTC), a cryptocurrency, surprised everyone when its price action suddenly jumped to new all-time highs on November 10. According to the Wall Street Journal, the BTC price surge coincided with reports that October saw an unprecedented 30 year high in US inflation.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Bitcoin and Ether are “relentlessly rising”
Data from TradingView and Cointelegraph Markets Pro captured a quick change in direction for BTC/USD. It gained $2,000 in 45 minutes.
Bitcoin, in line with similar moves over the past weeks, not only reversed its prior short-term downtrend, but also eclipsed its record high of $68,564.
New #Bitcoin all-time high!
— Michael van de Poppe (@CryptoMichNL) November 10, 2021
The volatility was still there at the time of writing. $69,000 appeared in view, and with it, the possibility of psychologically significant $70,000.
Cointelegraph reported that traders were aware of this level and believed that any correction would still bring new upside.
Pentoshi, a popular trader, responded by saying “Relentlessly up”.
“No dips, just trending on $BTC/$ETH since 40.7k with some consolidation. Will the bears ever do it right?
The accompanying chart described the $40,000 area as the “last dip ever,” with Bitcoin currently in price discovery mode.
BTC/USD price chart annotated Source: Pentoshi/Twitter
ETH copies Bitcoin at a new record high
As the mood quickly changed, Ether (ETH), Binance coin (BNB), and XRP also reversed their downward-sloping stances.
Related: Bitcoin will reach $250K in January 2022, but S2FX BTC price models are ‘invalidated’ — New prediction
Bitcoin was followed by ETH/USD, which reached new highs of $4,868. This brings it closer to $5,000.
BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView
U.S. markets were not yet open as of this writing. After the Nov. 9 sell-off, traders are now focusing on Tesla.