Bitcoin (BTC) surprised everyone on Nov. 10 as BTC price action abruptly hit new all-time highs. The BTC price jump also coincided with news that United States inflation hit a 30-year high in October, as reported by the Wall Street Journal.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin and Ether “relentlessly up”
Data from Cointelegraph Markets Pro and TradingView captured a snap change of direction for BTC/USD, which gained $2,000 in just 45 minutes.
In step with various similar moves in recent weeks, Bitcoin not only reversed its previous short-term downtrend but eclipsed its previous record high of $68,564.
New #Bitcoin all-time high!
— Michaël van de Poppe (@CryptoMichNL) November 10, 2021
At the time of writing, the volatility was not done, as $69,000 came into view and with it the prospect of the psychologically significant $70,000 mark.
As Cointelegraph reported, that level was firmly on the radar of traders, who believed that any correction in the meantime would still end with fresh upside.
“Relentlessly up,” popular trader Pentoshi reacted.
“No dips given, just straight trending on $BTC and $ETH since 40.7k with a small period of consolidation. Will (bears) ever get it right?”
An accompanying chart described the $40,000 zone as possibly the “last dip ever,” with Bitcoin now in price discovery mode.
BTC/USD annotated price chart. Source: Pentoshi/Twitter
ETH copies Bitcoin with new record high
Ether (ETH), Binance Coin (BNB) and XRP likewise reversed their downward-sloping stance as the mood swiftly changed on the day.
Related: Bitcoin to hit $250K in January 2022 but ‘invalidate’ S2FX BTC price model — New prediction
ETH/USD followed Bitcoin to hit new all-time highs of its own of $4,868 — getting ever closer to the $5,000 mark.
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView
U.S. markets had yet to open at the time of writing, with traders eyeing Tesla after its sell-off on Nov. 9 sparked a knock-on impact across crypto markets.