Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Analysts say Bitcoin’s range-bound trading at a key support level reflects a trend reversal

Published 02/10/2022, 04:35 PM
Updated 02/10/2022, 06:20 PM
© Reuters.

Bitcoin (BTC) and cryptocurrency holders are enjoying the fruits of their labor on Feb. 10 after Bitcoin price rallied shortly after the U.S. Bureau of Labor Statistics showed a blistering 7.5% Consumer Price Index (CPI) print. This shows that inflation continues to worsen as fiat currencies bleed out their purchasing power.

Data from Cointelegraph Markets Pro and TradingView shows that after trading below $44,000 during the early hours on Feb. 10, the price of Bitcoin spiked to an intraday high at $45,850 following the release of the CPI data and most major stock market indices plunged into the red.

BTC/USDT 1-day chart. Source: TradingView
BTC/USD 1-day chart. Source: Twitter (NYSE:TWTR)
BTC/USD 1-week chart. Source: Twitter
Rolling 30-day correlation between BTC and NASDAQ. Source: Macro Hive

Continue Reading on Coin Telegraph

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.