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.
Bitcoin and Ether “relentlessly up”
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.
ETH copies Bitcoin with new record high
ETH/USD followed Bitcoin to hit new all-time highs of its own of $4,868 — getting ever closer to the $5,000 mark.
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.