We have mentioned that in Bitcoin, eyes are turned to US inflation data. The US inflation data announced at 16.30 was again above expectations.
The US November consumer price index rose 6.8% year-on-year. The increase was 0.8% on a monthly basis. The expectation was 0.7%.
US November inflation data was announced as 0.8%. Expectation 0.7%#Bitcoin
— Bitcoin System (@bitcoinsystem) December 10, 2021
Faced with the highest inflation data of the last 31 years last month, the USA raised the bar for 8 more years this month. Accordingly, the highest inflation data seen in the USA since 1982 was recorded.
It was stated that a lower rate may be seen next month, as the recent declines in commodity and energy prices are not reflected in these data.
After the inflation data, Bitcoin managed to rise above $50,000 again. It continues to be traded at $49600 levels, which rose as high as $50,106 on the day.
Dollar index (DXY) after inflation data #Bitcoin 👀 pic.twitter.com/FD5v1Hwj9A
— Bitcoin System (@bitcoinsystem) December 10, 2021
After the inflation data, there was a sharp pullback in the Dollar index. Now the eyes are turned to the opening of the US stock markets. The buyer’s opening at 17.30 may allow Bitcoin to rise above $50,000 again.
At this point, the statements that may come from the USA regarding the inflation data will also be followed by the markets. Giving a signal about an early rate hike may dampen the risk appetite of the markets.
*Not Investment Advice.