HomeCoinsEthereum (ETH)Suddenly, Bitcoin hits new all-time high after $2K gains in minutes

Suddenly, Bitcoin hits new all-time high after $2K gains in minutes

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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.

Suddenly Bitcoin hits new all time high after 2K gains in
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.

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.

1636638904 23 Suddenly Bitcoin hits new all time high after 2K gains in
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.

1636638904 891 Suddenly Bitcoin hits new all time high after 2K gains in
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.