Some positive news for Bitcoin, just when it’s needed most. BTC surged $1,000 in five minutes before the Wall Street open as U.S. inflation and jobs data boosted risk assets.
“The all items less food and energy index rose 6.3 percent over the last 12 months. The energy index increased 17.6 percent for the 12 months ending October, and the food index increased 10.9 percent over the last year; all of these increases were smaller than for the period ending September,” it stated.DXY tanks 2% on economic numbers
Meanwhile, an already weakened U.S. dollar index felt instant pain at the release, dropping over 2% for the second time in recent days.U.S. dollar index 1-hour candle chart. Source: TradingView At the same time, stocks opened markedly higher, with the S&P 500 up 3.5% and Nasdaq Composite Index gaining 4.6%.“Dollar falling out of the up-channel due to CPI numbers. This giving relief to assets,” he tweeted alongside a DXY chart.
“Just because an up-channel is broken does not mean a sustained downtrend always happens. Often another channel may form at a slower rate of assent, or may jump back to original channel.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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