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Bitcoin soared past the $69k mark following an unprecedented surge in the U.S. consumer price index (CPI), suggesting that Bitcoin's hedge-against-rising-costs narrative is holding strong amidst the current inflationary spiral. The CPI has been accelerating at the fastest annual pace since three decades ago, rising by 0.9% from September and jumping 6.2% from October 2020. The CPI's rate of increment has exceeded many economists' projections, casting severe doubt over the Fed's seemingly premature diagnosis of "transitory" inflation. Upon the release of the CPI report, open interests across major centralized exchanges saw a massive spike (with a majority of longs), as the spot market pushed for price discovery beyond $69k. However, in a matter of hours, BTC faced an abrupt pullback to $62k in response to bearish news in the broader financial markets. The sudden correction has shaken off some excessively leveraged positions, which might prove to be healthy for the larger crypto market in the long run.
Buy the dip here: https://go.bybit.com/e/spotUSDT