Bitcoin (BTC) pierced the top of a stubborn trading range on Aug. 11 as a decidedly awkward rally took hold of risk assets.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin retracement warnings intensify near $25,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting highs of $24,750 on Bitstamp, marking its best performance since June 13.
The pair had attempted several breakouts to the top of the range in prior weeks, these all failing in the face of stiff selling pressure.
New United States inflation data released this week formed a long-awaited catalyst for change, however, with Bitcoin and altcoins rising in step with equities as the Consumer Price Index (CPI) print for July suggested that inflation had peaked.
On Aug. 10, the day of the release, the S&P 500 and Nasdaq Composite Index gained 2.1% and 1.9% respectively. BTC/USD, on the other hand, saw a daily candle of around $900.


