BTC to GBP Pair Loses Intraday Gains, Opening the Door Towards 34K

Bitcoin prices on the BTC to GBP pair are off daily highs after the bulls could not extend gains beyond the highs of the week. Bitcoin prices had risen by $2,000 on Friday after the US inflation numbers rose to its highest levels in 40 years. 

US Consumer Price Index (monthly) rose 0.8% in November, exceeding the consensus figure of 0.7%. The headline number on an annualized basis hit 6.8%. The core number met expectations at 0.5%.

The push into Bitcoin on the news was short-lived, as the negative sentiment which followed Thursday’s 5.86% drop spilt over into Friday’s session. This has pushed back the price from the intraday highs at 37,846. 

The BTC/GBP pair is now trading lower at -0.28% as of writing.

BTC to GBP Outlook

The intraday decline from the highs has sent the pair below the 36306 support. If the active daily candle closes below this level, the breakdown is confirmed and the 4 December low at 34036 becomes the next available target. Below this level, 32213 and 30100 become additional targets to the south.

On the flip side, if the bulls defend the 36306 support, 38221 and 40920 become the new targets that bulls can focus on. The 42351 and 43917 resistance levels will only become available if the 40920 price barrier is surmounted.

BTC/GBP: Daily Chart

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