Bitcoin Explodes Through Key Technical Resistance, Hits 7-Week High

Zero Hedge -

Zero Hedge—Bitcoin has suddenly exploded over 10% higher, smashing through its 50-day moving average, above $7000 for the first time since early June... BTC is now testing up towards its 100DMA, ramping over $600 in 30 minutes... And breaking its longer-term downtrend too... This is already the biggest volume day for Bitcoin since June. The rest of the crypto space has gone along for the ride... No immediate news catalyst jumps out though we note that gold was tumbling earlier, and tech stocks...

Key US inflation indicator hits 6-year high. A key measure of US inflation hit a six-year high in May, matching the central bank's target in another sign price pressures are finally rising, the government reported Friday. The long-awaited rise in the Personal Consumption Expenditures price index, the Federal Reserve's preferred inflation