Bitcoin’s current pricing and analysis (BTC to USD)

Bitcoin has risen to a new high of $68,999 on multiple platforms as worldwide concerns about the US Dollar’s inflation grow.

Today, it was disclosed that US inflation has reached 6.2 percent, the highest level since 1990.

This triggered an immediate flurry of purchase orders across all cryptocurrency exchanges, as Bitcoin easily broke above the $67,000 barrier level.

It is currently trading at $68,550 as investors consider the possibility of Bitcoin reaching a staggering $100,00 worth before the end of the year.

However, as enthusiasm and optimism begin to fade, it’s worth noting that Bitcoin’s open interest has reached an all-time high, owing to the increasing amount of leverage entering the market.

When there is an unbalanced ratio on either side, what is known as a “long squeeze” or “short squeeze,” open interest is flushed.

Technically, Bitcoin has many levels of support at $63,000, $59,500, and $56,400, all of which may need to be challenged before a move above $100,000 can be realized.

To keep the bullish narrative alive, Bitcoin must avoid a weekly finish below $63,000, which would kill the momentum it has built up this week.