Bitcoin proves it is not yet gold when it comes to inflation

Yesterday Bitcoin certainly did react positively to the record US inflation print. The lead cryptocurrency shot higher, rising back above 68k, eventually setting a new all time record high at 68,991. As that was unfolding, it was noted here on the quick news; that many operators now see BTC as the ultimate digital hedge against inflation. However, that status was and still is questioned here. It is also fair to say; that might be the case elsewhere too, because BTC later fell back sharply into the US close, dropping back to as low as 62,944, with a fall of more than $6000 from the earlier record high. It has steadied overnight during the Asian session, trading entirely sideways, inside a mostly 64 to 65k range. The exact range has been covered by 63,922 to 65,299 so far. If there was an official closing level for BTC last night, then it would have delivered a monster key reversal. However, there is no official close, so that does not count in technical terms. That tenet might yet save it, but the price action since the new all time high is clearly no endorsement of its so called new found inflation hedge status. BTC is currently trading at 64,645