Bitcoin (BTC) Price Surges Past $58,000 as Tech Stocks and Asian Equity Markets Rally-web3.0-php.cn

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Bitcoin (BTC) Price Surges Past $58,000 as Tech Stocks and Asian Equity Markets Rally

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Sep 12, 2024 pm 06:30 PM

bitcoin Tech Stocks Asian Markets

Bitcoin's price surged past $58,000 on Thursday, September 12, 2024, riding a wave of positive momentum in tech stocks and Asian equity markets.

Bitcoin (BTC) Price Surges Past ,000 as Tech Stocks and Asian Equity Markets Rally

Bitcoin's price rose sharply on Thursday, reaching past the $58,000 mark. This surge follows gains in major U.S. tech stocks and positive movements in Asian equity markets. However, U.S. spot Bitcoin exchange-traded funds (ETFs) saw outflows on Wednesday.

In the broader cryptocurrency market, layer-1 blockchain Sui (SUI) performed exceptionally well, notching a 16% increase. This rise may be linked to Grayscale's announcement of the Grayscale Sui Trust.

Artificial intelligence-related tokens also saw modest gains, influenced by news of OpenAI planning to raise $6.5 billion at a $150 billion valuation. Tokens like NEAR Protocol (NEAR) and Artificial Superintelligence Alliance's FET rose by 6% and 9%, respectively.

Some analysts are optimistic about Bitcoin's market indicators, predicting further gains. One crypto analyst highlighted a bullish divergence on Bitcoin's trading chart, suggesting a possible price increase towards a new all-time high.

Meanwhile, data from CryptoQuant shows decreasing Bitcoin exchange reserves and increasing stablecoin supply, which typically signals a bullish outlook for Bitcoin.

“Decreasing #Bitcoin reserves and rising stablecoin reserves indicate a bullish outlook for Bitcoin. As the market supply tightens and buying power builds, we could be on the verge of a price rally.” – By @OnchainTarek

Link ?https://t.co/frUAfdSBrk pic.twitter.com/4fxB9cowf1

— CryptoQuant.com (@cryptoquant_com) September 11, 2024

The Bitcoin Rainbow Chart also indicates that the current price is in the “Basically a Fire Sale” zone, suggesting that investors might consider buying at these levels.

On the other hand, Bitcoin's fear and greed index is currently in the “greed” position, which sometimes precedes a price correction.

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