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'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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