Bitcoin surged past $58,000 on September 12, 2024, fueled by positive momentum in tech stocks and Asian markets. Gains in major U.S. tech firms like Nvidia, Microsoft, and Apple helped boost sentiment, while Japan’s Nikkei 225 ended a seven-day losing streak.
On Thursday, September 12, 2024, Bitcoin’s price surpassed $58,000 as a result of the positive momentum in Asian equity markets and technology assets. This action is a significant milestone for the dominant cryptocurrency, characterized by volatility in recent months.
Significant increases in prominent U.S. technology stocks, including Apple, Microsoft, Google, and Nvidia accompanied the price increase. The Nikkei 225 index of Japan broke a seven-day losing trend, as this tech rally spread to Asian markets.
On Wednesday, U.S. spot Bitcoin exchange-traded funds (ETFs) witnessed outflows, breaking a two-day streak of inflows, despite the price surge. The ARKB product of Ark Invest experienced a significant outflow of $54 million, which contributed to a total outflow of $43 million across Bitcoin ETFs.
In the broader cryptocurrency market, the layer-1 blockchain Sui (SUI) outperformed others, resulting in a token price increase of more than 16%. Probably, Grayscale’s recent announcement regarding the establishment of the Grayscale Sui Trust is the cause of this significant increase.
The trust’s structure has generated an intriguing dynamic, as the market may be preparing for a Grayscale discount.
In response to reports that OpenAI intends to raise $6.5 billion at a $150 billion valuation, tokens associated with artificial intelligence experienced modest advances. Tokens such as the Artificial Superintelligence Alliance’s FET and NEAR Protocol (NEAR) experienced 6% and 9% price increases, respectively.
Based on Bitcoin’s market indicators, certain analysts believe that the cryptocurrency may be on the brink of further growth.
A favorable divergence was identified on Bitcoin’s trading chart by a prominent crypto analyst, suggesting that the price may rise in the near future. This divergence has the potential to propel Bitcoin toward a new all-time high.
Additional data from CryptoQuant indicates that the exchange reserve of Bitcoin is decreasing, while the supply of stablecoins is increasing. This trend typically indicates a favorable outlook for Bitcoin.
The current price is in the “Basically a Fire Sale” zone, as the Bitcoin Rainbow Chart indicates. This suggests that investors may want to contemplate purchasing at these levels.
Nevertheless, not all indicators are indicating that growth will persist. Bitcoin’s fear and greed index is presently in the “greed” position, which occasionally indicates a price correction.
