Home web3.0 Bitcoin (BTC) Climbs 3% to Surpass $58000 as Ethereum (ETH) Sees Modest Gains

Bitcoin (BTC) Climbs 3% to Surpass $58000 as Ethereum (ETH) Sees Modest Gains

Sep 13, 2024 pm 03:28 PM
bitcoin Bullish Sentiment

Bitcoin climbed 3% on Thursday morning, rising past $58000, driven by investor response to August's Consumer Price Index (CPI) report.

Bitcoin (BTC) Climbs 3% to Surpass 000 as Ethereum (ETH) Sees Modest Gains

Bitcoin rose 3% on Thursday morning, climbing past the $58,000 mark in response to August’s Consumer Price Index (CPI) report, which showed a slight slowdown in headline inflation but a persistent elevation in core inflation.

The headline CPI rose at an annual rate of 2.5%, marginally lower than the anticipated 2.6% increase but marking its slowest level since February 2021. This reading indicates a decrease in the overall rate of inflation compared to the prior month.

However, core inflation, which excludes the volatile food and energy categories, rose 0.3% on a monthly basis, exceeding forecasts of 0.2%. This measure of inflation also remained high year-over-year, with an increase of 3.2%, significantly above the Federal Reserve’s target of 2%.

The second-largest cryptocurrency by market capitalization, Ethereum (ETH), also experienced gains but to a lesser extent. According to CoinGecko data, ETH rose by 1.3% over the past 24 hours, trading at $2,360 at the time of writing.

Meanwhile, Sui, a Layer 1 blockchain competitor to Ethereum, saw its SUI token surge by 16% to trade at $1.03. This gain follows Grayscale’s announcement of the launch of its Grayscale Sui Trust, where each trust share represents 14.95 SUI tokens.

Based on this calculation, the trust values each SUI token at 90 cents, which has sparked investor interest in the project, according to Grayscale.

On the other hand, Bitcoin spot ETFs experienced outflows once again. As reported by SoSo Value, investors withdrew a net total of $44 million from these funds on September 11.

Among the funds, (ARKB) had the highest outflows, amounting to $54 million. Grayscale’s (GBTC) Bitcoin ETF also reported outflows of $4.5 million, while Fidelity’s (FBTC) ETF showed inflows of $12.5 million.

Additionally, Ethereum spot ETFs saw net outflows of $542,900, with VanEck’s ETHV ETF experiencing outflows of $1.7 million. These outflows were partially offset by inflows of $1.1 million into Fidelity’s FETH ETF, according to data from SoSoValue.

When speaking to Decrypt, Head of Research at Presto Labs, Peter Chung, highlighted the strong August CPI data, which he believes triggered a risk-on trade that continued into Asian trading hours, pushing Bitcoin higher.

“This shows the market is now in ‘good news is good news’ territory,” said Chung.

He also noted that Bitcoin’s hash rate recently reached an all-time high of 680 EH/s, suggesting that the network’s security might be undervalued. Chung adds that the hashprice, which is at an all-time low of $39/PH/s/day, may be attractive to long-term Bitcoin bulls.

However, Lead Analyst at CEX.IO, Illia Otychenko, expresses caution about Bitcoin’s near-term momentum.

“Bitcoin’s bullish momentum appears to be fading,” Otychenko tells Decrypt, referring to technical indicators like the Relative Strength Index (RSI) and moving averages. “A bearish divergence is forming, and the 200 SMA could act as resistance.”

Otychenko also points out the potential for a death cross on the daily chart, which typically signals bear dominance. At the same time, he notes that a MACD crossover might limit the duration of any bearish pressure.

RSI measures the speed and change of price movements, indicating potential overbought or oversold conditions, while moving averages smooth out price data to identify trends and potential support or resistance levels over specific time frames.

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