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CDS Crypto News BTC Surge- Bitcoin Approaches $59K with Short-Term Bullish Trends

Crypto News

BTC Surge- Bitcoin Approaches $59K with Short-Term Bullish Trends

sevval10/07/20242 Mins read104

BTC Surge- Bitcoin Approaches $59K with Short-Term Bullish Trends

BTC Surge- Bitcoin’s Rally and Crypto Market Trends

BTC Surge- Bitcoin rallied to over $59,000 early in the European morning, extending a recovery from below $54,000 at the start of the week. Markus Thielen, founder of 10x Research, noted that this rally could see BTC reclaim $60,000 but warned it would be short-lived. The $55,000-$56,000 range is forming a base from a technical analysis perspective. However, given the medium-term technical damage, we anticipate no more than a short-term tactical bullish countertrend rally, Thielen wrote on Tuesday. At the time of writing, Bitcoin was trading at just under $58,500, marking a 1.7% increase in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index, rose about 1.65%.

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Celestia’s TIA Token Jumps 25%

Data availability blockchain network Celestia’s native cryptocurrency, TIA, has jumped 25% to $7.30 this week, making it the biggest gainer among the top 100 digital assets by market value. Despite this surge, traders seem skeptical and are taking bearish bets by shorting perpetual futures tied to the cryptocurrency, according to funding rates tracked by CoinGlass. Average funding rates across exchanges flipped negative over the weekend and have dropped to -0.1231% since then, reaching levels last seen in January. This indicates the most pronounced bias for bearish bets in six months.

Bitcoin Miners and AI Data Centers

Bitcoin miners are becoming attractive partners for building AI data centers due to their available power supplies and operating capabilities, broker Bernstein stated in a research report on Tuesday. Recent AI deals, including Core Scientific’s (CORZ) 12-year agreement with CoreWeave and Coatue Management’s $150 million investment in Hut 8 (HUT), have become key catalysts for the sector. Bernstein initiated coverage of miner Iris Energy (IREN) with an outperform rating and a $26 price target. The broker also initiated coverage of Core Scientific with an outperform rating and a $17 objective. In pre-market trading, CORZ and IREN were up around 3.5% and 6.5% respectively.

Trending crypto chart today

The chart shows the top 10 meme coins by market value.
Solana-based MONK has replaced dogwifwhat (WIF) as the fourth largest meme coin.
BONK’s treasury on Tuesday proposed to burn 84 billion coins, boosting its market value past WIF.
Source: Coingecko