Bitcoin
Bitcoin Rises Again Above $59K, But The Rally May Be Short-Lived
Bitcoin surged to above $59,000 in early European morning trading, extending a recovery from below $54,000 earlier in the week. The rally could see BTC reclaim $60,000, but it will be short-livedsaid Markus Thielen, founder of 10x Research. “The $55,000-$56,000 range is forming a base from a technical analysis perspective. However, given the medium-term technical damage, we do not anticipate 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, up 1.7% over the past 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index, was up about 1.65%.
Data Availability Blockchain Network Celestia’s native cryptocurrency TIA jumped 25% to $7.30 this weekthe biggest gain among the top 100 digital assets by market cap. Traders appear skeptical about the surge and are taking bearish bets by shorting perpetual futures tied to the cryptocurrency, according to funding rates tracked by CoinGlass. Average funding rates across all exchanges turned negative over the weekend and have since fallen to -0.1231%, reaching levels last seen in January. In other words, the bias toward bearish bets is most pronounced in six months.
Bitcoin Miners Are Attractive Partners to help build AI data centers due to their available power supplies and operational capabilitiesbroker Bernstein said in a research report 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 important catalysts for the sector, the report said. Bernstein initiated coverage of miner Iris Energy (IREN) with an outperform rating and a $26 price target. The brokerage also initiated coverage of Core Scientific with an outperform rating and a $17 target. CORZ and IREN rose about 3.5% and 6.5%, respectively, in premarket trading.