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Bitcoin Climbs Back Above $59,000, But Rally May Be Short-Lived
Bitcoin hit $59,000 in early European morning trading, extending a rally from below $54,000 seen earlier in the week. Rally could see BTC reclaim $60,000 but it will be short-livedsaid Markus Thielen, founder of 10x Research. “The $55,000 to $56,000 range is forming a base from a technical analysis perspective. However, given the medium-term technical damage, we do not expect anything more than a short-term counter-trend tactical bullish rally,” Thielen wrote Tuesday. At the time of writing, bitcoin was trading just below $58,500, up 1.7% over the past 24 hours. The broader digital asset market, as measured by the CoinDesk 20 index, is up about 1.65%.
Blockchain network of data availability Celestia’s native cryptocurrency, TIA, jumped 25% to $7.30 this weekthe biggest gain among the top 100 digital assets by market value. Traders appear skeptical of the rally 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 turned negative over the weekend and have since fallen to -0.1231%, reaching levels last seen in January. In other words, the appetite for bearish bets is at its most pronounced in six months.
Bitcoin miners are interesting partners to help build AI data centers based on their available energy sources and operational capabilitiesbroker Bernstein said in a research report published on Tuesday. Recent AI deals, including Core Scientific’s (CORZ) 12-year deal with CoreWeave and Coatue Management’s $150 million investment in Hut 8 (HUT), have become key catalysts for the sector, according to the report. Bernstein initiated coverage on miner Iris Energy (IREN) with an outperform rating and a $26 price target. The broker also initiated coverage on Core Scientific with an outperform rating and a $17 price target. CORZ and IREN rose about 3.5% and 6.5%, respectively, in pre-market trading.