Influenced by the US tech stock rally and gain in the Asian equity market, Bitcoin surpassed $58,000 during the Asian Moring hours. This is the notable surge in the cryptocurrency market, amid US core inflation data that slightly exceeded expectations. Now, hope for a significant interest cut by the Federal Reserve best week is fading.
Despite the bitcoin price increase, the spot bitcoin exchange-traded funds in the US slipped back to outflows. Plus, it lost around $43 million led by a $54 million outflow from Ark Invest’s ARKB products, after a tiw-day inflow streak.
As you know, August US inflation data suggest that the Federal Reserve rate cut in the coming weeks so that the core inflation rose faster than expected to more than 0.3%.
Major stocks Microsoft (MSFT), Google (GOOGLE), and Apple (APPLE) also jumped as high as 2.13%, notable, the Nvidia (NVDA) ended the day up 8.2%.
Some stock indices rose in Japan, South Korea, and Taiwan, therefore, Asia gains. Moreover, finally, Japan’s Nikkei 225 index halted a seven-day losing streak and the yen slightly retreated after a record high on Tuesday against the US dollar.
In this meantime, layer-1 blockchain Needle (SUI) surged on Thursday as the token beat the market, rising more than 16% according to data from CoinDesk Indexes, while the broader CoinDesk 20 (CD20) index gained 1.67%.
On the flip side, Grayscals recently announced that it will open the Grayscale Sui Trust, so SUI is likely outperforming in the market.
Bitcoin has been trading sideways in a broad range from $65,000 to $55,500 with low volume, over the past few weeks, This token is trading in a Descending Channel pattern, over a daily time zone. Now, Bitcoin has strong support at $56,000 and $52,000 whereas $62,000 and $66,000 will act as a strong resistance.
