Bitcoin Rebounds Above $59K, Market Optimism Stirs

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Bitcoin saw a notable rebound early in the European morning, climbing above $59,000 after starting the week below $54,000. The recovery stirred market optimism, with some speculating that the cryptocurrency might reclaim the $60,000 mark. However, according to Markus Thielen, founder of 10x Research, this bullish trend may be fleeting. Thielen noted that the $55,000-$56,000 range appears to be forming a technical support base but expects the recent rally to be short-lived due to medium-term technical damage. At the moment, bitcoin is trading at just under $58,500, marking a 1.7% increase in the last 24 hours. The broader digital asset market, represented by the CoinDesk 20 Index, also saw a rise of approximately 1.65%.

Celestia’s native cryptocurrency, TIA, has surged 25% to $7.30 this week, the largest gain among the top 100 digital assets by market value. Despite this impressive climb, traders remain skeptical, hedging their bets by shorting perpetual futures tied to the cryptocurrency. Data from CoinGlass shows that average funding rates across exchanges turned negative over the weekend, dropping to -0.1231%, levels not seen since January. This indicates a pronounced bias towards bearish bets over the last six months.

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Bitcoin miners are emerging as attractive partners for building AI data centers, thanks to their substantial power supplies and operational capacities, according to a broker report from Bernstein released on Tuesday. Recent deals in the AI sector have spurred this trend, including Core Scientific’s 12-year agreement with CoreWeave and Coatue Management’s $150 million investment in Hut 8. These agreements have become significant catalysts for the industry, the report stated. Bernstein initiated coverage of miner Iris Energy with an outperform rating and set a price target of $26. Similarly, it initiated coverage of Core Scientific with an outperform rating and a $17 objective. Both CORZ and IREN saw pre-market trading increases of roughly 3.5% and 6.5%, respectively.

CoinGecko’s recent data showcases the top 10 meme coins by market value, with Solana-based MONK replacing dogwifwhat (WIF) as the fourth largest. In a notable move, BONK’s treasury proposed to burn 84 billion coins on Tuesday, substantially boosting its market value past WIF.