Bitcoin (BTC) Price Surges to $58,281 as Global Crypto Market Cap Hits $2.06 Trillion

The global crypto market has seen a strong rise, with Bitcoin leading the charge. In the past 24 hours, the global crypto market capitalization has risen by about 2.3%

The global cryptocurrency market experienced a noticeable uptick, with Bitcoin spearheading the rise. Over the past 24 hours, the overall crypto market capitalization increased by around 2.3%, reaching $2.06 trillion.

Bitcoin's price surged to $58,281, driven by a combination of positive economic news and growing interest in Bitcoin-related products. Several key developments contributed to Bitcoin's price increase.

U.S. CPI Data Drops to 2.5%

One crucial factor impacting Bitcoin's price was the latest Consumer Price Index (CPI) report released by the U.S. Bureau of Labor Statistics. The CPI inflation rate dropped to 2.5% in August, down from 2.9% in July. This figure came in lower than the anticipated 2.6%, indicating a slowdown in inflation.

The core CPI inflation, which excludes volatile items such as food and energy, also fell to 3.2%. This lower inflation may have sparked increased interest in Bitcoin, which is often perceived as a hedge against rising prices.

Spot Bitcoin ETF Inflows Continue

Another driving force behind Bitcoin's rise was the continuous inflows into spot Bitcoin exchange-traded funds (ETFs). According to blockchain analytics platform Lookonchain, the 10 Bitcoin ETFs saw inflows of $44.32 million on September 11.

Fidelity's FBTC led the inflows with $12.57 million, followed by ARK 21 and Invesco's BTCO. The sustained demand for Bitcoin ETFs signaled growing confidence in the asset.

Bitcoin Mining Difficulty Hits ATH

In addition, Bitcoin's mining difficulty also reached a new all-time high, increasing by 3.6% to 92.67 trillion. This rise in mining difficulty indicated a stronger network, which could positively impact Bitcoin's price by boosting security and attracting investors.

Bitcoin Technical Analysis

From a technical perspective, Bitcoin found solid support around the $56,000 level earlier this week and gained 3% over the past few days. After surpassing the $57,022 resistance, Bitcoin saw a 3.4% surge following the CPI report, pushing its price to $58,309.

Now, Bitcoin is poised to test its 50-day and 200-day exponential moving averages (EMA) near $59,500. A breakout above this level could propel Bitcoin toward $63,500 in the coming weeks.

With inflation slowing and growing interest in Bitcoin, the cryptocurrency is likely to continue its upward trajectory.

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