Bitcoin attempts another $60K breakout, recovering from early-August swoon

seekingalpha08-14

Bitcoin (BTC-USD) briefly advanced to above the $61K mark in Wednesday morning trading before erasing those gains, as the cryptocurrency has fully rebounded from its steep price drop about a week ago....

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The highest-profile token (BTC-USD) slipped 1.2% to $59.1K at 10:13 a.m. ET after reaching as high as $61.5K earlier in the session. Since the Aug. 4-5 swoon, bitcoin has tested the $60K level five separate times. Some of the biggest intraday gainers among major coins include toncoin (TONCOIN-USD) +8.5%, celestia (TIA-USD) +8.2%, atheios (ATH-USD) +7.4%, aptos (APT-USD) and mantle (MANTLE-USD) +5.2%. Ether (ETH-USD), the world's largest altcoin, was little changed at $2.66K. The modest swings come in the midst of a data-packed week in the U.S. Earlier, the Bureau of Labor Statistics released an update on the Consumer Price Index, the core measure of which eased for a fourth consecutive month on an annul basis. This data point alone seals the deal for a September rate cut, many have suggested. On Wednesday, wholesale inflation (that is, the Producer Price Index) rose less than expected in July, while the core measure came in flat from a month before. With bitcoin (BTC-USD) struggling to break out, and with the stock market edging lower, crypto-linked stocks traded mostly in the red. Bitcoin miners Marathon Digital (MARA) -0.8%, Riot Platforms (RIOT) -2%, Bit Digital (BTBT) -4%, HIVE Digital (HIVE) -0.7%. Hut 8 (HUT), which H.C. Wainwright upgraded to Buy from Sell, gained 0.9%. Michael Saylor's business analytics software firm MicroStrategy (MSTR) retreated 2.8%, crypto exchange Coinbase (COIN) decreased 1.8% and Michael Novogratz-led Galaxy Digital (OTCPK:BRPHF) -1.5%.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2459705811"}