Bitcoin price surged to $58,487 but analyst warns of bearish signs indicating potential correction

From Investing.com

September 12, 2024 1:30 pm:

Bitcoin (BTC) surged to $58,487, but analyst Julio Moreno warns of bearish signs as Bitcoin remains in a bear phase and decouples from gold. The Bull-Bear Market Cycle Indicator and MVRV ratio show potential for further correction. Bitcoin long-term holders are spending at lower profit margins, indicating a lack of new demand.

Driven by U.S. equities and gains in Asian markets, BTC briefly hit $58,000. U.S. inflation data for August raised expectations of a Federal Reserve rate cut, with core inflation exceeding 0.3%. BTC was up 2.18% to $58,025 in the last 24 hours. Spot bitcoin ETFs in the U.S. saw outflows of $43 million after a two-day inflow streak.

Read more at Investing.com: Bitcoin Warning Issued by Crypto Analyst Amid BTC Price Surge to $58,000 By U.Today