Bitcoin’s price surge past $115K spurs crypto stocks by double-digits
Crypto Fear and Greed Index had a reading of 57 at press time, highlighting greed in the market.
Key Takeaways
Since the beginning of September, Bitcoin has rallied by nearly 7%. The bullish macroeconomic news on Thursday spurred Bitcoin and major altcoins such as Ethereum and Solana, while assisting crypto stocks as well.
Many crypto stocks saw sizeable gains on Thursday, 11 September. In fact, crypto-related stocks such as Galaxy Digital (GLXY), Circle Internet (CRCL), and Bitfarms (BITF) noted double-digit percentage gains on the day.
Why are individual stocks up?
These gains came after Bitcoin [BTC] rose to $115.5k – A level it last traded at in the final week of August. Galaxy Digital added 10.7% by the end of the day’s trading after withdrawing 920k Solana [SOL] worth $205 million from Binance.
The firm is also in the news now after leading Forward Industries’ $1.65 billion Solana treasury raise. This could be a sign of greater institutional investment. As expected, SOL responded bullishly on the price charts, with its move past $230 reinforcing its short-term market confidence.
Bitfarms might be benefiting from the data center plays that are favored on Wall Street recently. Bitfarms is seeking to expand in high-end computing, appointing former executive at Amazon Web Services Wayne Duso to its board last month.
The 4-hour chart revealed that CRCL seemed to be on the verge of overcoming a local resistance at $133.7. The stock’s gains did not follow any major news updates, but a technical breakout past $134.75 would cement the short-term bullishness seen among other crypto stocks.
On the other hand, Bitcoin treasury companies like Metaplanet posted losses of 8.5% while Strategy (MSTR) saw very little change in its stock price. Coinbase Global (COIN) was up 2.73%, and could depend on Bitcoin’s price hike to climb even higher.
Finally, the Crypto Fear and Greed Index was at 57 – Highlighting greed in the market. The 4-hour chart highlighted bullish momentum, with a hike in buying pressure underlined by the findings of the Awesome Oscillator and the rising A/D indicator.
On the contrary, the price chart also showed a bearish structure for BTC. The swing high at $117.4k must be reclaimed to shift the structure bullishly. A move past the local resistance at $113.5k only represents a rally beyond a minor lower high, and might not be indicative of a structural shift.
