- The standout feature in the markets right now as 2024 gets underway following the New Year holiday is Bitcoin rising firmly to trade at a new 20-month high above the round number at $45,000. This bullish breakout will attract interest from traders, especially trend traders. It is seen as partly driven by the expectation that regulators will approve a new spot Bitcoin ETF from Blackrock within just days.
- Stock markets are mostly quiet off hours, but Asian markets are lower as trading resumes, dragged down by China following poor factory data and a downbeat speech from President Xi Jinping. The HSI is down by more than 1.75%.
- Gold is rising bullishly, trading above its key resistance level at $2070 and looking likely to go higher. This will be interesting to trend traders after Gold made an all-time high price last month.
- In the Forex market, since the Tokyo open, the Australian Dollar is the strongest major currency, while the Swiss Franc is the weakest. There remains a valid long-term bullish trend in EUR/USD and a bearish one in USD/JPY, although the short-term momentum was against this trend at the time of writing during the later part of the Asian session.
- It is a public holiday in Switzerland today.
Forex Today: Bitcoin Hits 20-Month High Above $45k
Adam Lemon
2024 begins with Bitcoin rallying strongly to a new long-term high price on expectations that a Blackrock spot Bitcoin ETF will gain regulatory approval within the next few days.