Bitcoin gained more strongly over the past day following a short period of bullish consolidation, trading above $98k a few hours ago and threatening the big round number at $100,000.
- The cryptocurrency Bitcoin has made another bullish breakout to print a fresh record high above $98,000 earlier yesterday, and the price action right now indicates the price is likely to soon reach the big round number at $100,000. Trend and momentum traders will be interested in staying long of Bitcoin, which can be traded as spot Bitcoin, as CFDs, as futures (there is a micro future on the CME which is sized at only 10% of a coin), or as options. However, many analysts will be wary of Bitcoin making a strong bearish retracement after hitting $100,000 which might even be the end of this bull run, so we can expect likely profit taking at that price.
- In the Forex market, the US Dollar turned around and started to make strong gains again. The greenback is in a long-term bullish trend and got a major boost from the Trump/Republican victory in the US general election earlier this month. It might be best exploited by going short of EUR/USD, but this currency pair does see strong support in the $1.0500 area which bears will need to overcome. Since the Tokyo open, the strongest major currency has been the Japanese Yen, while the New Zealand Dollar has been the weakest.
- UK CPI (inflation) data released yesterday showed inflation ticking unexpectedly higher, but not by a great deal. Annualised inflation rose from 1.7% to 2.3%, higher than the expected 2.2%. This has had little effect on the value of the British Pound.
- Gold has continued to rise, being one of the few assets that are continuing to make gains against the US Dollar.
- There will be a release today of US Unemployment Claims data.
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