Bitcoin threatens to make a new record high as it threatens to break last week’s high above $93,000, suggesting it could soon reach $100,000.
- The cryptocurrency Bitcoin has been consolidating since reaching a record high above $93,000 a few days ago, but the current price indicates that further bullish growth is likely to occur. The obvious target is the big round number of $100,000. Trend and momentum traders will be interested in going long in Bitcoin, which can be traded as spot Bitcoin, as CFDs, as futures (there is a micro future on CME that is only 10% of a coin in size) or as options.
- In the forex market, the US dollar is consolidating but remains strong after last week’s technically significant bullish breakout. The US dollar index hit a new one-year high. Like Bitcoin, the dollar also gained strength with Trump’s victory. The USD/CAD currency pair is trading at a 4-year high above $1.4000. Despite the strength of the US dollar, we see most other currencies making slight gains against the greenback this week.
- Bank of Japan Governor Ueda made public remarks a few hours ago that the Bank of Japan will be data-driven in its approach to the timing of the next rate hike.
- Stock markets are mixed. Major US indices, such as the NASDAQ 100 and S&P 500, saw a minor recovery during today’s Asian session, and Asian indices also made some gains on signs of Chinese policy support for stock markets.
- It is likely to be a relatively quiet day in the forex market as it is Monday and no high-impact data or policy announcements are expected to move the market.
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