Bitcoin continues to look weak and continues to test a key three-week support level low at $111,332 with a breakdown looking likely.
Bitcoin has come back into focus today, but not for the reason preferred by crypto afficionados - it has been selling off and is now testing a key support level confluent with the three-week low, at $111,332. This looks likely to be today's pivotal point. Bitcoin has shown relative weakness by not making significant bullish breakouts recently despite US stock market indices and precious metals breaking strongly to new highs. Now the US Dollar and risk-off assets are gaining, Bitcoin is looking even weaker.
Stock markets are looking a little bearish today after two days in which most major indices saw declines. However, it is worth remembering we are still very much in a bullish stock market globally, centred on the US equity market.
In the Forex market, the Australian Dollar has been the strongest major currency since today's Tokyo open, with the Swiss Franc the weakest. There is focus on
the EUR/USD currency pair, which made a substantial bullish breakout last week by closing at a new 4-year high price, but is now trading considerably lower. The US Dollar rose quite strongly yesterday but has moved little so far today.
The price of spot Copper and its derivatives have jumped higher on a supply issue, but I think this fast bullish move will not have much further to run.
The Swiss National Bank will hold a policy meeting today. It is expected to leave its Policy Rate unchanged at 0%.
US Final GDP data will be released today which is expected to show annualized growth of 3.3%.
There will be a release of US Unemployment Claims data today.