Bitcoin Briefly Trades at a New All-Time High, Trend Traders Awaiting More Decisive Breakout; Copper Remains Bullish as Trump Imposes 50% Tariff; Trump Announces 50% Tariff on Brazil, Real Reels; NASDAQ 100 Touches New High; US Dollar, Silver Bullish on Tariff Uncertainty; FOMC Minutes Show Fed Split on July Rate Cut
Summary: Leading cryptocurrency Bitcoin made a strongly bullish move yesterday, briefly trading at a new all-time high price above $112,000.
- The digital asset Bitcoin enjoyed a strong rise yesterday, which saw it trade at a new record high above $112,000 before it gave up some of its gains by the end of the day. Trend and momentum traders will likely be waiting for a more decisive bullish breakout before entering any new long trades. For those finding it difficult to access Bitcoin, there are several affordable Bitcoin ETFs as well as Bitcoin micro futures (10% of a Bitcoin).
- Copper remains bullish, closing higher yesterday after rising by about 9% the previous day to reach a new all-time high price after President Trump said he would impose a new 50% tariff on all copper imports. Trend traders will be interested in being long of copper, which can be achieved with futures or even micro futures, although futures might be expensive for many traders. An alternative is the CPER ETF.
- President Trump has announced that imports from Brazil will be subject to a new 50% tariff. This news sent the Brazilian Real sharply lower, with the USD/BRL currency pair trading as high as 5.6047 just a few hours ago. Brazilian stocks are also selling off.
- FOMC Meeting Minutes released yesterday show that some members favor a July rate cut but are unlikely to have a majority in the voting. Most members expect rates cuts to happen later in 2025, though.
- Stock markets are mixed, but US indices had an up day yesterday, with the NASDAQ 100 Index trading at a new all-time high price and then closing at a record high. This could be taken as a signal to add to a long position in the NASDAQ 100 Index.
- The US Dollar remains firm and is rising again, getting a boost from the uncertainty of the Trump tariff process.
- Silver remains within sight of its long-term high price, gaining yesterday. It is performing much better than Gold, another precious metal with which Silver is usually strongly positively correlated.
- In the Forex market, the Australian Dollar has been the strongest major currency since today's Tokyo open, while the Swiss Franc has been the weakest, suggesting a strengthening of risk appetite over recent hours. The EUR/USD currency pair also remains within a valid long-term bullish trend and is looking more bullish today.
- There will be a release of US Unemployment Claims data today.