The world biggest cryptocurrency Bitcoin pulled back after coming very close to reaching its record high made in 2021.
- Bitcoin has continued to rise strongly to reach a new 2-year high price just below the 2021 record high of $69,000 before retracing. Trend traders and investors will be interested here on the long side, and this has become easier since Bitcoin ETFs were approved for sale a few weeks ago. Bitcoin is likely to reach even higher prices, but it seems there is some resistance at the high. The increase in recent days has been dramatic: Bitcoin has risen by more than 50% in value in only 5 days!
- In the Forex market, the Japanese Yen has been the strongest major currency since the Tokyo open today. The Australian Dollar has been the weakest, putting the AUD/JPY currency pair into focus. The Japanese Yen has been one of the most interesting currencies lately as the Bank of Japan’s seeming readiness to abandon its longstanding ultra-loose monetary policy puts its long-term bearish trend into question.
- WTI Crude Oil was trying to make a bullish breakout beyond a very key area of resistance centred at $80.50 yesterday but has retreated strongly from that key area on macro concerns. Traders going short at this reversal have been rewarded with a profitable trade.
- Global stock markets have retreated, many from record highs, probably due to a natural retracement after several major indices saw very strong price rises over recent weeks.
- Swiss CPI (inflation) data released yesterday came in slightly higher than expected, showing a month-on-month increase of 0.6%. The data did not seem to have any effect upon the relative value of the Swiss Franc.
