Jump to content

BTC/USD Prices Fall into APAC Trade as Oil and Metals Catch a Bid


Recommended Posts

Jun 28, 2022 | DailyFX
Thomas Westwater, Analyst

BITCOIN, BTC/USD, CHINA, OIL, COPPER, IRON ORE - TALKING POINTS

  • Bitcoin prices fall alongside US stocks despite rosy US economic data
  • Copper and iron ore prices may rise further after PBOC comments
  • BTC/USD falls for second day, prices eye the psychological 20,000 level

Bitcoin (BTC-USD) market value passes $1 trillion with single unit value  rising above $54k | Shacknews
TUESDAY’S ASIA-PACIFIC OUTLOOK
A risk-off tone sent US markets lower overnight, a move that is likely to extend into today’s Asia-Pacific trading session. The Nasdaq-100 Index (NDX) fell 0.81% in New York trading. The drop in technology stocks followed encouraging data out of the United States that showed the demand for goods across manufacturers remains strong.

Bitcoin prices fell too likely as a result of the broader pullback in market sentiment. In an interview, SEC Chair Gary Gensler labeled Bitcoin as a commodity. That would suggest that Bitcoin may better fall under the regulatory scrutiny of the Commodity Futures Trading Commission (CFTC). Mr. Gensler made a clear distinction that he does not consider other cryptocurrencies to be a commodity, however.

Asian markets traded mostly higher on Monday, brushing off a report out of China that showed a drop in profits for industrial firms. The drop for May, however, was less severe than the prior month, crossing the wires at -6.5% compared to -8.5% in April. Increased profits from higher energy costs likely aided firms that produce gasoline and other energy-derived products.


Copper and iron ore prices moved higher despite Monday’s Chinese economic data. That is likely due to comments from the People’s Bank of China’s Governor Yi Gang. Mr. Gang stated, in a television interview, that “Monetary policy will continue to be accommodative to support economic recovery in an aggregate sense.” That statement appeared to encourage some bidding across the industrial metals space.

Elsewhere, oil prices moved higher across the WTI and Brent crude benchmarks. The G7 leaders, currently meeting in German, are said to be on the verge of announcing a plan to cap the price of Russian oil while still allowing it to be sold to major buyers like China and India. That plan would aim to hit Russia’s oil coffers while still lowering the price of oil on the global market. Details are expected as soon as tonight.

NOTABLE EVENTS FOR JUNE 28:
Japan – 2-Year JGB Auction
South Korea – Consumer Confidence (June)
Japan – Retail Sales (May)
 

BTC/USD TECHNICAL FORECAST
Bitcoin prices fell for a second session, but losses were moderate compared to the selling seen earlier this month. The 20,000 psychological level remains a key level of potential support should prices continue to fall. A rebound may see the 20-day Simple Moving Average (SMA) step in as resistance. The MACD oscillator flashed a bullish signal earlier this week, crossing above its signal line.

BTC/USD DAILY CHART
btcusd
Chart created with TradingView

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      23,042
    • Total Posts
      95,433
    • Total Members
      43,653
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    JustinTimeTunes
    Joined 29/09/23 19:22
  • Posts

    • The crypto market appears to be showing signs of recovery, with significant improvements in the Sharpe Ratios of Bitcoin, BGB, and Ethereum, according to an article published on Friday.  The Sharpe Ratio, a measure used to understand the return of an investment compared to its risk, has seen a notable increase for both cryptocurrencies. Bitcoin's Sharpe Ratio has risen from -2.4 to 0.68, while Ethereum and BGB have also experienced a similar uptrend. This change signifies higher returns at lower risk, which is expected to attract more investors to the crypto market. In addition to the improved Sharpe Ratios, increased network activity and trading volume as shown on CEXs like Bitget, Binance, and a few DEXs are suggesting a healthier market state. The current trading prices of Bitcoin, reflect this overall positive market sentiment. As of Friday, Bitcoin was trading at $27,069.73, BGB at $0.454 and Ethereum at $1,677.89. These developments are significant as they indicate reduced risk in the crypto market. The increase in the Sharpe Ratios for Bitcoin, BGB, and Ethereum suggests that these cryptocurrencies are becoming less risky investments, which could potentially lead to an influx of new investors into the market.  Could this rise in Sharpe Ratios coupled with increased network activity and trading volume point towards a recovering and less risky crypto market?
    • Hi, That's great, thank you very much. Very helpful! Many thanks.
    • Texas Instruments Inc., Elliott Wave Technical Analysis Texas Instruments Inc., (TXN:NASDAQ): Daily Chart, 29 September 23 TXN Stock Market Analysis: We have been moving lower as expected from the previous forecast. Looking for continuation lower as there is an incomplete bullish sequence. Looking for extension lower in wave {iii}. Downside target stands below wave (W). TXN Elliott Wave Count: Wave {iii} of C. TXN Technical Indicators: Below al averages.   TXN Trading Strategy: Looking for shorts on the way down.   TradingLounge Analyst: Alessio Barretta Source : Tradinglounge.com get trial here!       Texas Instruments Inc., TXN: 4-hour Chart, 29 September 23 Texas Instruments Inc., Elliott Wave Technical Analysis TXN Stock Market Analysis: As we are getting an overlapping structure in what could be a wave {iii} there is a high chance we will see an acceleration lower to then see a series of fours and fives.   TXN Elliott Wave count:  Wave (iii) of {iii}. TXN Technical Indicators: 20EMA as resistance. TXN Trading Strategy: Looking for shorts on the way down.
×
×
  • Create New...
us