Bitcoin has been making a bullish consolidation just below the big round number at $100,000 and looks very likely to hit that number soon.
- The cryptocurrency Bitcoin has continued to trade bullishly, making a fresh record high above $99,000 at the end of last week, and the price action right now indicates the price is likely to soon reach the big round number at $100,000. Trend and momentum traders will be interested in staying long of Bitcoin, which can be traded as spot Bitcoin, as CFDs, as futures (there is a micro future on the CME which is sized at only 10% of a coin), or as options. However, many analysts will be wary of Bitcoin making a strong bearish retracement after hitting $100,000 which might even be the end of this bull run, so we can expect likely profit taking at that price.
- In the Forex market, the US Dollar has made a minor decline since this week’s Tokyo open. The greenback is in a long-term bullish trend and got a major boost from the Trump/Republican victory in the US general election earlier this month. It might be best exploited by going short of EUR/USD, but this currency pair has rebounded since spiking down to a new 2-year low on Friday below $1.0350. However, this is in a long-term bearish trend. Since the Tokyo open, the strongest major currency has been the Euro, while the US Dollar has been the weakest.
- US and some other stock markets are higher as analysts digest the news that President-elect Trump wants to appoint Scott Bessent to the post of Treasury Secretary. This putative appointment is being well-received by markets, with Bessent well respected on Wall Street.
- There are no high-impact data releases scheduled for today. Because of this, and because it is a Monday, it is likely to be a relatively quiet day in the market.
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