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Channel Posts
AUDUSD, 15-minute timeframe chart
AUDUSD broke the support level of 0.66960
👉Level explanation
AUDUSD has been trading in a bearish trend for the last couple of hours.
👉Possible scenario
The best way to use this opportunity is to place a Sell order at 0.66930.
Set your stop loss at 0.67080 above the previous high ($1.50 loss for 0.01 lot) and take profit at 0.66730 ($2.00 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.33.
The upcoming news will not influence your orders within the mentioned period.
Some traders may close their positions on Friday, which can add more pressure to the market.
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| 2 | 📊 Gold holds near the record high despite a slight dip
The gold (XAU) price dipped slightly on Thursday but remained close to its all-time high from the day before.
👉 Possible effects for traders
Yesterday's U.S. macro data was somewhat mixed. The Philadelphia Fed Manufacturing Index rose to a three-month high. At the same time, closely watched jobless claims figures were higher than expected, ensuring nearly a 100% probability of a rate cut by the Federal Reserve (Fed) in September. ‘Analysts foresee long-term gains for the precious metal, driven by the Fed's preparations to cut rates, believing inflation is under control’, said Russell Shor, senior market specialist at Tradu.
Meanwhile, the International Monetary Fund (IMF) cautioned the Fed on Thursday, saying that the central bank shouldn't cut interest rates until late 2024. The fund also urged the government to increase taxes to address the rising national debt. Indeed, the unsustainable growth of the U.S. debt is one of the reasons why central banks worldwide have been buying gold, creating a positive medium to long-term outlook for the bullion. Furthermore, some safe-haven demand increases in China ‘because of the negative rhetoric coming from both U.S. presidential candidates towards China’, said Jim Wyckoff, senior market analyst at Kitco Metals. Thus, the recent decline in gold prices could be a technical correction, presenting a long-term buying opportunity.
XAUUSD was falling during the Asian and early European trading sessions. Today, the formal macroeconomic calendar is light, so the precious metals market will likely be calm. John Williams, the President and chief executive of the New York Fed, will give a speech at 8:40 p.m. UTC. His remarks may provide clues on the U.S. interest rate path. ‘Spot gold may test support at $2,417 per ounce, a break below which could open the way towards $2,401’, said Reuters analyst Wang Tao.
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🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH | 15 |
| 3 | 📊 The U.S. dollar strengthened, pushing down the euro
The euro (EUR) lost 0.37% on Thursday as the U.S. dollar (USD) sharply rose despite higher-than-expected Jobless Claims data.
👉 Possible effects for traders
As was widely expected, the European Central Bank (ECB) kept its key rate steady yesterday but gave no hints about its next move. The forward guidance was very vague. The key message from the ECB was that ‘domestic price pressures remain high’ and that inflation will be above its target ‘well into next year’. ‘Compared to the Federal Reserve (Fed), the ECB may have been the first to cut, but they won't be the fastest. When the ECB cut last, it was a cautious cut; now every meeting is going to be a live meeting where the data will dictate every move’, said Brian Jacobsen, chief economist at Annex Wealth Management.
Overall, the market still views the ECB as much less dovish than the Fed. This divergence in monetary policy expectations between the two central banks will continue to exert upward pressure on EURUSD. Interest rate swap market data currently implies roughly 60 basis points (bps) worth of rate cuts by the Fed and only 40 bps of cuts by the ECB by the end of the year.
EURUSD was falling during the Asian and early European trading sessions. The macroeconomic calendar is relatively uneventful today, so the short-term bearish trend in EURUSD may persist. The bears will likely remain in control as long as the pair is below 1.09000. Today's speech by the President and chief executive of the New York Fed, John Williams, at 8:40 p.m. UTC may add some volatility. His remarks may provide clues on the U.S. interest rate path and may affect the EURUSD exchange rate.
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🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH | 9 |
| 4 | 📊 Bitcoin holds steady amid rising ETF inflows
Bitcoin (BTC) continued to move sideways within the $63,000–$66,000 range on Thursday as BlackRock's BTC exchange-traded fund (ETF) investors kept buying.
👉 Possible effects for traders
The BlackRock-issued iShares Bitcoin Trust (IBIT) gained $107 million on 18 July, marking the ninth consecutive day of inflows, according to Thomas Fahrer, co-founder of the crypto data platform Apollo. Remarkably, inflows exceeded $100 million in seven of nine days, a rare case in the ETF industry. However, traders aren't greatly optimistic about the cryptocurrency. Positive commentary on BTC on social media has significantly declined compared to four months ago. Additionally, there is a noticeable increase in traders taking short positions on the asset, according to blockchain market intelligence firm Santiment. Santiment generally measures social sentiment based on Reddit, X, 4chan, and BitcoinTalk.
In the latest edition of ‘The Week Onchain’ newsletter, analytics firm Glassnode dispelled myths about Bitcoin miners driving markets lower. Glassnode's analysis shows that centralised exchanges and U.S. spot Bitcoin ETFs have a much greater influence on BTC price movements than miners' activity. The balances of exchanges and ETFs can change by around 4,000 BTC each week, suggesting these entities' market influence is about several times larger than that of miners.
BTCUSD rose slightly during the Asian and early European trading sessions. Today, the formal macroeconomic calendar doesn't feature any major data releases, so the short-term sideways trend may continue due to a lack of volatility. According to industry sources, the U.S. Securities and Exchange Commission (SEC) granted preliminary approval to at least three of the eight asset managers planning to launch ETFs tied to the spot price of Ethereum on 23 July. This event may trigger additional volatility in the cryptocurrency market.
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| 5 |  BTCUSD, 30-minute timeframe chart
BTCUSD broke the resistance level of 64,050.00
👉Level explanation
BTCUSD has been under buying pressure within the last couple of hours.
👉Possible scenario
The best way to use this opportunity is to place a Buy order at 64,200.00.
Set your stop loss at 63,250.00 below the previous low ($9.50 loss for 0.01 lot) and take profit at 65,150.00 ($9.50 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.
The upcoming news will not influence your orders within the mentioned period.
Some traders may close their positions on Friday, which can add more pressure to the market.
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🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH | 13 |
| 6 | 📊 Gold rises on dovish Powell comments
The gold price (XAU) rose on Monday following remarks from Federal Reserve Chairman (Fed) Jerome Powell, which strengthened the likelihood of a rate cut in September.
👉 Possible effects for traders
Yesterday, XAUUSD reached its highest point since 20 May, when gold soared towards a record peak of $2,439. Powell remarked in his speech that U.S. inflation reports from Q2 ‘add somewhat to confidence’ that the rate of price increases is sustainably returning to the Fed's 2% target. The market considered the comments dovish, suggesting that interest rate cuts might be approaching. The possibility of a lower base rate increases the appeal of gold, and the price of the non-yielding asset usually rises.
Meanwhile, a strengthening U.S. dollar (USD) and rising Treasury yields, following the assassination attempt of presidential candidate Donald Trump, may put downward pressure on gold. In other news, India's platinum imports over a four-week period from mid-June surpassed the total volume of imports for all of 2023. According to officials' reports to Reuters, bullion dealers took advantage of a legislation gap and classified alloys with about 90% of gold as platinum to avoid paying higher duties.
XAUUSD continued to rise during the Asian and early European trading sessions. The market is waiting for the U.S. Retail Sales report today at 12:30 p.m. UTC. A lower-than-expected number will positively affect XAUUSD, while a figure exceeding the forecast will likely put a bearish pressure on gold. ‘Spot gold may retest resistance at $2,438 per ounce, a break above which could open the way towards $2,457’, said Reuters analyst Wang Tao.
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🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH | 17 |
| 7 | 📊 EURUSD is moving sideways, awaiting new data
EURUSD declined by 0.12% on Monday, reaching the resistance level of 1.09200, but closed the day below 1.09000 following Jerome Powell's speech.
👉 Possible effects for traders
The U.S. dollar (USD) has continued to move near its five-week low today as comments from the Federal Reserve (Fed) Chairman Jerome Powell increased the possibility of a rate cut in September. Yesterday, he said three U.S. inflation indicators released in Q2 had ‘added some credibility’ to the view that inflation was returning towards the Federal Reserve's 2% target. Powell added, ‘We have seen three positive readings, which, when averaged, represent a fairly positive situation’. The comments strengthened the expectation of a U.S. rate cut in September, with chances of a rate reduction standing at 100%, according to the CME FedWatch Tool.
Despite the dovish inclination, the Federal Reserve (Fed) remains data-driven. The central bank had previously tried to adopt a dovish policy stance too early at the end of 2022, resulting in a rise in inflation again in Q1, according to Charu Chanana, head of the currency strategy at Saxo Bank. Markets may have to wait longer to be sure about a September interest rate cut. Thus, the market will closely watch any upcoming U.S. economic data and employment figures to understand the Fed's monetary policy path.
EURUSD has been mowing sideways, just below the resistance level of 1.09000. The ZEW Economic Sentiment Index will be released today at 9:00 a.m. UTC. This index represents the relative six-month economic outlook for the eurozone. A reading above zero indicates optimism, while a figure below zero indicates pessimism, making it a leading indicator of the region's economic health. The index is compiled from a survey of approximately 350 German institutional investors and analysts. If the data exceeds expectations, the euro may gain a bullish impulse. A lower-than-expected number will likely put downward pressure on the currency pair. Also, the release of the U.S. Retail Sales report at 12:30 p.m. may affect the EURUSD exchange rate.
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🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH | 15 |
| 8 |  BTCUSD, 30-minute timeframe chart
BTCUSD retested the support level of 62,500.00
👉Level explanation
BTCUSD has been trading in a bearish trend for the last couple of hours.
👉Possible scenario
The best way to use this opportunity is to place a Buy order at 62,900.00.
Set your stop loss at 62,200.00 below the previous low ($7.00 loss for 0.01 lot) and take profit at 63,900.00 ($10.00 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.43.
The upcoming news will not influence your orders within the mentioned period.
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🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH | 10 |
| 9 | 📊 USDCAD moves higher on BOC survey
The Canadian dollar (CAD) lost 0.37% on Monday despite dovish comments from Federal Reserve (Fed) Chair Jerome Powell and lower-than-expected U.S. Empire State Manufacturing Index data.
👉 Possible effects for traders
Speaking at an event at the Economic Club of Washington, Powell said that U.S. inflation readings ‘add somewhat to confidence’ that the pace of price increases is returning towards the Fed 2% target. The comments indicated that a move to cut interest rates may be coming soon. Indeed, the market has now priced in a 100% probability that the central bank will ease its monetary policy in September. Thus, additional dovish comments from the Fed officials are not really fuelling the current bearish trend in the U.S. Dollar Index (DXY). Investors may even start to look further into Q4, monitoring markets' expectations for another rate cut in November or December. While fundamental factors exert a downward pressure on the greenback, recent political events have supported the currency. Yesterday, USD rose on beliefs that a failed assassination attempt on former President Donald Trump would improve his reelection chances.
Meanwhile, USDCAD rose to almost a two-week high after a Bank of Canada (BOC) business survey revealed a decline in inflationary pressures. The data led to increased speculation that the central bank will implement another interest rate cut before the month ends. Indeed, interest rate swaps market data imply an 80% probability that the BOC will deliver a 25 basis point cut at its policy meeting on 24 July.
USDCAD was rising during the Asian and early European trading sessions. Today, the key event for the pair is the publication of the Canadian Consumer Price Index (CPI) report at 12:30 p.m. UTC. Higher-than-expected figures may reverse the short-term bullish trend in USDCAD, while lower-than-expected results will extend it beyond 1.37000. Additionally, the U.S. Retail Sales report, which will be released simultaneously with the Canadian CPI data, may add extra volatility to the pair.
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🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH | 12 |
| 10 |  It’s the final countdown!
The moment we've been waiting for is here. It's time to choose the absolute favourite trading pair among our traders, the ultimate asset you think deserves to win in the final of Octa x UEFA 2024!
You can only choose one: EURUSD or XAUUSD?
Vote in the comments and let the whole world see just how cool your favourite trading pair is!
#OctaUEFA2024 #Trading #Vote #UEFA2024 #Euro2024 | 10 |
| 11 |  EURUSD, 1-hour timeframe chart
EURUSD retested the support level of 1.08840
👉General outlook
EURUSD has been trading in a bearish trend for the last couple of hours.
👉Possible scenario
The best way to use this opportunity is to place a Buy order at 1.08910.
Set your stop loss at 1.08710 below the previous low ($2.00 loss for 0.01 lot) and take profit at 1.09110 ($2.00 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.
The upcoming news will not influence your orders within the mentioned period.
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🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH | 10 |
| 12 |  EURUSD, 15-minute timeframe chart
EURUSD tested the resistance level of 1.09100
👉Level explanation
EURUSD has been trading in a bullish trend for the last couple of hours. The pair moved up to the resistance level of 1.09100.
👉Possible scenario
The best way to use this opportunity is to place a Sell order at 1.09100.
Set your stop loss at 1.09300 above the previous high ($2.00 loss for 0.01 lot) and take profit at 1.08850 ($2.50 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.25.
The upcoming news will not influence your orders within the mentioned period.
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🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH | 17 |
| 13 | 📊 Gold remains at a three-week high
Gold (XAU) fell by 0.18% on Friday following higher-than-expected U.S. Producer Price Index (PPI) figures.
👉 Possible effects for traders
XAUUSD remained steady near a seven-week high on Friday as the U.S. dollar (USD) and Treasury yields weakened despite a report showing that U.S. producer prices rose more than expected last month. The data didn't bolster the greenback, which had declined on Thursday following the Consumer Price Index (CPI) data, demonstrating a decreasing inflation rate. Treasury yields also continued to decline, giving gold a bullish impulse. The U.S. two-year note reached 4.4%, down by 4.6 basis points towards the lowest since 8 March, while the yield on the 10-year note decreased by 2.4 basis points towards 4.1%.
The gold price rose for the third consecutive week as cooling U.S. inflation strengthened expectations for interest rate cuts by the Federal Reserve (Fed). Last week's data revealed that U.S. consumer prices dropped in June for the first time in four years, solidifying projections of a U.S. rate reduction in September. However, the data also indicated softer physical gold demand in Asia due to elevated prices, which raised market caution.
Shock over the assassination attempt on former U.S. President Donald Trump affected financial markets this Monday. Traders have initially reacted by buying the U.S. dollar and selling long-term U.S. Treasuries, dubbed the 'Trump-victory trades', as the incident appears to boost his chances of winning the presidential elections. Treasury yields tend to rise when the possibility of a Trump victory increases, partly due to the expectation that his economic policy will increase inflation and debt. Fed Chair Jerome Powell will give a speech today at 4:30 p.m. UTC, which may affect expectations for a rate cut in September. 'Spot gold may retest resistance at $2,416 per ounce, a break above which could open the way towards $2,426–$2,438 range', said Reuters analyst Wang Tao.
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| 14 | 📊 The euro slips after an assault on Donald Trump
EURUSD rose by 0.35% on Friday, reaching the resistance level of 1.09000 and closing the trading day slightly above it, following the release of U.S. Producer Price Index (PPI) data.
👉 Possible effects for traders
U.S. producer prices rose by 2.6% year-over-year in June 2024, marking the highest increase since March 2023. The PPI numbers accelerated from the previously reported 2.4% in May, which was also higher than the forecast of 2.3%. Producer prices increased by 0.2% on a monthly basis, significantly exceeding estimates of 0.1%. Still, the euro managed to recover from the initial correction that started after the report was released and reached 1.09100. Based on the Fed funds futures data from the CME Group, there is a 92.4% probability that the Federal Reserve (Fed) will ease monetary policy at its September meeting. Economists also anticipate a soon rate reduction from the U.S. central bank. However, the market's uncertainty around inflation has increased. If inflation spikes unexpectedly, it could significantly impact asset prices and the outlook for the euro.
The shock over the assassination attempt of former U.S. President Donald Trump has been driving markets on this Monday. Traders' initial reaction has been to purchase the U.S. dollar and Bitcoin and sell longer-term U.S. Treasuries, leading to a 10-year Treasury bond price decline. The sell-off happened due to the expectation that Donald Trump's economic policies could accelerate inflation and increase debt levels. Today, the President of the European Central Bank (ECB), Christine Lagarde, will give a speech. However, this week's most important event is the upcoming ECB decision on interest rates. The decision is unlikely to surprise the markets, as there is a 95% probability that the interest rate will stay at 3.75%. Thus, more economic data will be crucial in determining the timing of the next interest rate reduction.
On Monday, EURUSD gapped downwards at 1.00870 and has been trading within a range of 1.08850 to 1.08950 throughout the Asian and early European trading sessions. Today, Christine Lagarde will give a speech in Brussels that may affect the euro's exchange rate. Traders should also pay attention to the U.S. Empire State Manufacturing Index at 12:30 p.m. UTC and the speech given by Fed Chairman Jerome Powell at 4:00 p.m. UTC.
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| 15 | 📊 USDJPY plummets amid increasing chances of a Fed rate cut
The Japanese yen (JPY) gained 0.58% on Friday as a weaker-than-expected U.S. Consumer Price Index (CPI) report on Thursday continued to exert downward pressure on the U.S. dollar (USD).
👉 Possible effects for traders
Even though Friday's Producer Price Index (PPI) data came out higher than expected, it didn't change the market expectation of interest rate cuts by the Federal Reserve (Fed). Thus, the U.S. Dollar Index (DXY) continued to fall. Currently, the market is pricing in a 92% probability that the Fed will ease its monetary policy in September. Meanwhile, interest rate swaps market data show more than 60 basis points (bps) worth of rate cuts by the Fed and almost 20 bps worth of rate hikes by the Bank of Japan (BOJ) by the end of 2024. The divergence in monetary policy expectations between the two central banks has narrowed following the release of lower-than-expected U.S. inflation figures. As a result, USDJPY has dropped to almost a one-month low in just two trading sessions.
At the same time, traders are on alert for any indications of further intervention in the foreign exchange market by Japanese authorities. Speculation grew that the BOJ may have intervened on Thursday. According to Reuters, the BOJ's daily operations report on Friday suggested the government may have spent between $21–22 billion to strengthen the national currency. 'If they intervened (on Thursday), it makes it likely that they intervened (on Friday). And I think it's a good strategy to keep the market off balance', said Steve Englander, head of global G10 FX research and North American macro strategy at Standard Chartered Bank.
USDJPY briefly moved higher during the Asian trading session as safe-haven flows into the U.S. dollar sharply increased following a failed assassination attempt on former U.S. president Donald Trump. However, the pair restarted to decline during the early European trading hours. Some political analysts now believe that Trump may win the election by a landslide, which will remove the uncertainty and strengthen the U.S. dollar in the long term. Today, traders should watch the Empire State Manufacturing Index report at 12:30 p.m. UTC and Jerome Powell's speech at 4:00 p.m. UTC. Both events might spur some volatility in USD pairs. However, they are unlikely to change the medium-term bearish trend in USDJPY significantly.
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🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH | 11 |
| 16 |  USDJPY, 1-hour timeframe chart
USDJPY retested the support level of 157.800
👉General outlook
USDJPY has been trading in a bearish trend for the last couple of hours.
👉Possible scenario
The best way to use this opportunity is to place a Buy order at 157.930.
Set your stop loss at 157.330 below the previous low ($3.80 loss for 0.01 lot) and take profit at 158.530 ($3.80 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.
The upcoming news will not influence your orders within the mentioned period.
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| 17 | ‼️ Join Octa Analytics VIP
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| 18 | 📊 Gold rocketed due to soft U.S. inflation data
The gold (XAU) price rose by 1.85% yesterday, the largest daily increase since 1 March. Overall, XAUUSD continues to rise for the third consecutive week.
👉 Possible effects for traders
The U.S. Consumer Price Index (CPI) report released on Thursday showed that U.S. consumer prices declined in June. The forecast for the CPI was at 3.1%, but the actual data showed 3%, which became a strong driver for XAUUSD growth. The annual increase in consumer prices was the smallest in a year. Gold has already reached $2,400, and as we approach lower interest rates, XAUUSD may set new record highs in the near future. Investors are now waiting for U.S. Producer Price Index (PPI) data today at 12:30 p.m. UTC. The PPI report may push the gold price further, above 2,400.
As reported by Reuters, ‘San Francisco Fed Bank President Mary Daly on Thursday said that she expects further easing in both price pressures and the labour market to warrant interest rate cuts, while Chicago Fed Bank President Austan Goolsbee said the U.S. economy looks like it is back on track to 2% inflation’. According to the CME FedWatch Tool, the market now prices in a 93% possibility of a rate cut in September, compared to a 70% chance before the data was released.
Gold fell slightly in the Asian and early European trading sessions as some investors began to take profits after the XAUUSD growth. Today's key data is the PPI report at 12:30 p.m. UTC, which can affect the pair. If the numbers are lower than expected, XAUUSD may rise further and reach 2,440. Otherwise, the price may return below 2,400.
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🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH | 11 |
| 19 | 📊 The euro rose on soft U.S. CPI report
EURUSD gained 0.35% on Thursday, breaking above the 1.08500 resistance level and briefly reaching the key 1.09000 level, following lower-than-expected U.S. Consumer Price Index (CPI) report data.
👉 Possible effects for traders
U.S. inflation data released on Thursday indicated that U.S. consumer prices fell unexpectedly, with the lowest annual increase in a year. This development brings the Federal Reserve (Fed) one step closer to considering an interest rate reduction. The annual core inflation rate for U.S. consumer prices, excluding volatile items such as food and energy, continued to decline towards a three-year low of 3.3% in June 2024. The data was lower than the forecast of 3.4%, declining from a 3.4% rate in May. Monthly core consumer prices increased by 0.1% in June 2024 compared to the previous month, indicating a moderation from the 0.2% increase in May. The numbers were below market expectations of a 0.2% increase, marking the softest monthly increase in core prices since February 2021.
San Francisco Fed President Mary Daly stated on Thursday that she anticipates further reduction in price pressures and softening of the labour market, which would justify interest rate cuts. Meanwhile, Chicago Fed Bank President Austen Goolsbee stated that the U.S. economy appears to be returning to a path towards 2% inflation. According to the CME FedWatch Tool, the chances of a rate cut in September increased towards 92.6%, compared to a 73.3% probability before the release of the CPI data. The U.S. Dollar Index (DXY) finished Thursday's trading session with a 0.46% decline.
On Friday, EURUSD continued to move upwards during the Asian and early European trading sessions. The U.S. Producer Price Index (PPI) report will be released today at 12:30 p.m. UTC. A reading higher than expected would be bearish for EURUSD, while a lower-than-expected number would be positive for the currency pair.
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🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH | 12 |
| 20 | 📊 Bitcoin gained after U.S. CPI data and then lost
According to Coinbase, Bitcoin's (BTC) price jumped above $59,000 on Thursday after the U.S. Consumer Price Index (CPI) report numbers came out lower than expected. However, BTCUSD then lost gains and finished the day down by 0.1%.
👉 Possible effects for traders
U.S. annual inflation rate slowed towards 3% in June, fuelling hopes for an interest rate cut by the Federal Reserve (Fed) in September. The initial reaction in BTC was positive, as lower interest rates tend to make alternative investment assets, such as crypto, more attractive to long-term investors. However, BTCUSD failed to hold above the 59,000 mark. ‘When a market continues to sell off at a specific level, it has less to do with events, narratives, or fundamentals. Instead, a large seller perceives prices to be overvalued at that level’, said Markus Thielen, founder of 10x Research.
Another reason why BTC has failed to rise on the soft CPI report may be related to the fact that U.S. technology stocks have outperformed the main cryptocurrency. Indeed, NASDAQ rose by some 5% over the past month, while BTC price was down by 18% over the same period. Investors may have been slowly moving their holding away from crypto into U.S. stocks.
BTCUSD continued to fall during the Asian and early European trading sessions. Two U.S. releases—the U.S. Producer Price Index (PPI) report at 12:30 p.m. UTC and the Michigan Consumer Sentiment data at 3:00 p.m. UTC—may increase volatility in all USD pairs but are unlikely to change the general trend. Fundamentally, Bitcoin has been under considerable pressure, specifically due to a flood of supply from the sale of government holdings and the bankruptcy of the Mt. Gox exchange. Only a rise and a close above $59,000 will invalidate the underlying bearish technical trend.
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