Forex Today - 21/11: Bitcoin Just Shy Of $100,000 (Chart)

2024-11-21 03:12:10

(MENAFN- Daily Forex) Bitcoin gained more strongly over the past day following a short period of bullish consolidation, trading above $98k a few hours ago and threatening the big round number at $100,000.

The cryptocurrency Bitcoin has made another bullish breakout to print a fresh record high above $98,000 earlier yesterday, 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 turned around and started to make strong gains again. 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 does see strong support in the $1.0500 area which bears will need to overcome. Since the Tokyo open, the strongest major currency has been the Japanese Yen, while the New Zealand Dollar has been the weakest.

UK CPI (inflation) data released yesterday showed inflation ticking unexpectedly higher, but not by a great deal. Annualised inflation rose from 1.7% to 2.3%, higher than the expected 2.2%. This has had little effect on the value of the British Pound.

Gold has continued to rise, being one of the few assets that are continuing to make gains against the US Dollar.

There will be a release today of US Unemployment Claims data.

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