Bitcoin Surges Past $100K as Indices Enter Full Bull Market

Welcome to Thursday’s trading session. As expected for the day, the economic calendar is rather light, with the only key release being unemployment claims from the US. While important, these claims typically do not generate significant volatility across the markets.

Overnight and Currency Movements

Overnight, we heard comments from Bank of Japan board member Nakamura, who expressed a cautious stance on rate hikes, emphasizing a data-dependent approach. This caused the yen to strengthen during the Asian session, but buyers returned during the European open, weakening the yen slightly. Despite this fluctuation, the yen remains strong overall.

Currently, dollar weakness is leading the pack, with the Swiss franc and Canadian dollar also showing softness. On the other side, the Japanese yen, New Zealand dollar, and British pound are standing out as the strongest currencies of the day.

Indices and Bitcoin

In the futures market, we are experiencing a full-blown bull market sentiment, particularly in major indices, which continue to climb higher. The optimism is not limited to traditional markets—Bitcoin has surpassed the $100,000 mark, maintaining its strong performance and cementing its position in a major bull run. It’s a fantastic time for cryptocurrency holders, as Bitcoin’s rally is bolstering sentiment across digital assets.

Commodities

The commodities market remains quieter by comparison. Oil is moving sideways, stuck in a repetitive range, awaiting a decisive breakout from its weeks-long consolidation. Meanwhile, gold and silver, which saw impressive gains yesterday, are undergoing a mild correction today. Overall, the commodities market is uneventful at the moment.

Key Observations

• GBP/USD (Cable): This pair is approaching a critical reversal point, with potential for a significant buy signal in the near term.
• AUD/USD: The Australian dollar is testing a key horizontal resistance against the US dollar, and its behavior at this level will dictate whether the recent dollar weakness persists.

Source: https://www.axiory.com/analytics/market-news/bitcoin-surges-past-100k-as-indices-enter-full-bul