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BTCUSD (BITCOIN) UPDATE
- Holding off another test of the downside, this time with support below 88K, helped by the shift in mood to risk on.
- Move above 90553-91326 is what is needed to break the current down momentum and shift the risk to key resistance is at 93342
- In any case, 90K remains pivotal and needs to be regained if this bounce is to have legs.
BTCUSD 1 HOUR CHART
US500 (SP500) UPDATE
- Choppy trade on both sides as Trump speaks with support/bounce again below 6800 after a new low (6781) indicating potential for at least a pause if trades above 6800.
- On the upside, needs to hold above 6824 to shift focus from 6800 and put 6870-90 on the radar..
US500 1 HOUR CHART
DAVOS: Commodity Currencies Rally Along With Gold Prices
The Australian, New Zealand and Canadian dollars rally along with the South African rand as gold prices rise on demand for safe havens amid renewed concerns over a trade war. President Trump has threatened tariffs against several European nations as he seeks to acquire Greenland.
The Australian dollar rises to a 15-month high of $0.6768, LSEG data show. The New Zealand dollar rises to a four-month high of $0.5863. The U.S. dollar falls to a two-week low of 16.2996 South African rand and hits a two-week low of 1.3790 Canadian dollars.
AUDUSD
Bitcoin sharks scoop up BTC like it’s 2013 despite ‘perfect bull trap’
Bitcoin’s BTCUSD 30% drawdown from all-time highs did little to deter large investors, who continued to increase their holdings throughout January.
Large holders are buying the dip, signaling long-term confidence.
Chartists warn that a bull trap could still drive BTC sharply lower.
Bitcoin sharks are buying the dipsAs of Wednesday, so-called “sharks,” which represent entities holding 100-1,000 BTC, were accumulating Bitcoin at their fastest pace since 2013, data from Glassnode showed.
Newsquawk US Pre-Market Movers
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This does not suggest Trump will look to cool the Greenland rhetoric
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Trump speech back on schedule in about 2 hours
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Newsquawk Daily US Opening News
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This does not sound like a U.S. attack on Iran is imminent
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Forex Market Snapshot
An uneasy calm has returned to markets with the dollar trading mixed, up vs. the EUR. GBP, CHF and down slightly vs the JPY (note JGB yields dipped, easing pressure on the currency), AUD and NZD (flat vs the CAD).
US stocks have steadied and as of this writing are up just modestly.
GOLD, meanwhile, sliced through $4800 like Swiss cheese to another all-time high, suggesting the current tensions over Greenland are still simmering below the surface
This is why it feels like an uneasy calm as investors alike await President Trump’s keynote address today, which has been delated by 3 hours, at the Davos World Economic Forum
Gold extends all-time high on WSJ report
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