News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZjVIG https://t.co/f6mraHu6zv
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjKWitK https://t.co/JMsJPQlQ3j
  • 🇳🇱 Consumer Confidence (SEP) Actual: -5 Previous: -6 https://www.dailyfx.com/economic-calendar#2021-09-22
  • A rough start to the week with the cryptocurrency market a sea of red with losses on either side of -10% a common sight.Get your market update from @nickcawley1 here:https://t.co/AUfuM9t7yw https://t.co/lU6HS7fHwr
  • RT @FxWestwater: Gold, Copper Forecast: XAU Eyes FOMC, Evergrande News Sends Copper Flying Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/09/22/Gold-Copper-Forecast-XAU-Eyes-FOMC-Evergrande-News-Sends-Copper-Flying.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/x2sC…
  • Heads Up:🇳🇱 Consumer Confidence (SEP) due at 04:30 GMT (15min) Previous: -6 https://www.dailyfx.com/economic-calendar#2021-09-22
  • PBoC liquidity injection + reports that Evergrande will make its next onshore bond payment ($35.88-million on 23 Sept) is bolstering risk appetite here. Yet, there is still no word on the $83.53-million offshore bond payment also due Thursday. Over to you now, Jpow & Co. https://t.co/3an0K2d5T1
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/ewdevfzq9I
  • Bank of Japan: - Outlook highly uncertain amid Covid - Asset purchase outline unchanged - Cuts assessment of production - exports, production impacted by supply side constraints - BBG
  • Heads Up:🇯🇵 BoJ Interest Rate Decision due at 03:00 GMT (15min) Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-09-22
Bitcoin (BTC) Latest: BTC/USD at Record High, Takes Aim at 30,000

Bitcoin (BTC) Latest: BTC/USD at Record High, Takes Aim at 30,000

Martin Essex, MSTA, Analyst

BTC price, Bitcoin news and analysis:

  • The Bitcoin price reached its highest ever level in early European trade Thursday, topping $29,000 and well positioned to hit $30,000.
  • Reports suggest that hedge funds, institutions and even blue-chip US corporates are investing in the cryptocurrency, adding to the demand from retail investors.
Advertisement

BTC/USD heads towards 30,000

The price of Bitcoin rose again in early European business Thursday, hitting a record high at $29,302 and in a good position to reach the $30,000 level, perhaps after some profit-taking. As the chart below shows, BTC/USD remains in a strong upward-sloping channel but is currently overbought, with the 14-day relative strength index above 80. An RSI above 70 points to an overbought asset.

BTC/USD Price Chart, Daily Timeframe (October 13, 2020 – December 31, 2020)

Latest BTC/USD price chart.

Source: IG (You can click on it for a larger image)

Recent reports have suggested that hedge funds, institutions and even blue-chip US corporates are now buying the cryptocurrency, adding to the demand from retail investors. A weak US Dollar has helped BTC/USD too, and institutional investors may have also been encouraged to buy Bitcoin by increased US surveillance of the market, clear from the US Securities and Exchange Commission’s decision to file a lawsuit against Ripple Labs, alleging that it raised more than $1.3 billion through the sale and distribution of the digital assets of Ripple (XRP) without registering.

Bitcoin is also seen increasingly as an inflation hedge, an alternative to gold and as a more common mainstream payment method.

We look at currencies regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES