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Forex Today: Bitcoin retraces near record level

Forex Today: Bitcoin retraces near record level

The world's largest cryptocurrency Bitcoin has retreated after coming close to reaching its record high achieved in 2021.

➡️ Bitcoin continued to rise strongly to reach a new 2-year high price just below the 2021 record high of $ 69,000 before retracing. Trend traders and investors will be interested here on the Long side, and this has become easier since Bitcoin ETFs were approved for sale a few weeks ago. Bitcoin is likely to reach even higher prices, but there appears to be some resistance at the highs. The increase in the last few days has been dramatic: Bitcoin increased by over 50% in value in just 5 days!

➡️ In the Forex market, the Japanese yen has been the strongest currency since Tokyo opened today. The Australian dollar was the weakest, bringing the AUD/JPY currency pair into focus. The Japanese yen has been one of the hottest currencies lately as the Bank of Japan's apparent willingness to abandon its long-standing ultra-loose monetary policy calls into question its long-term bearish trend.

➡️ WTI Crude Oil was trying to make a bullish breakout above a very important resistance area, centered yesterday at $ 80.50, but retreated strongly from that key area on macro concerns. Traders who briefly intercepted this reversal were rewarded with a profitable trade.

➡️ Global stock markets have retreated, many from all-time highs, likely due to a natural retracement after several major indexes saw very strong price increases in recent weeks.

➡️ Swiss CPI (inflation) data released yesterday is slightly higher than expected, showing an increase of 0.6% month-on-month. The data does not appear to have any effect on the relative value of the Swiss franc.

 

Credit by DailyForex.com

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