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Read: Cryptocurrency Surge – A Week of Unexpected Gains

FxNews—Cryptocurrencies experienced a significant recovery on Friday, bouncing back from the previous day’s lows. Bitcoin notably reclaimed the $63,000 mark as investors quickly set aside their concerns about rising inflation. Instead, their focus shifted to the anticipated updates on fiscal policy from China, which were expected today.

Read: EUR/USD Signals Divergence Amid ECB Anticipated Rate Cut

FxNews—The Euro has fallen to its lowest value in two months, trading around $1.09. This drop is mainly due to the strong performance of the U.S. dollar, which is being influenced by expectations that the Federal Reserve will slow down in reducing borrowing costs.

Bitcoin Hits $64,280, Now Overbought: Caution Advised

FxNews—Bitcoin's rebound from $59,800 resulted in the bulls hitting $64,280. The robust buying pressure drove Stochastic into overbought territory, signaling that BTCUSD is overbought in the short term.

Going long in an overbought market is not advisable; therefore, traders and investors should consider waiting patiently for the market to consolidate and fill previous gaps.

That being said, the price can potentially consolidate near $63,200 before the uptrend resumes. This level provides a solid entry point to join the bull market.

Read: NZD/USD Under Pressure as New Zealand Economy Struggles

FxNews—On Monday, the primary stock index of New Zealand, the S&P/NZX 50, fell by 0.6%, ending the day at 12,767 points. This decline followed a period of high performance, marking a setback from a nearly three-year peak.

The drop was influenced by China’s lack of detailed information regarding its recently announced economic support measures. While China did confirm additional fiscal stimulus over the weekend, it did not specify the extent of these measures.

Read: Crude Oil Tests $73 Amid U.S. Efforts to Calm Israel

FxNews—WTI crude oil prices dropped significantly, falling over 2.5% to $73.5 per barrel this Monday. This decline was largely due to growing worries about the economic health of China, a major player in global oil markets.

Read Article: USDPLN Bulls Eyeing 3.97 Amid an RSI Divergence Signal

Fxnews—In August 2024, Poland’s trade deficit reached approximately EUR 2,244 million, the highest figure in nearly two years. This was a significant increase from the EUR 116 million deficit recorded in the same month last year.

Read: The Legal Fight Over a $527 Million Bitcoin Hard Drive

FxNews—A man from Britain has taken legal action against a council in Wales to get back a hard drive he mistakenly threw away in 2013. This hard drive contains 8,000 bitcoins, a digital currency initially reported by WalesOnline. At the time, he lost it, and it was worth about $1 million. Now, it’s valued at approximately $527 million.

Bitcoin Peaks at $66,700: Bearish Signal Ahead

FxNews—Bitcoin’s uptrend resulted in the price peaking at the $66,700 ceiling. The BTC/USD 4-hour chart formed a bearish long-wick candlestick pattern, while the RSI and Stochastic indicators signal overbought conditions.

The Bitcoin price can test the $64,280 resistance before the uptrend resumes.

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Read Article: Is Ethereum Overvalued? Exploring Short-Term Outlook

FxNews—Ethereum price trades bullish at approximately $2,610. Today, the bears tested the $2,590 resistance. Consequently, the price bounced, and the uptrend resumed.

Read Article: Bearish Gartley Pattern Emerges as Litecoin Hits $67

FxNews—Litecoin‘s pullback from $62.8 (E) extended to the October 10 high at $67.5, a ceiling that neighbors the BC wave’s 61.8% Fibonacci retracement. As of this writing, the LTC/USD pair experienced a minor return from the $67.5 critical resistance, trading at approximately $66.5.

Read The Full Article: Oil Prices Dip as Israel Heeds US Advice on Iran Strikes

FxNews—WTI crude oil futures dropped 5% to around $70 per barrel on Tuesday following reports that Israel might not target Iran’s oil facilities. This development has eased concerns about significant supply interruptions in the area.

Read the Full Article: Gold Price Rises as China Deploys Guards Near Taiwan

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FxNews—Gold‘s price held steady at $2,660 per ounce on Tuesday, maintaining its value after a slight decrease. This stability is largely due to increasing global political tensions.

Read Full Article: Silver Hits $31.8 as China Boosts Banks

FxNews—In mid-October, silver reached $31.80 per ounce, fueled by falling Treasury yields and similar gains in gold. As 10-year Treasury yields dropped due to disappointing U.S. manufacturing outcomes, the attraction of non-yielding assets like silver grew.

Read Full Article: GBPJPY Bearish Signals Amid UK Inflation Falls

FxNews—The interest rate on the UK’s 10-year government bonds decreased to below 4.10%, marking the lowest point in two weeks. This decline came after inflation figures were lower than anticipated, suggesting that the Bank of England might reduce interest rates further.

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Read: Candlestick Pattern Signals EURJPY Could Revisit 163.6

FxNews—European stock markets were poised to open with significant declines on Wednesday, continuing the downturn from the previous day. Poor financial results from tech companies and decreasing oil prices contributed to the negative mood in the markets.

Read Full Article: U.S. Bitcoin Mining Expand Market Dominance in 2024

FxNews—According to a recent JPMorgan analysis, the combined computing power of 14 major U.S.-based Bitcoin mining companies now represents 28.9% of the global network’s total. This marks a notable increase and highlights their growing influence in the Bitcoin mining sector.

Article ⇒ Bitcoin Hits New Highs Amid Market Share Soars

On Wednesday, the cryptocurrency market saw an upward trend, with Bitcoin (BTC) leading the way. Its price increased by over 12% from the previous week, reaching a high of $68,000, a peak not seen since the end of July.

Article ⇒ USDHKD Surges as John Lee Policies Boost Key Sectors

FxNews—Hong Kong’s stock market experienced a significant uplift, rising 227 points, or 1.1%, to 20,509 on Thursday morning. This increase marks a notable recovery after a period of decline over the past three sessions.

The positive momentum from Wall Street, particularly within the technology sector, contributed to this rise. Decreasing U.S. Treasury yields and ongoing corporate earnings reports also played a crucial role.

Article ⇒ USD/DKK is Overpriced Amid Rising Food Costs in Denmark

FxNews—In September 2024, Denmark’s annual inflation rate slightly decreased to 1.3% from 1.4% in August. This drop was primarily influenced by reduced growth in housing and utility costs, which fell to 2.5% from 3.3%.

Crude Oil Consolidates After the Sharp Drop

Fxnews—Crude Oil began a consolidation phase in a narrow range area between $69.7 support and $71.8 resistance. A new bearish wave will likely be formed if the price falls below $69.7. In this scenario, the next bearish target could be the October 1 low at $67.5.

Please note that the trend outlook remains bearish as long as the price is below the $73.3 critical resistance.