Everyone’s favourite cryptocurrency has been thrown into the spotlight after surging past the psychological $10000 level for the first time since February 2020.
With no industry news or reports behind the abrupt upside, one of the primary factors behind Bitcoin’s sharp appreciation has been attributed to raging protest across the United States following the death of George Floyd. Other key themes in the form of trade uncertainty and lingering global growth fears may boost buying sentiment towards ‘digital Gold’ with prices trading around $10176 as of writing.
The technical picture suggests that the cryptocurrency remains supported by the forming bullish ‘golden cross’ formation on the daily charts. This occurs when the 50-day simple moving average crosses above the 200-day moving average. With prices breaking above $10,000, the path of least resistance certainly points north. A solid daily close above $10,000 has the potential to open a clean path towards $11,000. Alternatively, sustained weakness below this psychological level could encourage a decline back towards $9600.
AUDUSD breaks above 0.6850
A weaker Dollar has injected Aussie bulls with enough inspiration to blast above 0.6850.
Further Dollar weakness should open a path towards 0.6990 in the short to medium term.
USDCAD tumbles towards 1.3500
The combination of Dollar weakness and a strengthening Canadian Dollar may drag the USDCAD lower.
A solid daily close below 1.3500 may trigger a decline towards 1.3300.
Commodity spotlight – Gold
The precious metal is edging higher on the back of Dollar weakness with prices trading around $1743 as of writing.
A breakout above $1760 could trigger a move higher towards $1800. Should $1760 prove to be reliable resistance, prices may sink back towards $1710.