Market Snapshot – Markets Rise Steadily

BTC Crosses $9000

The crypto markets have been moving higher in a calm manner over the last 24 hours as the BTC prices push through the $9000 region and now trade near the $9500 region. We seem to be building up nicely for the return of the Chinese traders to the markets next week after they are back from their New Year holidays but it remains to be seen how much impact they will have in the market. Over the previous years, we could have easily said that their return would have a large impact but with the banning of trading in China, we will have to wait and see whether this year, there would be any change in the impact. The next target for the bitcoin bulls should be the psychologically important region of $10,000 and once they breach that, it is likely that the bull would get a second wind and it is also likely that those on the sidelines would be encouraged of the bull run and try to jump in and this would only accelerate the bullish leg. Of course, all this is dependent on the assumption that there would not be any negative news for the industry in the coming days which has been the bugbear for the BTC prices over the last few weeks.

Stocks Steady

The stock markets around the world trade in a calm and steady manner over the last 24 hours as the inflation data and the retail sales data from the US came in in a mixed manner which pushed back the dollar and gave a boost to the stock markets. This is likely to last for the short term but the bulls continue to be wary of the next move lower. We believe that this round of downtrend is done for now and we should see the markets moving higher in the coming days. Whether this would just be a correction of the downtrend and hence small in size or a full blown reversal is something that we have to wait and see in the short term.