Bitcoin Shows Extremely Strong Bullish Momentum, Powering as High as $122,000; Silver Rises Very Strongly to New 13-Year High Above $39.10; Stock Markets Lower to Mixed After Trump Announces 30% Tariff on EU, Mexico
Summary: Leading cryptocurrency Bitcoin made an extremely strong bullish move over the past few days, rising by approximately 10% to reach a new all-time high price above $122,000.
- The digital asset Bitcoin is on what can only be described as a “tear” – it is the standout market asset right now, after rising by about 10% over the past few days to trade at a new all-time high above $122,000. The price is flying in blue sky, and the price action is extremely bullish, suggesting that this rise has further to go, perhaps as high as the big quarter / round number at $125,000. Trend and momentum traders will have been long since at least the end of last week and will see their trades sitting in a deep floating profit. For those finding it difficult to access Bitcoin, there are several affordable Bitcoin ETFs as well as Bitcoin micro futures (10% of a Bitcoin).
- Silver has also been gaining strongly, reaching a new 13-year high above $39 per ounce on good bullish momentum. It is performing much better than Gold, another precious metal with which Silver is usually strongly positively correlated. Trend and momentum traders will also want to be long here.
- Stock markets are mixed and are mostly lower. However the major US equity indices the NASDAQ 100 Index and the S&P 500 Index remain quite near their record highs made last week. Risk sentiment has been impacted by President Trump’s announcement that a new 30% tariff will apply to imports from Mexico and the EU from 1st August.
- Copper made a new all-time high price last week after President Trump said he would impose a new 50% tariff on all copper imports. While the price has more or less held up, the price action is looking a little softer. Trend
- In the Forex market, the Japanese Yen has been the strongest major currency since today’s Tokyo open, while the New Zealand Dollar has been the weakest, suggesting a weakening of risk appetite over recent hours. The EUR/USD currency pair also remains within a valid long-term bullish trend but is trading lower today due to the new 30% tariff on the EU.
- The precious metal Palladium closed last week at a new 8-month high price, so trend traders might be interested in going long today. Palladium futures are large and expensive, but the ETF PALL is much more affordable and grants exposure to Palladium.
- It is a public holiday in France today.