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BTC/USD Prices Fell in Asia Pacific Trading as Oil and Metals were Auctioned
2022/06/28By:
Key Points
- Although the US economic data were encouraging, the price of Bitcoin fell along with US stocks
- Copper and iron ore prices may rise further after the PBOC’s comments
- BTC/USD fell for the second consecutive day, and the price was fixed on the psychological price of 20000
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Asia Pacific Outlook on Tuesday
The risk aversion tone made the US market lower overnight, and this trend may continue into today’s Asia Pacific trading session. The Nasdaq 100 index (NDX) fell 0.81% in New York trading. The fall in technology stocks came after encouraging U.S. data showed that manufacturers’ demand for goods remained strong.
The fall in Bitcoin prices may also be the result of a broad correction in market sentiment. In an interview, Gary Gensler, chairman of the US Securities and Exchange Commission, called Bitcoin a commodity. This will indicate that Bitcoin may be better regulated by the Commodity Futures Trading Commission (CFTC). However, Mr Gensler clearly distinguishes that he does not consider other cryptocurrencies to be a commodity.
Most of the trading in Asian markets rose on Monday, refreshing a report from China showing that the profits of industrial enterprises fell. However, the decline in May was not as serious as that of last month, with -6.5% crossing the line and -8.5% in April. Increased profits from rising energy costs may help companies that produce gasoline and other energy derivatives.
Copper and iron ore prices rose despite Chinese economic data on Monday. This may be due to the comments of Yi Gang, governor of the people’s Bank of China. In a television interview, Mr. Yi Gang said, “Monetary policy will continue to remain loose to support the overall economic recovery.” This statement seems to encourage some bidding in the industrial metals sector as a whole.
Elsewhere, oil prices rose on WTI and Brent crude benchmarks. It is said that the leaders of the group of seven countries currently meeting in Germany are about to announce a plan to limit the price of Russian oil and still allow it to be sold to major buyers such as China and India. The plan aims to crack down on Russia’s oil depots while still lowering oil prices on the global market.
Noteworthy Events of June 28
Korea – Consumer Confidence index (June)
Japan – 2-year JGB Auction
Japan – retail sales (May)
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BTC/USD Prediction
The price of Bitcoin fell for the second consecutive trading day, but compared with the selling earlier this month, the loss was moderate. If prices continue to fall, the psychological level of 20000 is still the key level of potential support. A rebound may see the 20 day Simple Moving Average (SMA) intervene as resistance. Earlier this week, the MACD volatility index sent a bullish signal, exceeding its signal line.
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