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Bitcoin Miantains Above $20K, US Futures Drop, XAU Pauses


  • Bitcoin hold its price above $20K
  • XAU/USD need to sustain above 50 DMA to move towards $1,750
  • OPEC and Russia to raise oil prices by cutting supply

Bitcoin (BTC) was able to hold its price above $20,000 overnight as risk appetite seemed to increase. The largest cryptocurrency in the world by market value increased by about 1% today. After the major indexes recorded their largest two-day point and percentage gains in more than two years, U.S. stock futures declined. Stocks in Europe also decreased.

The meme-based token, Dogecoin, increased by 5% on the day after Tesla CEO and supporter Elon Musk announced he would purchase Twitter for the agreed-upon price. But the price today was nearly flat at $0.06

On the other hand, Ether, the second-largest cryptocurrency and coin connected to the Ethereum blockchain, increased by more than 2% to $1,382. Shiba Inu fell more than a percent to $0.000012.


According to recent news, clients will have access to Ether through Fidelity’s new Ethereum Index Fund. Since sales began on September 26, the fund has raised about $5 million, according to a filing with the U.S. Securities and Exchange Commission. The down payment is $50,000.

The performance of other cryptocurrency prices today was inconsistent, with marginal gains recorded over the previous 24 hours for Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Litecoin, XRP, Stellar, Terra, Tron, Polygon, and Stellar prices. 

Stock Futures Unchanged

Following the release of weaker-than-expected U.S. labor market data on Tuesday, the rally in traditional markets accelerated. On Thursday morning, U.S. stock futures were roughly flat after declining during the regular trading session and snapping a significant two-day rally.

Futures for the Dow Jones Industrial Average fell 14 points, or 0.05%. The Nasdaq 100 futures increased by 0.11% while the S&P 500 futures barely changed.

Stocks attempted to extend their winning streak on Wednesday but ultimately failed. The Dow recovered from the session’s low of nearly 430 points to close about 42 points, or 0.14%, lower. The Nasdaq Composite and S&P 500 both declined by 0.20 and 0.25 per cent, respectively. 

Gold Raising Price Halts

This Wednesday, the gold price is losing some of its bullish momentum as it eases from three-week highs of $1,730 amid resurgent demand for the US dollar as a safe haven.

After the RBNZ announced a hawkish rate hike and dashed investors’ hopes for a slowdown in the Fed’s rate hike pace, bets on aggressive Fed tightening have surged, which is helping the dollar.

Higher Treasury yields across the curve are a result of this, which reduces the appeal of non-yielding bullion. In order to assess the health of the economy and determine the size of the upcoming Fed rate hikes, markets are currently eagerly awaiting the US employment data and the ISM Services PMI.

While the closely watched ISM Services Price Paid component is anticipated to ease to 69.8 in the reported period, the US private sector is projected to add 200K jobs in September.

On Tuesday, the XAU/USD pair continued to rise and hit its highest point since September 13 as the US dollar started to correct itself after the publication of the JOLTS Job Openings data.

The Gold price extended its advance past $1,700 by taking advantage of the week’s opening upside break of the falling trendline resistance.

XAU/USD Daily Chart

XAU/USD Daily Chart

However, its rally was restrained by the bearish 50-Daily Moving Average (DMA) at $1,724. To challenge the September highs at $1,735, a sustained break above the 50 DMA is required, after which the psychological level of $1,750 will come into play.

 Latest News: OPEC Supply Cuts

Leading the OPEC Plus energy cartel, Saudi Arabia and Russia agreed on Wednesday to their first significant production cut in more than two years in an effort to boost prices. This move seems to off the attempts by the United States and Europe to choke off the enormous profits that Moscow derives from the sale of crude.

Saudi Arabia, the de-facto leader of OPEC, stated that the output reduction of 2 million barrels per day (BPD), or 2% of the world’s supply, was required in response to rising interest rates in the West and a deteriorating global economy.

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  • Zahari Rangelov

    Zahari Rangelov is an experienced professional Forex trader and trading mentor with knowledge in technical and fundamental analysis, medium-term trading strategies, risk management and diversification. He has been involved in the foreign exchange markets since 2005, when he opened his first live account in 2007. Currently, Zahari is the Head of Sales & Business Development at TraderFactor's London branch. He provides lectures during webinars and seminars for traders on topics such as; Psychology of market participants’ moods, Investments & speculation with different financial instruments and Automated Expert Advisors & signal providers. Zahari’s success lies in his application of research-backed techniques and practices that have helped him become a successful forex trader, a mentor to many traders, and a respected authority figure within the trading community.