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Gold futures bullish sentiment result in the largest daily gain since October 2023

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Gold futures bullish sentiment result in the largest daily gain since October 2023

Gold futures bullish sentiment result in the largest daily gain since October 2023 teaser image

Exceptional, phenomenal, amazing, surprising, astounding, and almost beyond belief are only a few of the many words that can be used to describe today’s exceedingly strong upside breakout in gold futures. Gold opened today at $2052.82 and by the close of Globex at 5:00 PM ET gold futures are up $41. At the close, the most active April gold futures contract is trading at $2095.70, a 2% daily gain.

Now that gold futures have concluded for the week and the first trading day of March, the only regular break to gold’s 24-hour trading day (excluding holidays) market participants, investors, and traders are all beginning to have a more comprehensive understanding and explanation as to why gold moved 2% in a single day. The difficulty here is that there was no unexpected fundamental report or event that led to such a tremendous price gain in a single day.

There was no single news event, expected data report, or even a black swan event (an unpredictable or unforeseen event, typically one with extreme consequences) that could simply answer this question. What we do know is this large of a move does not occur frequently.

Today’s gains were the largest daily gain since Friday, October 13. On that day gold futures opened at $1921.70 and closed at $1983.80 and gained approximately $62 in a single day.

So what we must assume is there is a high probability that today’s spike was caused by events that occurred recently that are just beginning to get digested and interpreted in a new light or different way. The one big similarity to last week’s trading range is that Friday’s gain contained the vast majority of the weekly gain. On a weekly basis, gold gained $46.30 which is a 2.26% gain on the week, of which 2% of that gain occurred today. Last week gold gained $25.30 which is a 1.25% gain on the week, of which $18.70 or 92.1% of the gain occurred last Friday, February 23.

However, that fact delivers very little insight if any at all as to why gold had the single largest daily gain in the last five months.

The chart above is a five-minute Japanese candlestick chart of April gold futures. The first blue arrow on the left marks the beginning of the trading day with gold opening at $2052.82. Approximately 3 ½ hours later gold would trade to its low of approximately $2047 and begin the first leg of two rallies that would take gold dramatically higher. Gold would trade from $2047 up to $2066 in just over two hours before trading to another low of $2051, which was above the daily low and was a precursor to the dramatic second leg of the rally which took gold from $2051 to its high above $2096 before trading sideways are consolidating and currently at $2091.60 its settlement price for the week.

The next chart we want to look at is a five-minute candlestick chart of the dollar index which traded to a high today of 104.324, a low of 103.859, and settled down 0.24% at 103.904. The dollar traded with some volatility today, compared to what was witnessed in gold futures.

The chart above is a daily candlestick chart of gold which shows the incredibly large and dynamic price spike in one single candlestick which more than anything else clearly illustrates the importance and magnitude of today’s single move. All we can say is that most likely it was a combination of many events in which market sentiment shifted. The first and most obvious one to look at would be a renewed belief that the Federal Reserve will cut rates sooner than expected.

This could stem from the latest inflation report coming in close to the anticipated target. But luckily we have the weekend to aggressively analyze and dissect today’s rally so that on Monday we can bring you a more concise attempted understanding of today’s move.

Kitco Media

Gary Wagner

Time to Buy Gold and Silver

Tim Moseley

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Fidelity Exec Details How Bitcoin Will Capture a Quarter of Gold’s Monetary Marke

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Fidelity Exec Details How Bitcoin Will Capture a Quarter of Gold's Monetary Market

By Olivia Brooke – March 1, 2024

According to Jurrien Timmer, the Director of Global Macro at Fidelity, a leading digital asset investment firm, Bitcoin can tap into the monetary market of gold. In a series of posts shared to X, formerly Twitter, the Fidelity's executive detailed his thoughts on Bitcoin's potential market share vs gold.

Sharing a recent chart depicting the value of monetary gold, share of gold held by central banks and private investors as a monetary asset (as opposed to jewellery or industrial uses).

Estimating that the share of monetary gold is around 40% of total above-ground gold, the Fidelity executive is convinced that Bitcoin will “eventually capture around a quarter of the monetary gold market.” He added, “At 40%, monetary gold is currently worth around $6 trillion, while Bitcoin is worth $1 trillion.”

Historically, Bitcoin's market position has been consistently compared to that of gold. Institutional players have previously branded Bitcoin as digital gold.

Interestingly, Bitcoin has outperformed gold on previous occasions. Last year, Bitcoin recorded a 50% spike in value, beating the broader stock market, including gold trading 47% below Bitcoin's value.

In 2023, Bitcoin outperformed Gold by 10x, and this bullish performance is setting the tone for 2024, with market experts being largely positive.

Jurrien Timmer: Future Bitcoin halving will not have a strong impact on the asset's price

Regarding the next Bitcoin halving, Timmer shared another chart that illustrates what he expects to be diminishing returns from future halving.

While the Bitcoin halving in 2012 resulted in a decrease in supply from 2.7 million to 1.3 million, and the Bitcoin halving in 2016 took supply from 1.3 million to 656 thousand, Timmer is certain that the upcoming halving will not have as much impact on price as previous halvings did, particularly when incremental supply goes from 160 coins to 80 to 40.

As he further explained;

“In 2012 Bitcoin's outstanding supply was 50% of its eventual supply, in 2016 it was 75%, and in 2070 it will be 99.9977%. It's easy to imagine the power of a halving in 2016. It seems unlikely to me that future halvings will be as impactful when there are fewer coins to mine.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

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Making an ezine is a great way to share your interest information or creativity with the world

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Making an ezine is a great way to share your interest, information, or creativity with the world

Publishing an ezine

An ezine is an electronic magazine that is published online and distributed to your audience via email, social media, or your website. Unlike a print magazine, an ezine allows you to reach a global audience, save on printing and distribution costs, and update your content anytime.

PUBLISHING AN EZINE CAN HAVE MANY BENEFITS FOR YOUR BUSINESS, SUCH AS:

  • Building trust and credibility with your audience by providing valuable and relevant content.
  • Increasing your brand awareness and visibility by reaching a wider and more targeted audience.
  • Generating more traffic and leads to your website by including links and calls to action in your ezine.
  • Establishing yourself as an authority and expert in your field by sharing your knowledge and insights.
  • Creating a loyal and engaged community of subscribers who can become your advocates and customers.

TO PUBLISH AN EZINE, YOU WILL NEED TO FOLLOW SOME STEPS, SUCH AS:

  • Define your ezine goals: What do you want to achieve with your ezine? Do you want to inform, educate, entertain, or persuade your audience? Do you want to increase your sales, donations, or subscriptions? Your goals should be specific, measurable, achievable, relevant, and time-bound (SMART).
  • Identify your ezine audience: Who are your ideal readers? What are their demographics, psychographics, needs, pain points, and preferences? You can use tools like surveys, interviews, focus groups, or online analytics to gather data and create reader personas for your audience segments.
  • Choose your ezine format: How do you want to present your ezine? What are the best platforms or media to deliver your message? You can use online tools, such as Visme or Banners.com, to create your own web banners, or hire a freelance web banner designer from online platforms, such as Fiverr, [Upwork], or [99designs]. You can also use email marketing software, such as [Constant Contact], [AWeber], or [iContact], to create and send your ezine as an email newsletter. You should consider the cost, reach, and effectiveness of each format for your goals and audience.
  • Craft your ezine content: What do you want to say to your audience? How do you want to position your business, product, or service in their minds? You should use clear, compelling, and consistent language that highlights your unique value proposition, benefits, and call to action. You should also use creative elements, such as images, videos, or animations, to capture attention and evoke emotions. You should also follow the best practices of writing for the web, such as using short sentences and paragraphs, headings and subheadings, bullet points and lists, and keywords and links.

TEST AND OPTIMIZE YOUR EZINE:

  • Test and optimize your ezine: How do you know if your ezine is working? How can you improve your results and maximize your return on investment (ROI)? You should use tools like A/B testing, analytics, or feedback to measure and monitor your ezine performance. You should also track key metrics, such as open rate, click-through rate, conversion rate, bounce rate, or unsubscribe rate, and compare them to your goals and benchmarks. You should then analyze the data and make adjustments to your ezine as needed.

These are some of the steps you can follow to create and publish an ezine. For more tips and examples, you can check out these resources: What Are Ezines and Do I Need to Publish One?, What’s an E-zine and How You Can Use It in Digital Marketing, What are E-zines and How To Publish One?, and How to Make Sales Without Facebook Ads. I hope this helps. 😊

Tim Moseley

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The Fed to intervene in a collapse scenario what it means for the stock market recession calls

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The Fed to intervene in a collapse scenario, what it means for the stock market & recession calls – Alex Krüger

Those calling for a recession and a market collapse are wrong because the Federal Reserve wants to intervene before that happens, according to Alex Krüger, Economist and Partner at Asgard Markets.

The 'Fed put' is back, Krüger told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. The term ‘Fed put,’ a play on the option term ‘put,’ is the market belief that the Fed would step in and implement policies to limit the stock market's decline beyond a certain level.

"The 'Fed put' was removed from the market in early 2022 when they made it clear that their focus is now on inflation, sending stocks crashing," Krüger said. "Things changed in December when the Fed stated that the risks are balanced to both the upside and downside, and they are focused on jobs just as much as they are on interest rates."

That means that the Fed will intervene if things start to collapse. This was already seen in 2023 during the failures of regional banks, including Silicon Valley Bank, Signature Bank, and First Republic Bank.

In response to the banking crisis, the Fed quickly introduced the Bank Term Funding Program (BTFP) in March 2023, an emergency lending program that allows banks to take on loans of up to one year to boost liquidity.

During last year's banking crisis, there was one surprising asset winner. For insights, watch the video above. The same asset can again benefit if the Fed intervenes to prop up the economy.

Because of the 'Fed put,' the most likely outcome is a soft landing, Krüger pointed out, advising to ignore the noise and focus on the bigger picture when trading.

"A very large percentage of market participants are focused on how expensive things are, how AI is a bubble, how the yield curve inversion has to lead to a major recession and a major crash. My response is that it's noise. And the bigger picture is that we should be focusing on interest rates going down, inflation going down, and liquidity going up," he said.

For insights on how much more upside there is in the stock market, watch the video above.

However, there are several scenarios that could derail this outlook. "First of all, black swans … armed conflict in the Korean peninsula or China-Taiwan, or conflict escalating between Russia and Ukraine," Krüger said.

Another scenario that could derail the soft landing outlook is an acceleration in inflation. "The outlook should change because the Fed's outlook will change if it happens," he noted.

Take on crypto: Bitcoin, Ethereum, Solana, Worldcoin

In the crypto space, Krüger pays close attention to Bitcoin, Ethereum, and Solana. To get his top crypto picks for 2024, watch the video above.

The new spot Bitcoin ETFs are attracting new types of investors, pushing prices towards new all-time highs.

BlackRock's spot bitcoin exchange-traded fund IBIT alone saw $1.357 billion in trading volume Tuesday, breaking Monday's record of $1.3 billion, according to Bloomberg Intelligence ETF analyst Eric Balchunas.

Krüger views the introduction of spot Bitcoin ETFs as a way towards mainstream adoption that will eventually include central banks holding Bitcoin alongside gold as a reserve asset.

"At the moment, Bitcoin is an extremely volatile asset that doesn't belong in the reserves of a central bank, but eventually, that volatility will disappear," he said. "We will see new market participants in the Bitcoin options market. Eventually, central banks will adopt Bitcoin as a reserve asset."

 

To get insights on how that would impact Bitcoin prices and which central banks will likely push the needle the most, watch the video above.

 

The next big driver for crypto investors is a potential approval of a spot Ethereum ETF. On timing and chances of that happening this year, watch the video above.

 

To get Krüger updated price forecasts for Bitcoin, Ethereum, Solana, Worldcoin, and his other top crypto picks, watch the video above.

Kitco Media

Anna Golubova

Anna Golubova is the Producer for Kitco News. With more than ten years of experience in media, she has covered a range of topics, focusing on economy and politics. Anna began to exclusively cover economic news in 2013, attending media lockups at the Bank of Canada and Statistics Canada to report on a range of key macro economic events, including interest rate announcements, GDP, unemployment, and retail. She holds a Master of Arts in International Relations from NPSIA, Carleton and a Bachelor's degree in Political Science and History from the University of Ottawa.

Kitco Media

Michelle Makori

Time to Buy Gold and Silver

Tim Moseley

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Bitcoin Keeps Pushing Higher With 69K in Sight: Still Time to Join the Rally?

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Bitcoin Keeps Pushing Higher With $69K in Sight: Still Time to Join the Rally?

By Investing.com (David Wagner) Cryptocurrency | Feb 29, 2024 06:42AM ET

  • Bitcoin continued rallying and reached its highest level since November 2021.
  • Significant inflows into Bitcoin spot ETFs have set volume records and aided the rally.
  • Beyond ETF success, Bitcoin's upward momentum is linked to the upcoming halving in April and favorable economic data.
  • In 2024, invest like the big funds from the comfort of your home with our AI-powered ProPicks stock selection tool. Learn more here>>

Bitcoin surged for the third consecutive day, approaching the $64,000 mark in early market trading today, marking its highest level since November 2021 as bulls continue their march toward all-time highs near $68,900.

This recent surge can be attributed to familiar bullish factors that have supported the prices in previous weeks, including substantial inflows into Bitcoin ETF spot funds.

BlackRock's iShares Bitcoin Trust (NASDAQ:IBIT) set a volume record for the third consecutive day, with shares worth around $3.3 billion changing hands in a single day.

This is over twice the previous record of $1.35 billion set on Tuesday, which itself surpassed the Monday record of $1.3 billion.

Ten BTC spot ETF funds recorded a total trading volume of $7.7 billion, surpassing the previous record of $4.7 billion set on January 11, the first day of trading.

Eric Balchunas, an ETF fund specialist at Bloomberg, described these numbers as "absurd" and labeled them "madness" in a post on X.

Source: Eric Balchunas

Will the Fund Inflow Continue to Soar, Pushing Bitcoin Higher?

It appears that this success will likely grow even further as Wall Street giant Morgan Stanley also plans to add Bitcoin ETF products to its brokerage platform.

While billions of dollars have already been invested in these products, their availability through major registered investment advisor (RIA) networks and broker-dealer platforms, such as those associated with Merrill Lynch, Morgan Stanley, Wells Fargo, and others, may further amplify this success.

Halving to Fuel Bullish Sentiment as Well

Bitcoin's price rally and the success of BTC ETF funds are also linked to the anticipation of the upcoming halving in April. This event, which occurs approximately every four years and involves a 50% reduction in mining revenues, has historically had a strong impact on Bitcoin, both in anticipation and aftermath.

In addition to ETFs and halving, it's worth noting that Bitcoin benefited from slightly lower-than-expected U.S. GDP yesterday, which revived expectations for a Federal Reserve interest rate cut. In this context, Thursday's expected PCE price index may have an even greater impact on these expectations.

Key Levels to Monitor for Dip-Buying

Finally, from a chart perspective, the initial crucial support for Bitcoin is the $60,000 threshold, but a correction could go much lower without questioning the bullish sentiment, given the recent surge. Therefore, any BTC declines can be considered buying opportunities, as long as the cryptocurrency does not drop below $55,000.

The original article written by Investing.com (David Wagner) and posted on Investing.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

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Tips for Getting Things Done in Life

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Tips for Getting Things Done in Life

The desire to succeed is universal. Don't get me wrong—some people are quite competitive. Yes, some people prefer not to compete. A victory is a win for everyone. We are all striving for success.
At what point did you feel the happiness that accompanies this? Did it happen when you got into the college of your dreams? When did you anticipate to receive the job offer? For example, when your football club triumphed to victory? At some point in our lives, we have all tasted victory, and it is an incredible sensation.
 

What gives rise to this desire to succeed? Dopamine, a neurochemical that stimulates pleasure, is thought to be the culprit, according to scientists.
Bragging privileges are yours to keep when you outperform a friend in a game or ace a test.
When you succeed, your body responds by making you feel fantastic.
 

ecosystem for entrepreneurs

Are there any additional advantages to coming out on top?
 

We gain self-assurance when we win. It will be much easier to win in future such circumstances with this increase. The forces of nature appear to be on our side as we strive for greatness.
This longing is natural to us, yet satisfying it can be challenging at times. Reason being, some obstacles are just plain harder to conquer than others.
Figuring out how to be successful is one of life's greatest obstacles.
 

To rephrase, the secret to success in life.

Unfortunately, there is no silver bullet that will work every time to solve this problem. Reason being, it's not complicated. Reason being, everyone has their own idea of what constitutes success.
However, there are broad guidelines that can be utilized by everyone to accomplish this.
Win in life by practicing these fundamental strategies:
 

Get your objectives straight. Without knowing the exact location of the finish line, a runner has little chance of winning a race. Similarly, you could have a hard time finding success if you don't first define it. For that reason, you should have an objective.
 

You will have a clear idea of your destination and the steps to get there. We are operating with purpose when we strive to achieve our aims. It will be a victory for us when we attain those goals.
Develop winning routines. Natural habits are a powerful tool for long-term success. By automating them, they make certain actions easy to repeat.
It won't take much effort to do the action once you make it a habit. Some of the various habits that can help us succeed in life are:
Achieving your goals will become easier once you establish habits that support them.

 

 

 

To achieve success in life and crush your ambitions, adopt these habits.
 

Being methodical, planning, prioritizing, and arranging things like your schedule well are all aspects of good organization.
Taking care of one's health and oneself is an important part of personal care.
Being frugal does not mean being stingy. It's about being frugal when it comes to money and resources and spending wisely when the situation demands it.
 

Be brave and try things out. You can't avoid making mistakes if you want to achieve success.
When you mess up, try to figure out where you went wrong. Specifically, what were the takeaways? Going forward, how will you alter your approach? To succeed in life, we need to make errors but also learn from them.
We must first acknowledge our errors before we can grow from them.
 

Being accountable for our deeds is crucial. Successful people don't dwell on problems; they work to resolve them. Acknowledging and embracing our mistakes helps us achieve success in life.
Be open to gaining new knowledge on a daily basis. You should always strive to learn more and more as you go through life. So many benefits accrue from this. For instance, it lessens the likelihood of developing dementia and keeps your thinking sharp.
 

Not only that, it keeps you informed about current events and gives you interesting topics to talk about with strangers. In addition to all of this, learning about topics that interest you will be a blast.
Knowledge is power, so the old adage goes, and acquiring more knowledge is the surest way to take charge of your life.
Power is a key to success in many aspects of life.
 

You are no stranger to victory. In many parts of your life, you have already accomplished this. You will now keep working to implement the principles that have been discussed. Looking back, you will see a life well-won as much as a life well-lived.
 

Tim Moseley

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Gold silver slightly down as next US inflation data point awaited

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Gold, silver slightly down as next U.S. inflation data point awaited

Gold and silver prices are modestly down near midday Wednesday. A firmer U.S. dollar index today is a negative “outside market” force working against the precious metals market bulls. Also, the near-term technical postures for gold and silver are still leaning bearish, which is inviting some of the chart-based traders to the sell sides. April gold was last down $3.10 at $2,041.00. March silver was last down $0.182 at $22.35.

U.S. stock index futures are weaker near midday. Bitcoin prices have soared this week and are presently trading above $61,000. Barron’s today reported bitcoin’s rise is due to better risk appetite in the marketplace, the big rally in the technology heavy Nasdaq stock index, and notions the Federal Reserve will lower U.S. interest rates later this year.

Today’s revision of fourth-quarter 2023 U.S. gross domestic product readings showed GDP up 3.2%, year-on-year, versus the initial reading of up 3.3%. The 4Q personal consumption expenditures) PCE price index was up 1.8%, year-on-year, versus up 1.7% in the advance report. The core PCE price index was up 2.1% in 4Q, compared to the advance reading of up 2.0%. Today’s GDP data was not a big markets-mover, as the numbers did not stray far from market expectations.

The bigger U.S. data point of the week is likely going to be Thursday morning’s personal income and outlays report for January, which also includes the PCE inflation indexes. The PCE price index in January is seen up 2.6%, year-on-year, while the core PCE price index is seen up 2.9% in the same period. Those forecasts are just slightly higher than the readings seen in the December report. It’s been said the Federal Reserve officials pay extra close attention to the inflation data in the personal income and outlays report.

Recent U.S. inflation numbers have come in a bit warmer than expected. Not hot, but still warm enough to likely have swayed the Federal Reserve into reckoning it will wait until the second half of 2024 to consider lowering interest rates.

The market to watch Thursday morning following the personal income and outlays report will be the U.S. Treasury futures markets. Immediately after the data is released at 8:30 a.m. EST, the Treasury bond and note futures markets’ price action will indicate what the marketplace thinks about the latest U.S. inflation data. Remember that Treasury futures prices move in the opposite direction of the more closely followed yields. U.S. T-Bond and T-Note prices have been trending down the past four weeks. That suggests Treasury traders suspect U.S. inflation data will continue to come in too warm to allow the Federal Reserve to lower interest rates this spring. So watch the U.S. Treasury bond and note futures markets

Wednesday morning. You can bet other market traders will have one eye on the bond markets right after the report. Remember the old market adage: “Bond traders are the smartest guys in the room.”

The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are near steady and trading around $79.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching around 4.28%.

Technically, April gold futures bears have the slight overall near-term technical advantage. Prices are in a three-month-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the February high of $2,083.20. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at last week’s high of $2,053.20 and then at $2,061.00. First support is seen at today’s low of $2,033.40 and then at $2,025.00. Wyckoff's Market Rating: 4.5.

March silver futures bears have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the February high of $23.56. The next downside price objective for the bears is closing prices below solid support at the February low of $21.975. First resistance is seen at Tuesday’s high of $22.71 and then at $23.00. Next support is seen at today’s low of $22.245 and then at $22.00. Wyckoff's Market Rating: 3.0.

March N.Y. copper closed down 155 points at 381.25 cents today. Prices closed nearer the session low today. The copper bulls have the slight overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the January high of 394.70 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 365.50 cents. First resistance is seen at this week’s high of 387.15 cents and then at last week’s high of 390.85 cents. First support is seen at 380.00 cents and then at 375.00 cents. Wyckoff's Market Rating: 5.0.

Kitco Media

Jim Wyckoff

Time to Buy Gold and Silver

Tim Moseley

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Bitcoin Pops Above 62000 For First Time Since November 2021 As Market Enters Extreme Greed Territory

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Bitcoin Pops Above $62,000 For First Time Since November 2021 As Market Enters Extreme Greed Territory

By Brenda Ngari – February 28, 2024

Bitcoin broke past the mythical bar of $62,000 on Wednesday for the first time in more than two years after rising by 9.9% over the past 24 hours.

At press time, BTC was trading for $62,308, and the Crypto Fear and Greed index shows the crypto market has delved into the extreme greed phase. The alpha cryptocurrency is up over 20.2% on the weekly chart, 45.7% during the past 30 days, and an eye-popping 155% growth over the last 12 months, according to CoinGecko data.

The last time Bitcoin traded above $62,000 was on Nov. 12, 2021, before BTC plunged into correction mode, erasing 66% of its value to change hands at $19,300 at the start of April 2022.

Bitcoin’s ongoing rally appears to have been driven by a notable increase in institutional interest following the historic launch of U.S.-based spot BTC exchange-traded funds in mid-January. The new nine spot market Bitcoin ETFs registered combined trading volumes of over $2 billion for the second consecutive day on Wednesday. These funds have been a roaring success as investors previously unable to get exposure to Bitcoin in an easy and regulated manner flock to the sector. Collectively, the nine ETFs currently hold over $44 billion in assets.

$100K Possible By Halving?

The Crypto Fear and Greed index, an indicator that measures the overall crypto market investor sentiment on a scale of 1 to 100, recently rose to 82 as Bitcoin rallied. The market is in a state of “extreme greed” for the first time since 2021, highlighting an extremely bullish sentiment among investors as many expect BTC to cross its previous all-time high of $69,000 in the coming days.

Adding fuel to the fire is the much-awaited Bitcoin halving event, which is just 50 days away. Past halvings have led to significant price increases, as the mining rewards are slashed by half, effectively lowering the inflation rate of new Bitcoins entering the market by 50%.

Interestingly, Blockstream CEO Adam Back is confident that the Bitcoin price will hit the $100,000 mark before the pivotal halving event. He cited catalysts such as the liquidation of leveraged shorts, the shift in investor sentiment, and the rocketing buying pressure from ETFs triggering an explosive bull run for Bitcoin.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

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Gold slightly up in lackluster dealings

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Gold slightly up in lackluster dealings

Gold prices are a bit firmer and silver prices a bit weaker near midday Tuesday. Gold is seeing some short covering in the futures market and some perceived bargain hunting in the cash market. Precious metals traders are awaiting the next fundamental even to provide a spark to trading action. That may come with some U.S. inflation data coming out later this week. April gold was last up $6.00 at $2,044.90. March silver was last down $0.046 at $22.48.

U.S. stock index futures are mixed near midday. It’s been a quieter trading week so far.

The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are firmer and trading around $78.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.291%.

The U.S. data point of the week is likely going to be Thursday morning’s personal income and outlays report for January, which includes the personal consumption expenditures (PCE) inflation indexes. The PCE price index in January is seen up 2.6%, year-on-year, while the core PCE price index is seen up 2.9% in the same period. Those forecasts are just slightly higher than the readings seen in the December report.

Technically, April gold futures bears have the slight overall near-term technical advantage. Prices are in a three-month-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the February high of $2,083.20. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at last week’s high of $2,053.20 and then at $2,061.00. First support is seen at this week’s low of $2,034.10 and then at $2,025.00. Wyckoff's Market Rating: 4.5.

March silver futures bears have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the February high of $23.56. The next downside price objective for the bears is closing prices below solid support at the February low of $21.975. First resistance is seen at $23.00 and then at $23.20. Next support is seen at $22.25 and then at $22.00. Wyckoff's Market Rating: 3.5.

March N.Y. copper closed up 5 points at 382.05 cents today. Prices closed nearer the session low today. The copper bulls have the slight overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the January high of 394.70 cents. The next downside price objective for the

bears is closing prices below solid technical support at the February low of 365.50 cents. First resistance is seen at this week’s high of 387.15 cents and then at last week’s high of 390.85 cents. First support is seen at 380.00 cents and then at 375.00 cents. Wyckoff's Market Rating: 5.0.
 

Kitco Media

Jim Wyckoff

Time to Buy Gold and Silver

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Veteran Trader Raises Bitcoin Price Forecast To 200000 As BTC Surges Past 56000

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Veteran Trader Raises Bitcoin Price Forecast To $200,000 As BTC Surges Past $56,000

By Newton Gitonga – February 27, 2024

Bitcoin, the world’s largest cryptocurrency by market capitalization, has been on a tear this week, surpassing $56,000 for the first time since December 2021. The digital asset started the week on a high note, with its significant uptick on Monday continuing into Tuesday. This rise came despite a decline in the S&P 500, indicating that Bitcoin may be shedding its reliance on traditional equities markets.

The rise in Bitcoin’s price resulted in multiple short liquidations, with data from Coinglass showing that in the past 24 hours, 81,388 traders were liquidated, resulting in a total of $363 million. Notably, $280 million of these liquidations were for short orders.

Meanwhile, despite some indications that the price may be overstretched, particularly on the RSI indicator, the latest pump has ignited a wave of optimism among experts that Bitcoin could continue to rise.

On Tuesday, veteran trader Peter Brandt wrote on X that the thrust above the upper boundary of the 15-month channel has led him to raise his price forecast for the current bull market cycle, which is scheduled to end in August or September 2025, from $120,000 to $200,000.

However, Brandt also noted that he would use laser eyes on social media as a contrary indicator, stating that “Too many laser eyes will be the KOD” (kill on delivery).

The phrase “laser eyes” refers to the trend of crypto enthusiasts, particularly on Twitter, changing their profile pictures to include laser eyes as a way of expressing their bullish outlook on Bitcoin. Brandt’s statement that he will use this trend as a contrary indicator suggests that an increase in the number of people adopting laser eyes on their social media pictures could be a bearish signal.

Other analysts are also optimistic about Bitcoin’s price rising. Seasoned analyst Gert van Lagen wrote that the current parabolic trajectory of Bitcoin since November 2021 indicates that it is on track to hit $200,000 “soon”, suggesting it may reach those levels even before the April halving.

He also noted that the correlation between Bitcoin and the S&P 500 has been strong since the end of 2021. Bitcoin’s price has surged significantly beyond the previous bear market’s 78.6% Fibonacci retracement level.

Meanwhile, on-chain data suggests that whales have been accumulating Bitcoin. According to data from Cryptoquant, new whales are accumulating Bitcoin and are now sitting on a 38% unrealized profit. The realized price for a 30-day active whale cohort is $40,500, indicating that these whales are holding onto their Bitcoin for the long term.

At press time, BTC was trading at $56,511, reflecting a 10.90% surge in the past 24 hours, according to CoinMarketCap.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Tim Moseley

The Artist that came out of the Winter