Bitcoin, BTC/USD, Market Sentiment, Retail Sales, Technical Trends – Talking Points
- Bitcoin tumbles alongside US stock markets as market sentiment deteriorates.
- Japan and Australia retail sales data to assess APAC growth
- BTC/USD nearing major support test as bears third day ahead
Asia-Pacific Outlook Wednesday
Asia-Pacific traders face open risks after a volatile loss session in New York sent U.S. stock indexes lower. Tech stocks have underperformed broadly, with the Nasdaq-100 beta high (NDX) closing down 3.09% lower, sending the index’s total loss closer to 8% in July. However, Chinese markets are prepared. Close the end of the month with increased profits. After Economic Powerhouse Relaxes COVID-19 Limits, Bitcoin Price Drops Amid Risks Cryptocurrencies may trade higher if Asian equity markets experience overnight weakness.
Beijing reduced the amount of time foreign travelers spend in quarantine on Tuesday. It is the latest sign that policymakers are willing to withdraw from the “Zero-Covid” policy. Tourists from outside China will face a week of quarantine. The same effect of pent-up demand is seen in Western economies. which various restrictions Has eased greatly at the beginning of this year and the end of last year. It may be seen in China in the coming months. assuming that the constraints continues to decline
Meanwhile, the Group of Seven (G7) is trying to detail the reported Russian oil price limit. The move would limit the price that outside agencies could pay for Russian oil. The American Petroleum Institute report showed U.S. crude inventories fell 3.8 million barrels for the week ending June 24, higher than analysts had expected. The EIA report is expected to be canceled tonight after a two-week blackout. Due to a technical problem on the agency’s server
Today, Japan’s May retail sales report is expected to cross the line. Analysts had expected a 4.0% year-over-year increase. According to a Bloomberg poll, that would be a strong improvement from the 2.9% annual increase in April. And a better-than-expected surprise could help drive some of the JPY’s strength. The preliminary Australian retail sales report for May follows Japanese data. A 0.4% gain is expected to cross the line, down from a previous 0.9% gain. A strong Aussie dollar could follow if reports come out above expectations.
Important events for June 29:
- Japan – Consumer Confidence (June)
- Singapore – Export Price (May)
- South Korea – Business Sentiment (June)
Click here for today’s full economic calendar.
BTC/USD Technical Forecast
Bitcoin Price Drops for Third Day With the price approaching the critical level of 20,000, a break below the psychological support level is likely to pressure a bear market. This could send prices to test June’s low swing earlier this month. Alternatively, the rebound aims to reverse the losses at the beginning of the week, where the 20-day Simple Moving Average (SMA) is. Decrease is also a possible goal.
BTC/USD daily chart
chart created with TradingView
— Written by Thomas Westwater, analyst at DailyFX.com.
To contact Thomas, use the comments section below or @FxWestwater on twitter
internal elements Element. This may not be what you intend to do! Load your application’s JavaScript bundle inside. replacement elements
