Today’s Forex market session revolves around the USD, which is depreciating against most of the hard currencies. The dollar index is near 96 points, the lowest since mid-March when the Coronavirus pandemic broke out. In the midst of all this chaos, the Bitcoin is stable.
The most followed Forex cross, the EURUSD, is trading at 1.1350, very close to the monthly high of 1.1387, recorded back on June 4th.
On the other hand, the Bitcoin Rush remains stable at around $9,700. It seems that investors are comfortable with this level that the Bitcoin reached in recent weeks, after its third Halving.
Forex: GBP meets resistance at 1.2735
Forex Market: Is the Dollar Weakening?
If we analyze the main Forex crosses, we can notice a certain weakening of the greenback in the short term, especially against the euro, the pound and the yen.
The most relevant is the Dollar index, which is approaching 96 points. Although it is still far from its annual low of 94.60, everything indicates that it may go to test that level again.
The fall of the dollar is mainly due to the strong economic / social crisis that the American country is going through, where although it has begun to generate jobs again, it maintains a high unemployment rate.
In the chart above you can see how the Euro/Dollar is slowly approaching the key resistance of the month at 1.1390.
Betting on Bitcoin in the short term?
The BTCUSD has been trading around 9,700 USD for several weeks now, which seems to be a good value for the crypto community, at least for now. However, as we know that crypto currencies, especially Bitcoin, are highly volatile, this „BTC freeze“ is not going to last much longer.
The big challenge for Bitcoin is still the psychological resistance of the $10,000. While the key support is at US$ 9,000. While the key support is at US$ 9,000, we have to wait for the breakout to identify a short-term trend, for now it is a clear lateral.
Now, is it worth betting on Bitcoin in the short term? If you’re a trader looking for small moves, you can get interesting returns if you buy in key supports, for example at 9.4k, and then sell near 9.7k.