- Crude oil’s worst slide in a month raises demand concerns
- Fruits grown in gold are heavy
- Binance had a 16,000 bitcoin buy order before the 4am plunge
Oil prices fell as the dollar rose again and after a mixed oil report raised concerns. Oil demand showed unexpected weakness as supplies posted a surprise build of 1.3 million bpd vs an expected drop of 1.5 million bpd. The headline figure of 4.5 million barrels is higher than expected, but that is the result of the storage period. ,
WTI is back below the $80 level and could continue to move lower if strong currency trading resumes.
Gold prices are back where they are. After falling below the $2,000 level, the market faced uncertainty among investors about what to expect with the next wave of gains and the continuation of the argument on the way of the Fed. In order for risk appetite to remain, Wall Street needs to see mega-cap tech earnings and the belief that the Fed will not tighten before May 3.rd meeting.
Politics, income and credit should help send a safe haven to the gold market, but if the bond market returns above expectations the Fed will have to give in. a few more climbs, can be devastating. If gold does not return to the $2025 level soon, traders can take it easy here. ,
Bitcoin has already fallen in Europe as some crypto investors decided to dump large positions before NY reached their trading floors. The 3% Bitcoin drop occurred shortly after 4am est, which means they want to do it before the end of earnings and after a UK inflation report. ,
There are clear signs of fatigue with the growth of the global crypto market and if we are looking at a consolidation period, it seems that this is a good time to exit.
Bitcoin is holding the high of $29,000, but if the downward trend continues the support will not emerge until the $28,550 region.
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