BITPRISMIA
Bitcoin is approaching record highs, facing key resistance levels and market tests influenced by Federal Reserve policies, whale activity, and technical indicators like CME gaps and Coinbase Premium.
The Bank of America (BofA) survey highlights a strong conviction among investors that US Dollar weakness will persist as a top trade, influenced by global macroeconomic trends and impacting forex markets.
Despite negative forecasts for the British Pound due to inflation, economic challenges, and Brexit, BofA Securities suggests the currency may be undervalued, highlighting overlooked strengths in the UK economy and potential for a rebound.
The US Dollar is experiencing a period of consolidation following the Non-Farm Payrolls (NFP) report, with market participants awaiting further economic data and Federal Reserve policy signals to determine future direction.
Bitcoin's price drop below the $112,000 support level signals increasing bearish sentiment, driven by macroeconomic factors like weaker U.S. labor data and anticipated Federal Reserve rate cuts.
Asia FX performance has shown unexpected strength due to US dollar weakness, driven by soft US Non-Farm Payrolls data, influencing global forex trends and interest rate outlook.
Companies are increasingly adopting Bitcoin treasuries as a strategic response to U.S. dollar debasement and rising national debt, viewing Bitcoin as a hedge against inflation and a store of value.
The 'Mag 7' tech firms are projected to spend $650 billion in capex and R&D this year, surpassing the U.K. government's annual public investments, driven by a shift towards AI and digital technologies despite broader economic declines in non-IT sectors.
The July 2024 US Jobs Report showed a significant decline in job additions, adding only 73,000 jobs against a forecast of 110,000, indicating a potential cooling in the labor market with implications for the economy and crypto markets.
Bank of America (BofA) forecasts the EUR/USD pair to reach 1.17 by the end of 2025, driven by factors such as central bank policies, geopolitical developments, and global economic conditions.