Bitcoin price may be about to rally again
Bitcoin price has been languishing in a range of about $45,000 to $51,000 for a month or so now, but it may be about to rally again. The cryptocurrency’s 30-day historical volatility is at the lowest since September, and the price is showing short-term exhaustion signals.
The so-called Demark Sequential indicator is flashing a “9-13-9” pattern just above the $43,295 to $44,500 support zone, which is defined by the 61.8% Fibonacci retracement of Bitcoin’s entire June-to-November rally and prior Demark support.
(Reuters) Gold price rose on Wednesday, supported by declines in the dollar and worries over the fast-spreading Omicron variant, as focus turned to inflation ahead of the release of the minutes of the U.S. Federal Reserve's latest policy meeting.
Spot gold was last up 0.4% at $1,822.43 per ounce by 10:44 EDT (1543 GMT), with U.S. gold futures rising 0.5% to $1,822.60.
With inflation having surged in the past six months, investors will scan the minutes from the Fed's December meeting, releasing at 1900 GMT, for signs of policymakers' willingness to tighten monetary policy.
"Price inflation that becomes problematic is bullish for hard assets like the raw commodities, including the precious metal. And with some of the inflation worries starting to resurface, that's inviting some buying interest in the safe haven gold market" said Jim Wyckoff, a senior analyst at Kitco Metals.
The dollar eased 0.3%, making bullion an attractive bet for overseas buyers.
Further boosting gold was a subdued risk appetite in equity markets, with Wall Street's main indexes opening lower weighed by technology stocks.
Gold prices are firming despite the market pricing of a 70% probability for a Fed rate hike in March, as appetite for safe-havens
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