A glance at markets for the month of July
Asian Stock Markets
The Nikkei 225 index in Japan dropped 0.6% in morning trade, while the Shanghai Composite Index rose nearly 0.23%. As of 11:06 p.m. EST, the ASX 200 index rose 0.12%, and Seoul's KOSPI had hopped 0.42%. Hong Kong's Hang Seng Index fell 0.08%.
US NFP Summary
The June jobs report could not have come at a better time for investors concerned about rising inflation and the Fed's hawkishness in the coming months. The rising job numbers indicate that the economy is recovering, but at a slow enough pace that the Fed is unlikely to withdraw its support.
Bitcoin
Investors should continue to pay close attention to the Bitcoin price. So far, the price is staying above the 30K price level which confirms that the Bitcoin bulls are still in control of the price. If the price begins to drop below the 30K price, it is likely that we may see the Bitcoin price falling towards the 25K.
At the same time, it is very encouraging to see the price challenging the 34K price level and if the price moves above the 35K resistance, the likely chance is that we may see the Bitcoin price moving towards 40K.
Overall, Bitcoin investors should continue to pay attention to the Bitcoin price chart and the most important price point is the 50-day SMA on the daily time frame. The moment we will see the Bitcoin price moving above this price level, we could see some more bullish bets coming into the market.
This
article was submitted by Farid Ferrache, Head
of Business Development at HonorFX
