The Red Metal Sees Green   It was running the bulls in the copper market this past week as the red metal topped $4 for the first time since the end of 2011. The bullish sentiment gave the industrial metal a 7% gain for the week, buoyed by strong Chinese demand and forecasts of a supply deficit this year. Is this sustainable or could copper prices head back down to earth?   Over the last several months, the world’s largest copper consumer, China, has acquired vast volumes of the industrial metal to restock its inventories. As the nation accelerates its economic recovery, copper remains a critical component for everything, from construction to manufacturing to green energy. Many factories had remained open during this year’s Lunar New Year holiday, … [Read More...]

Just days after Microstrategy pitched Bitcoin to over 1,400 companies, the cryptocurrency broke through the crucial level at $35,000. In a strong recovery rally, Bitcoin continued to soar till it broke $40,000 earlier today. At 19:08 GMT, a price of a BTC was trading at $40,045, a gain of 6.03% in the last 24 hours. This is the first time in 23 days Bitcoin is achieving this price mark. As it stands, it appears the combination of a less crowded Bitcoin futures market, the whales order flow reaching an all-time high, and a fast recovery would help maintain Bitcoin above the $40,000 mark. Whales order flow causing Bitcoin recovery Earlier on January 29, a Bitcoin researcher and analyst called the “Material Scientist” noted that mega whales order flow reached an … [Read More...]

The last few days has seen some price action for the king cryptocurrency. A quick “pump and dump” rally occurred yesterday pushing the price per coin to around $38,000 before quickly plummeting to $32,000. This revealed that there are many bears looking to fade BTC’s price action. Although, the coin has recovered and not showing signs of falling further, the price action has remained. As Bitcoin show heavy market action, alternative coins are also struggling to gain massive momentum as bears continue to sell. The direction of the pioneer cryptocurrency in the next few weeks is dependent on if bulls can hold off the bears sell off which resulted in Bitcoin recent fall. At 17:52 GMT on Saturday, Bitcoin was trading at $34,262, losing 2.13% in … [Read More...]

While 2021 started out as a promising year for Bitcoin, the last 7 days has shown a fading bullish rally. The price action on the charts as enabled the flagship cryptocurrency to register new ATHs. Bitcoin has reversed all the way from around $42k to $31,924, where it stood at 5:40 PM GMT press time. The reversal poses two questions: does this reversal signal the end of the bull run? Or does it mean a wider scale correction similar to what happened in January 2018? Or as many traders would see it, is Bitcoin stabilizing above its previous ATH and maintaining much of the gains it raked up since December 2020? Social volume show positive outlook It appears that Bitcoin’s social volume metric can help elaborate what happened with the … [Read More...]