Bitcoin weekly price chart

Bitcoin (BTC) has crossed into bullish territory with the biggest weekly gain in 2.5 months.

  • The top cryptocurrency by market value climbed nearly 6.6% in the seven days to Oct. 11, capping its biggest single-week percentage rise since the last week of July.
  • The flipping of the stiff resistance of $11,200 (Sept. 18) into support is bullish, according to Stack Funds research analyst Lennard Neo.
  • So far, however, the follow-through to the breakout has been poor: The cryptocurrency is currently trading in the red near $11,250, having printed highs near $11,500 over the weekend.
  • However, the pullback may be short-lived, miner outflows suggest.
  • Last week, bitcoin miners sold more than they generated and ran down inventory by around 1,000 BTC, according to data source Bytetree.com.
  • The miners’ rolling inventory (MRI) figure, which tracks the changes in how much bitcoin miners are holding, held well above 100% last week; the five- and 12-week MRIs are also above 100%.
  • Miners liquidate their holdings almost on a daily basis to cover operational costs but will offer more when they feel the market has the strength to absorb the additional coins without harming price.
  • As such, the increased miner outflow is sign of strength in the market, according to Charlie Morris, chief investment officer at ByteTree Asset Management.
  • Additionally, payment company Square’s recent disclosure of major bitcoin investments has given market players a fresh shot of confidence, Philip Gradwell, chief economist at the blockchain analysis firm Chainalysis, told CoinDesk.
  • The major portion of the last week’s 6.6% rise happened after Square announced its bitcoin investment on Thursday.
  • While the path of least resistance for bitcoin appears to be on the higher side, a move to the next major resistance at $12,000 may remain elusive if the resurgence of the coronavirus cases across Europe, tanks

NEW YORK (Reuters) – Speculators reduced their net short dollar positions in the latest week to the lowest level since late July, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday.

The value of the net short dollar position fell to $28.35 billion in the week ended Oct. 6, compared with a net short of $30.47 billion the previous week. U.S. net shorts hit a more than nine-year high of $33.68 billion in late August.

U.S. dollar positioning was derived from contracts of International Monetary Market speculators in the Japanese yen, euro, British pound, and Swiss franc, as well as the Canadian and Australian dollars.

In a broader measure of dollar positioning

that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real, and Russian ruble, the U.S. dollar posted a short position of $28.56 billion, down from net shorts of $30.41 billion the week before.
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The speculative community has been short the dollar since mid-March.

In the week through Oct. 6, the dollar index <=USD> ultimately ended the period little changed, having followed see-sawing headlines about U.S. President Donald Trump’s COVID-19 diagnosis and the possibility that Congress might provide further fiscal stimulus.

The possibility of a new coronavirus relief bill has driven the dollar, among other safe-haven assets, lower since Tuesday. The dollar fell to three-week lows on Friday on stimulus optimism, and as investors bet that Democrat Joe Biden is more likely to win the U.S. presidency and offer a larger economic package. [FRX/]

(Reporting by Kate Duguid; Editing by Chris Reese and Sonya Hepinstall)

Copyright 2020 Thomson Reuters.

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(Bloomberg) — U.S. stocks rallied, with the S&P 500 posting its biggest weekly increase since July, as traders bet lawmakers are moving closer to providing more fiscal stimulus. Treasury yields were mostly flat and the dollar slipped.

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The benchmark equity gauge rose for a third day with President Donald Trump saying he now wants an even bigger package than what Democrats offered. For the week, the index finished up 3.8%. The tech-heavy Nasdaq 100 jumped 1.5% on Friday, with chip maker Xilinx Inc. leaping on a report it’s in advanced talks for a $30 billion takeover by rival Advanced Micro Devices Inc.

“We’ve had this whipsaw around wondering if there will be more fiscal stimulus, which I think we desperately need to keep the economy rolling,” said Ron Temple, head of U.S. equity at Lazard Asset Management LLC.

European stocks rose as a host of companies raised outlooks, from Denmark’s drugmaker Novo Nordisk A/S to German online clothing retailer Zalando SE. Stocks fell in Spain, where the government’s cabinet met to declare a state of emergency for Madrid to control Covid-19. Italy’s 10-year bond yield fell a record low.



chart: Stocks with high capex, cash returns or shaky finances are trailing the market


© Bloomberg
Stocks with high capex, cash returns or shaky finances are trailing the market

Investors ended a volatile week with a risk-on attitude. With Trump recuperating from Covid-19 in the final stretch of the election campaign, they’re increasingly betting a Joe Biden victory is likely. Speculation is moving now to whether Democrats will sweep Congress too and then enact massive stimulus.

“There’s also the possibly you could see a Democratic sweep in the election and that raises the prospects for higher taxes, which would be a negative, but also for really pronounced stimulus and that could take some of the more extreme risks off the table,” said Giorgio

NEW YORK (AP) — Stocks are rising on Wall Street Friday as talks appear to be continuing in the start-and-stop drive on Capitol Hill to deliver more aid to the ailing economy.

The S&P 500 was 0.4% higher in morning trading, on track for its third straight gain. It’s also on pace to close out its best week since July, following a weekslong run of mostly shaky trading amid worries about the inability of Congress to support the economy and concerns that stock prices simply got too high during the summer.

The Dow Jones Industrial Average was up 41 points, or 0.1%, at 28,467, as of 10:15 a.m. Eastern time, and the Nasdaq composite was 0.8% higher.


Despite the market’s early gains, trading underneath the surface continued to be unsettled. Airline stocks climbed at the start of trading, only to drop quickly, for example. Energy stocks went from helping to lead the market to slumping to the sharpest loss among the 11 sectors that make up the S&P 500. Treasury yields were also moving up and down.

Much of this week’s focus has been on Washington, where President Donald Trump sent markets on a sudden skid Tuesday after he halted negotiations on a support package for the economy until after the election. Investors have been clamoring for such aid since the expiration of extra benefits for laid-off workers and other stimulus for the economy that Congress approved earlier this year. Economists say the outlook is grim without such support, and the chair of the Federal Reserve has said repeatedly it will likely be necessary.

Trump said that House Speaker Nancy Pelosi was negotiating in bad faith when he called off the talks. But within a couple hours, he appeared to backtrack. He said that he would back more limited programs

Updated


WASHINGTON (AP) — U.S. home prices rose at a faster pace in July as the housing market continued to show strength in the midst of the coronavirus outbreak.

The S&P CoreLogic Case-Shiller 20-city home price