💵 💴 💶GLOBAL MARKETS💵 💴 💶
Why did Tesla move $770 million worth of Bitcoin to new addresses?
Tesla, the electric vehicle giant led by Elon Musk, has moved 11,509 Bitcoins worth $770 million to new addresses. According to blockchain analysis firm Arkham Research, Tesla recently transferred around $770 million worth of Bitcoin to seven different new addresses. These transfers mark the first activity in Tesla’s Bitcoin wallets after nearly two years of inactivity. Additionally, before this major transfer, the company conducted six test transactions. Tesla had made a significant impact on the markets in February 2021 when it invested $1.5 billion in Bitcoin.
Ukrainian Grain Planting Progresses Well
The Ukrainian Ministry of Agriculture reported that as of October 15, winter grain planting in Ukraine had reached 4.75 million hectares. This is an increase compared to the 4.5 million hectares at the same time last year. Of this area, 3.3 million hectares have been allocated for winter wheat planting, which is also higher than the 3 million hectares planted in the same period last year. The latest crop progress report from the U.S. Department of Agriculture (USDA) shows that 64% of the U.S. corn crop is in good condition, compared to 53% at the same time last year. The harvest rate has reached 47%, above last year’s 42% and the five-year average of 39%. Soybean harvest has reached 67%, compared to 57% last year and a five-year average of 51%. Lastly, winter wheat planting progress has reached 64%, compared to 65% last year and 66% in the five-year average. wheat planting progress has reached 64%, compared to 65% last year and 66% in the five-year average.
GLOBAL MARKETS
Asian markets declined as global chip stocks fell after ASML, Europe’s largest technology company and chip manufacturer, announced lower sales expectations for 2025. Expectations that the US Federal Reserve (Fed) will implement small interest rate cuts continue to support the dollar. According to the CME FedWatch tool, markets are pricing in a 96% probability that the Fed will cut rates by 25 basis points next month.
Technical Overview
DXY
The US Dollar Index (DXY) is continuing its upward trend with a strong recovery at the beginning of the week. Finding strength from the critical support level at 100.68, the DXY is expected to maintain its bullish momentum as long as it stays above this support. Notably, as long as it trades above the 100.68 level, upward movements are likely to accelerate. Buyers appear to be dominant in this area, and the index seems poised to move toward resistance levels.
Resistances: 102.26 / 103.23 / 104.02
Supports: 100.68 / 98.00 / 97.00
BTC/USD
Bitcoin has reached the resistance of the descending channel structure and is currently attempting to break through this critical level with significant volume. This resistance zone holds vital importance for BTC, as a successful breakout could open the doors to a new upward trend in the cryptocurrency markets. If this strategic level is surpassed to the upside, it could trigger bullish momentum for Bitcoin and other altcoins, leading to a rally gaining traction across the market. Therefore, the current levels represent a pivotal point that should be closely monitored.
Resistances: 68,350 / 71,927 / 75,000
Supports: 66,148 / 64,290 / 60,000
ETH/USD
ETHUSD continues to trade within the descending channel pattern, remaining under pressure. After losing its horizontal major support, ETHUSD is now priced around the 2400 level. If selling deepens, the critical support level to watch is 2100, where buyers are expected to strengthen. On the other hand, for the upward trend in ETH to continue, it needs to close decisively above the major resistance at 2922 with strong volume. If this resistance is breached, a new uptrend could begin.
Resistances: 2565 / 3000 / 3364
Supports: 2200 / 1700 / 1052
NASDAQ
The index continues its upward trend, and if it manages to hold above the 20,370 resistance level, the upward movement could accelerate. A break of this level would take the index towards the upper band of the ascending channel that has been forming since March 2023. In the event of a pullback, two critical support levels should be noted: the first being 19,600 as a significant short-term support, and in case of a deeper decline, the strong buying zone at 18,400 should be monitored. Buyers are expected to step in at these levels.
Resistances: 19,900 / 20,000 / 20,985
Supports: 18,913 / 18,500 / 18,160
BRENT
Brent crude has shown medium-term recovery and regained its previous channel structure, continuing its upward trend. It has surpassed the 76.98 resistance zone, and as long as it holds above this level, it is expected to rise towards the 80.00 – 82.00 range. In the event of a pullback, the critical support level to monitor is the 72.37 zone, where buyers are expected to become active. Maintaining this support is crucial for the continuation of the trend.
Resistances: 74.45 / 76.98 / 79.84
Supports: 72.37 / 71.00 / 70.50
EURUSD
EUR/USD successfully broke through its ascending channel resistance and has been trading above both horizontal and channel resistance. It held above the 1.0983 resistance zone and reached our target of 1.114. However, facing selling pressure around 1.11, it lost this zone, creating a “deviation” and leading to a pullback. Now, the critical support level to watch for EUR/USD is 1.0983. Maintaining this level is crucial for stabilizing the price.
Resistances: 1.114 / 1.130 / 1.135
Supports: 1.098 / 1.088 / 1.080
XAUUSD
XAUUSD, after gaining momentum from the support of the descending channel, has successfully broken through the resistance of the descending channel. As long as it continues to hold above this broken resistance area, gold could potentially reach a new all-time high (ATH) and extend its upward trend for a while. Particularly, maintaining stability above this resistance zone will accelerate the upward movement of gold.
Resistances: 2690 / 2740 / 2800
Supports: 2625 / 2585 / 2527
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