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Global Market Highlight
In November 2024, Durable Goods Orders fell by -1.1%, exceeding the forecasted decline of -0.3%. This followed a 0.8% increase in October, reflecting reduced demand for long-lasting items like vehicles and appliances. In December 2024, the Conference Board Consumer Confidence Index dropped by 8.1 points to 104.7, reflecting weaker consumer views on both current conditions and future expectations. In November 2024, New Home Sales bounced back, with single-family home sales rising 5.9% month-over-month and 8.7% year-over-year, reaching an annualized rate of 664,000 units.
At the end of December 2024, Initial Jobless Claims fell to 211,000, an eight-month low and a drop of 9,000 from the previous week. The four-week average also slightly declined to 223,250, signaling a resilient U.S. labor market. On January 2, 2025, the Energy Information Administration (EIA) reported a decrease of 1.178 million barrels in Crude Oil Inventories for the week ending January 1, 2025. This decline was smaller than the expected drop of 2.4 million barrels and the previous week's larger decrease of 4.237 million barrels.
In December 2024, the Chicago Purchasing Managers' Index (PMI), or Chicago Business Barometer, fell to 36.9 from 40.2 in November, missing market expectations of 42.5. This marked the 13th consecutive month of contraction in Chicago's economic activity. In December 2024, the S&P Global Manufacturing PMI recorded a slight drop in global manufacturing activity, falling to 49.4 from 49.6 in November. With a reading below 50, the index signals continued contraction in the manufacturing sector, marking the second straight month of decline.
In December 2024, the ISM Manufacturing PMI (Purchasing Managers' Index) stood at 49.3%, an increase from November's 48.4%. This suggests that the manufacturing sector continues to contract, marking the ninth consecutive month of decline. ISM Manufacturing Prices (Dec) In December 2024, the ISM Manufacturing Prices Index registered 52.5%, up 2.2 percentage points from 50.3% in November. This indicates that prices in the manufacturing sector continued to rise, albeit at a slightly faster pace than the previous month.
BTC Technical Analysis
From December 23, 2024, to January 6, 2025, Bitcoin (BTC/USDT) has shown a steady recovery following a period of consolidation. Around December 23, the price found support near the $93,227 level, marking a critical base for the current bullish momentum. Since then, Bitcoin has consistently moved upward, and now is testing the significant resistance zone near $99,500.
If Bitcoin manages a breakout above $99,500, it could target the next major resistance at $106,000. On the other hand, failure to break this resistance could lead to a pullback toward the $95,000 or $93,227 support zones. Overall, the market currently reflects a bullish bias, with a pivotal moment approaching as traders await confirmation of a breakout or rejection at the $99,500 level.
ETH Technical Analysis
From December 23, 2024, to January 6, 2025, Ethereum (ETH/USDT) has shown a gradual recovery following a dip into the $3,330 - $3,372 support zone. This level acted as a strong foundation, preventing further downside and triggering a bullish rebound. Ethereum has since formed higher lows, reflecting renewed buying interest and upward momentum. The price is currently trading around $3,669.
The recent price action suggests a strengthening bullish sentiment, if the price can hold above the 3520 - 3590 level, there is potential for an increase to the 4000 - 4100 area. Conversely, if the current momentum falters, the price could retest the $3,400 support zone.
SOL Technical Analysis
From December 23, 2024, to January 6, 2025, Solana (SOL/USDT) has demonstrated a strong recovery after finding critical support near the $182-$184 level. This support zone acted as a base for a bullish reversal, with buyers stepping in to drive the price upward. The price successfully reclaimed the $203 support level, turning it into a strong demand zone, and has since moved steadily upward, currently trading at $214.97.
The upward momentum has been consistent, but SOL/USDT faces immediate resistance around the $225 level. A breakout above this range could pave the way for a retest of the $251 resistance level, which previously acted as a significant barrier. However, if the bullish momentum weakens, the price may revisit the $203 support zone, which is expected to provide strong buying interest.
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