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FinanceWorld Markets Review: 23th February 2024 – Nvidia, Bitcoin, US dollar

Nvidia has significantly increased its value by $277 billion.

Nvidia, a California-based AI chip designer, has added $277 billion to its market capitalization, marking the biggest one-day jump in history. The company's shares surged by 16.4%, reaching a new record high of $785.38, bringing its market value to just under $2 trillion. This single-day addition surpasses that of Advanced Micro Devices and Meta Platforms, which both experienced significant increases. In total, $65 billion worth of Nvidia shares traded, making up about a fifth of all stocks. The surge was fueled by a 265% increase in fourth-quarter revenues and CEO Jensen Huang's statement that demand for AI is “surging worldwide across companies, industries, and nations.”

Bitcoin has maintained its $51,700 support for the first half of the week, indicating a potential future direction.

Bitcoin has been holding onto the $51,700 support for the first half of the week, but signs of weakened buying support have emerged as it retraced towards $51,000 amid intensified selling pressure. Short-term analysis indicates an intermediate support at $50,700, with a potential correction trend triggered by a daily close below this level, targeting the next support at $49,500. The cryptocurrency is currently in the second phase of consolidation after the initial February surge.

During the past week, Bitcoin tested levels around $52,000, encountering resistance at $52,250. Despite buyers successfully defending the $51,700 support, the BTC price has retraced towards the $51,000 mark as selling pressure intensifies since yesterday. Short-term analysis reveals an intermediate support at $50,700, with a potential correction trend triggered by a daily close below this level, targeting the next support at $49,500. After losing this support, the next potential stop is around $47,300.

A resurgence of buyers around the $50,700 zone could lead to a new short wave towards $52,800. An upward breakout might continue the short-term upward trend up to $55,000, with initial resistance seen at $53,100. Bitcoin entered overbought conditions in February according to the Stochastic RSI, and recent bearish trading suggests a short-term correction.

From a broader viewpoint, Bitcoin is currently tracking the upper edge of an ascending channel on the weekly chart. The Weekly Stochastic RSI indicates bullish potential in its current position. However, limited movement within the upper channel this week suggests a potential correction might be on the horizon.

For the cryptocurrency to continue its path without correction, it must reclaim support at $51,700 and close the week around $53,000. Meeting these conditions would convince investors that BTC has broken out of its narrow range and could trigger a swift bullish surge toward $55,000, accompanied by increased buyer activity. This scenario hinges on the ongoing significance of spot Bitcoin ETF trading in influencing the Bitcoin chart. Failure to meet these conditions within the next 48 hours could lead to an escalation in selling pressure.

The US dollar has significantly impacted global markets, prompting speculation about its future direction.

The US dollar index reversed its initial 0.7% fall, and as trading begins in New York, it is now strengthening to the day's opening level. The Eurozone PMI data and the release of weekly jobless claims support the dollar's recovery, with initial claims falling to 201 thousand and continued claims at 1.862 million, indicating a strong US economy. This data may encourage the Fed not to rush to cut interest rates. Nvidia's report, which blew away expectations for last quarter's revenue and future guidance, may attract foreign capital to the US markets, supporting interest in the dollar. A strong labor market and confident corporate forecasts are also a strong plus for higher interest rates in the long run.

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