Oil holds gains, bitcoin hits one-month low: Commodity Check
Yahoo Finance Senior Markets Reporter Jared Blikre breaks down the performance of top-trading commodities, from cryptocurrencies to crude oil.
Bitcoin (BTC-USD) has hit a one-month low while Solana (SOL-USD) continues to fall. Meanwhile, in energy markets, WTI crude oil futures (CL=F) are holding around $80 per barrel.
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This post was written by Melanie Riehl
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Let's get over to Yahoo.
Finance is Jared Blicker.
He's standing by with a closer look at what is moving and Jared or kicking it off with a look at crypto and Bitcoin.
Yeah, I've had enough of stocks for a little bit, so we're going to start off there and I'm going to dial up our crypto heat map behind you.
Guess what?
We see a lot of dark red, not in Bitcoin, because that's only down 1%.
But let's check out the leading token here.
And this is a year to day chart I've been.
I've been drawing this for a while.
This is the consolidation zone.
We're simply flagging near highs until we get above this zone doesn't really matter too much until we get below.
It doesn't matter too much trying to find a direction here, but for what it's worth, we are at one month low, so that's kind of grabbing some headlines there.
I want to move on to some other tokens, especially Solana, because this is an interesting pattern that I'm looking at.
This is a year to date and you're saying, uh, you can see it's quite a bit different than the Bitcoin one.
I don't know if I would really call this sideways consolidation.
Let me show you the five year chart so you can see this a little bit better.
And I'm gonna put some candlesticks on.
Uh, here we have the record highs, but we ended up having, uh, 210 end up a pretty big level there.
And here we have this giant cup.
We had the beginning of a handle, and guess what?
We went down again.
So is this gonna be a W handle?
I haven't seen that, but, uh, I can happen in technical analysis.
Also, want to get to futures real quick because we're tracking WT I crude that is holding just under $80 a barrel.
Here's the year to date chart.
I don't have a lot of incremental news there.
Uh, pretty much between the OPEC announcements.
Those come at the beginning of the month and not a lot of news that's been moving crude lately.
I will say positioning is light, so that presents the ability to squeeze to the upside.
But you got to really, materially crack $80 per barrel first, and we just haven't been able to do that