Week-over-week performance:
- BTCUSD: 90,915 / -2.82%
- ETHUSD: 3,118 / -3.59%
- US10Y: 4.27% / +9 bps
- DXY: 98.86 / +0.67%
- GOLD (USD/OZ): 4,719 / +5.62%
- SPX: 6,940 / +0.55%
- NDX: 25,529 / +0.5%
- VIX: 18.83 / +26%
Looking ahead – economic calendar:
- Tuesday, 20 January 2026: US ADP Employment Change
- Wednesday, 21 January 2026: Trump speech at Davos, Opinion day for Supreme Court on tariffs
- Thursday, 22 January 2026: ECB Meeting Minutes, US PCE, US GDP
- Friday, 23 January 2026: BoJ Interest Rate Decision
On the macro side:
Geopolitics continues to dominate the headlines. This week the focus turns to the WEF, where Trump is scheduled to speak on Wednesday. Markets will be watching closely for comments on NATO, Venezuela, Greenland, and other key topics – his remarks could prove to be a significant market catalyst.
Last week, Trump announced that Hassett will not be nominated as the next Fed Chair. The initial reaction sent Precious Metals and Risk assets lower before both quickly retraced. According to Polymarket, Warsh is now priced at around 60% odds to become the next Fed Chair. Gold and Silver remain strong and appear difficult to stop. Long-term bonds inched higher, and we continue to see steepening as a potential theme for the year.
Equities meanwhile continue to trade near all‑time highs. We also get PCE this week, but macro data seems secondary for now and could result in erratic price moves.
On the crypto side:
Crypto is trading lower week‑over‑week and remains broadly weak. BTCUSD failed to break above USD 98,000 and has been drifting lower since, with limited volume supporting the move. Key levels remain unchanged: USD 90,000 is the major support, with USD 92,700 acting as immediate resistance.
For any sustained upside, BTC needs to hold above USD 95,000. ETHUSD is sitting right on its trendline, which should offer some support. Holding the USD 3,200 area is essential for another leg higher. A break below current levels would likely push price action back into the USD 3000–USD 2,800 range.
SOLUSD is seeing bids around USD 125, but momentum is lacking for now, and DEX activity is not showing any meaningful pickup.
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