Crypto market trends higher as Bitcoin runs into resistance at $23,600 – Lopoid Crypto News

Crypto market trends higher as Bitcoin runs into resistance at $23,600 – Lopoid Crypto News #Crypto #market #trends #higher #Bitcoin #runs #resistance #Lopoid Crypto News Welcome to Lopoid

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(Kitco News) – The total cryptocurrency market trended higher on Wednesday, with a majority of tokens within the high 100 placing on slight beneficial properties, whereas a optimistic day within the conventional markets noticed the S&P 500, Dow and Nasdaq climb 1.56%, 1.29%

Data offered by TradingView exhibits that the worth of Bitcoin (BTC) rallied 3.75% from a low of $22,805 within the early buying and selling hours to hit a day by day excessive of $23,661 earlier than pulling again to help close to $23,400.

BTC/USD 4-hour chart. Source: TradingView

The inexperienced day for monetary markets follows the much-hyped go to by U.S. House of Representatives Speaker Nancy Pelosi to Taiwan, a visit that generated fairly the excitement and aggressive posturing from Beijing over the previous week. So far, the response from China has been muted, which has helped embolden merchants to stay energetic within the markets and undertake a extra “risk-on” method.

Outlook for Bitcoin shifting ahead

The optimistic beneficial properties throughout the cryptocurrency market over the previous couple of months have been famous in Wednesday’s morning temporary from Kitco’s senior market analyst Jim Wyckoff, who highlighted the truth that “Prices are still in a six-week-old price uptrend on the daily bar chart, but just barely.”

Now just isn’t the time for complacency, nevertheless, as a ten% lower in Bitcoin’s 24-hour buying and selling quantity hints at a decline in momentum, which prompted Wyckoff to remark that “bulls need to step up and show power soon to keep the price uptrend alive.”

Insight into the main help and resistance ranges for Bitcoin that merchants ought to control shifting ahead was supplied by Twitter consumer Crypto Tony, who urged {that a} shut above $23,500 could be a superb sign to open a protracted place whereas a drop under help at $22,650 could be an opportune time to open a brief.

$BTC / $USD – Update

Keep it easy this morning on #Bitcoin ..

– Long above resistance at $23,500
– Short under help at $22,650 pic.twitter.com/onXXRvdXx8

— Crypto Tony (@CryptoTony__) August 3, 2022

While the optimistic beneficial properties over the previous six weeks have been a welcomed signal for the crypto trustworthy, skilled individuals know that market just isn’t out of the woods but, as earlier crypto winters have witnessed bear market rallies that have been adopted by newer lows.

A historic perspective on when the underside for BTC may happen was supplied by market analyst Rekt Capital, who posted the next tweet, which means that the low will happen in This autumn of 2022.

In 2015, #BTC bottomed 547 days earlier than the Halving

In 2018, $BTC bottomed 517 days earlier than the Halving (low cost March 2020 crash)

If Bitcoin goes to backside 517-547 days earlier than the upcoming April 2024 Halving…

Then the underside will happen in This autumn this 12 months#Crypto #Bitcoin

— Rekt Capital (@rektcapital) August 2, 2022

Altcoins shut the day combined

It was a combined day for the Altcoin market as a big share of tokens noticed modest beneficial properties whereas Ethereum (ETH) booked a slight decline of 0.37% and Solana (SOL) dipped by 4% following its newest setback.

Daily cryptocurrency market efficiency. Source: Coin360

The high gainers for the day have been the layer-two protocol Optimism (OP), the liquid staking platform Lido DAO (LDO) and the proof-of-work protocol Kadena (KAD), which placed on beneficial properties of 25.62%, 15% and 9.68% respectively.

The total cryptocurrency market capitalization now stands at $1.083 trillion, and Bitcoin’s dominance fee is 42.1%.

Disclaimer: The views expressed on this article are these of the writer and should not replicate these of Kitco Metals Inc. The writer has made each effort to make sure accuracy of knowledge offered; nevertheless, neither Kitco Metals Inc. nor the writer can assure such accuracy. This article is strictly for informational functions solely. It just isn’t a solicitation to make any change in commodities, securities or different monetary devices. Kitco Metals Inc. and the writer of this text don’t settle for culpability for losses and/ or damages arising from using this publication.

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