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Saturday, August 6, 2022

Bitcoin Price Has Been Battling For The Resistance Zone Of $23.5K

The price of Bitcoin rose to a daily resistance zone at the Wall Street open on the 3rd of August as the United States equities gained some much-needed relief over Taiwan. According to data that was received from TradingView and Cointelegraph Markets Pro, it was understood that the exchange returned to the area which was just below $23,500- which has been seen as resistance since the month began.

The pair had also held on to this exact zone as support previously and had been deciding whether a new resistance or support flip was on the cards. According to Crypto Tony, a popular trader, the price of $23,500 was the price that BTC would be looking towards. 

Several Investors Have Set Their Eyes on Bitcoin’s Movement

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On the downside, Pentoshi- a fellow trader- also went on to highlight the area that was between $21,800 and $22,000 as the line in the sand for Bitcoin. Stocks performed quite well on the day when needed, with the Nasdaq Composite Index and the S&P 500 gaining 2% and 1.2% respectively after the market opened. News that Nancy Pelosi, the US House Speaker, had visited Taiwan without any serious repercussions from China had simply alleviated the mood.

The US Dollar index, after it went through solid gains of its own at the start of the week, went on to consolidate after it faced resistance at 106.8 on hourly timeframes. The intra-day lows also went on to match with the highs from May- a noted by analysis- with the potential for new two-decade highs that were still in play. 

Meanwhile, in a summary that highlighted the status quo in Bitcoin and Ether, ARK Invest went on to paint quite a mixed picture of what the market could appear to be in 2022. Cathie Wood, the CEO of the firm, stated that investors would have all of their eyes zoomed in on macro triggers. The United States, according to the firm, definitely represented the majority of buy interest in BTC during the recovery in July.

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