• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Bitcoin price battles $23.5K resistance amid relief over Pelosi Taiwan trip

Jon Hartney by Jon Hartney
August 3, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

A lack of immediate retaliation from China emboldens U.S. stocks as new research concludes that the market is becoming increasingly “risk-on.”

Bitcoin (BTC) rose to daily resistance at the Aug. 3 Wall Street open as United States equities gained on relief over Taiwan.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Stocks gain as US dollar coils

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to the area just below $23,500, which had figured as resistance since the start of the month.

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

The pair had previously held the same zone as support, and was now deciding on whether a new resistance/ support flip was on the cards.

For popular trader Crypto Tony, $23,500 was thus the price to watch to long BTC.

$BTC / $USD – Update

Keep it simple this morning on #Bitcoin ..

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

— Crypto Tony (@CryptoTony__) August 3, 2022

To the downside, fellow trader Pentoshi highlighted the area between $21,800 and $22,000 as the “line in the sand” for BTC.

Stocks performed well on the day, meanwhile, with the S&P 500 and Nasdaq Composite Index gaining 1.2% and 2%, respectively, after the open. News that U.S. house speaker Nancy Pelosi had begun a visit to Taiwan without repercussions from China buoyed the mood.

The U.S. dollar index (DXY), after solid gains of its own at the start of the week, consolidated after facing resistance at 106.8 on hourly timeframes. The intra-day lows matched with highs from May, analysis noted, with the potential for new two-decade highs still in play in what would represent friction for crypto and risk assets.

“As the dollar starts to show potential signs of strength (and yields begin to rip higher), will stocks continue to remain resilient? Price action throughout 2022 tells us ‘no,'” market analyst Caleb Franzen warned.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

ARK taps “emerging risk-on environment”

In a summary of the status quo in Bitcoin and Ether (ETH), meanwhile, investment firm ARK Invest painted a mixed picture of where the market could go in 2022.

Related: ARK Invest ‘neutral to positive’ on Bitcoin price as analysts await capitulation

In the latest edition of its research series, “The Bitcoin Monthly,” ARK analysts including CEO, Cathie Wood and others said that “all eyes” were now on macro triggers.

“Given the positive correlation between bitcoin and US equities since COVID, the US being the leading price mover of bitcoin suggests an emerging risk-on market environment,” they wrote.

The United States, ARK added, had likely represented the majority of buy interest in Bitcoin during July’s recovery.

Going forward, however, the odds of an extended rebound were uncertain. Describing its stance as “neutral,” ARK delivered a potential “unlikely” bearish target of just under $14,000.

“Comparable to the selloff at the peak of the COVID crisis, bitcoin’s price did not reach its delta cost basis, a price adjusted cost basis that subtracts the life-to date moving average of market price from its market cost basis and serves as bitcoin’s strongest support level,” the report stated.

“While the likelihood of touching its delta cost basis has diminished, bitcoin’s downside risk in a bear market technically stands at its delta cost basis, currently $13,890.”

Bitcoin cost basis chart (screenshot). Source: ARK Invest

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$22,894.00-1.07%
  • ethereumEthereum(ETH)$1,634.73-0.76%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.10%
  • binancecoinBNB(BNB)$328.050.39%
  • usd-coinUSD Coin(USDC)$1.00-0.13%
  • rippleXRP(XRP)$0.397987-1.52%
  • Binance USDBinance USD(BUSD)$1.000.25%
  • cardanoCardano(ADA)$0.3922520.03%
  • dogecoinDogecoin(DOGE)$0.092211-0.31%
  • OKBOKB(OKB)$44.153.02%
  • matic-networkPolygon(MATIC)$1.210.62%
  • SolanaSolana(SOL)$23.32-1.23%
  • Shiba InuShiba Inu(SHIB)$0.0000151.31%
  • Lido Staked EtherLido Staked Ether(STETH)$1,630.67-0.74%
  • polkadotPolkadot(DOT)$6.710.75%
  • litecoinLitecoin(LTC)$96.57-0.17%
  • AvalancheAvalanche(AVAX)$20.11-0.74%
  • tronTRON(TRX)$0.063555-1.05%
  • UniswapUniswap(UNI)$6.83-2.50%
  • daiDai(DAI)$1.00-0.05%
  • cosmosCosmos Hub(ATOM)$14.411.18%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,839.00-1.18%
  • chainlinkChainlink(LINK)$6.98-0.24%
  • ToncoinToncoin(TON)$2.27-2.46%
  • leo-tokenLEO Token(LEO)$3.44-1.17%
  • ethereum-classicEthereum Classic(ETC)$22.70-1.11%
  • moneroMonero(XMR)$166.97-1.75%
  • bitcoin-cashBitcoin Cash(BCH)$133.59-0.62%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • AptosAptos(APT)$15.05-3.51%
  • stellarStellar(XLM)$0.091057-0.34%
  • ApeCoinApeCoin(APE)$5.740.98%
  • QuantQuant(QNT)$140.750.79%
  • CronosCronos(CRO)$0.080824-1.02%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.38-1.46%
  • filecoinFilecoin(FIL)$5.27-0.65%
  • algorandAlgorand(ALGO)$0.258623-0.38%
  • HederaHedera(HBAR)$0.069666-0.72%
  • Lido DAOLido DAO(LDO)$2.165.85%
  • vechainVeChain(VET)$0.024047-0.56%
  • Internet ComputerInternet Computer(ICP)$5.57-1.55%
  • FantomFantom(FTM)$0.56-3.67%
  • decentralandDecentraland(MANA)$0.73-2.16%
  • The SandboxThe Sandbox(SAND)$0.73-1.84%
  • Axie InfinityAxie Infinity(AXS)$10.94-0.56%
  • AaveAave(AAVE)$86.451.16%
  • The GraphThe Graph(GRT)$0.13257516.12%
  • eosEOS(EOS)$1.08-0.47%
  • FlowFlow(FLOW)$1.120.80%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.0001883.86%
  • MultiversXMultiversX(EGLD)$44.93-0.40%
  • theta-tokenTheta Network(THETA)$1.09-0.89%
  • tezosTezos(XTZ)$1.17-1.02%
  • FraxFrax(FRAX)$1.000.09%
  • true-usdTrueUSD(TUSD)$1.00-0.06%
  • huobi-tokenHuobi(HT)$5.570.45%
  • paxos-standardPax Dollar(USDP)$1.00-0.33%
  • bitcoin-cash-svBitcoin SV(BSV)$43.831.44%
  • kucoin-sharesKuCoin(KCS)$8.63-1.14%
  • havvenSynthetix Network(SNX)$2.59-1.78%
  • Frax ShareFrax Share(FXS)$11.008.73%
  • Curve DAOCurve DAO(CRV)$1.072.14%
  • Rocket PoolRocket Pool(RPL)$39.521.54%
  • ChilizChiliz(CHZ)$0.1403830.20%
  • PancakeSwapPancakeSwap(CAKE)$4.501.20%
  • ImmutableXImmutableX(IMX)$0.914.85%
  • USDDUSDD(USDD)$0.99-0.14%
  • eCasheCash(XEC)$0.000037-0.46%
  • BitTorrentBitTorrent(BTT)$0.000001-1.43%
  • dashDash(DASH)$62.575.04%
  • iotaIOTA(MIOTA)$0.2460501.35%
  • BitDAOBitDAO(BIT)$0.571.10%
  • Trust WalletTrust Wallet(TWT)$1.60-1.73%
  • Mina ProtocolMina Protocol(MINA)$0.78-1.60%
  • KlaytnKlaytn(KLAY)$0.205872-0.84%
  • OptimismOptimism(OP)$2.932.59%
  • makerMaker(MKR)$693.190.83%
  • GateGate(GT)$4.29-3.80%
  • neoNEO(NEO)$8.720.09%
  • cUSDCcUSDC(CUSDC)$0.0227450.05%
  • ArweaveArweave(AR)$11.470.60%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.31%
  • GMXGMX(GMX)$67.563.67%
  • OKCOKC(OKT)$31.740.48%
  • zcashZcash(ZEC)$44.02-1.73%
  • cDAIcDAI(CDAI)$0.0221631.28%
  • RenderRender(RNDR)$1.877.45%
  • THORChainTHORChain(RUNE)$1.811.07%
  • RadixRadix(XRD)$0.053865-8.38%
  • Tokenize XchangeTokenize Xchange(TKX)$6.68-1.13%
  • OsmosisOsmosis(OSMO)$1.01-0.75%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.10-0.39%
  • singularitynetSingularityNET(AGIX)$0.4315202.17%
  • PAX GoldPAX Gold(PAXG)$1,871.090.57%
  • enjincoinEnjin Coin(ENJ)$0.4716111.54%
  • loopringLoopring(LRC)$0.373621-1.32%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.00000013.38%
  • Convex FinanceConvex Finance(CVX)$6.25-0.76%
  • zilliqaZilliqa(ZIL)$0.028702-0.34%