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(Kitco News) – The overall cryptocurrency market was trending higher on Wednesday, with most of the top 100 tokens up slightly, but a positive day for traditional markets, with the S&P 500, Dow, and Nasdaq all up. 1.56%, 1.29% higher.
Data provider TradingView the price of Bitcoin (BTC) rose 3.75% from a low of $22,805 in the early hours of trading, hitting a daily high of $23,661 before pulling back to support near $23,400.
BTC/USD 4-hour chart.Source: Trading View
Financial markets’ green day follows US House Speaker Nancy Pelosi’s big visit to Taiwan, which has generated considerable buzz and positive attitudes from Beijing over the past week. So far, China’s reaction has been muted, which has helped encouraged traders to stay active in the market and adopt a more ‘risk-on’ approach.
Bitcoin Future Outlook
Positive gains across cryptocurrency markets over the past few months were noted Wednesday morning simply Jim Wyckoff, Senior Market Analyst at Kitco, highlighted the fact that “price is on the uptrend of six weeks ago on the daily bar chart, but is barely rising.”
But now is not the time to be complacent. Bitcoin‘s 24-hour trading volume suggests waning momentum, with Wyckoff commenting, “We need the bulls to quickly step up and show their strength to sustain the uptrend in price.” doing.
Insight into key support and resistance levels for Bitcoin The opinion that traders should pay attention to moving forward was provided by Twitter user Crypto Tony. He suggested that a close above $23,500 would be a good signal to open his position long, and a break below the $22,650 support might be an opportunity to initiate a short. .
simple this morning #bitcoin ..
– Well above the $23,500 resistance
– Short below support at $22,650 pic.twitter.com/onXXRvdXx8Crypto Tony (@CryptoTony__) August 3, 2022
While the positive rally of the last six weeks was a welcome sign for crypto aficionados, experienced participants noted that previous crypto winters had seen bear market rebounds followed by new lows. continued, we know the market is not out of the woods yet.
A historical outlook on when BTC’s trough will occur was provided by market analyst Rekt Capital, who posted the following tweet suggesting a trough in the fourth quarter of 2022.
2015, #bitcoin Hit bottom 547 days before half-life
2018, $BTC Hit bottom 517 days before halving (discount crash March 2020)
If Bitcoin bottoms out 517-547 days before the April 2024 halving…
And bottom out in Q4 of this year#Crypt #bitcoin
Rekto Capital (@rektcapital) August 2, 2022
Altcoins End The Day With Mixture
A mixed day for the altcoin market as Ethereum (ETH) posted a slight drop of 0.37% and Solana (SOL) followed suit with a 4% drop, while the majority of tokens posted a slight gain. was. recent setbacks.
Daily cryptocurrency market performance. sauce: Coin360
The day’s top gainers were layer 2 protocol Optimism (OP), liquid staking platform Lido DAO (LDO), and proof of work protocol Kadena (KAD) at 25.62%, 15% and 9.68% respectively. .
Currently, the overall cryptocurrency market capitalization has reached $1.83 trillion, Bitcoinis 42.1%.
Disclaimer: The views expressed in this article are those of the author and may not reflect the views of the author Kikko Metals Co., Ltd. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the authors can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation of an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the authors of this article accept no liability for loss and/or damage resulting from the use of this publication.
