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

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Data provided by TradingView shows that the price of Bitcoin rallied 3.75% from a low of $22,805 in the early trading hours to hit a daily high of $23,661 before pulling back to support near $23,400.The green day for financial markets follows the much-hyped visit by U.S. House of Representatives Speaker Nancy Pelosi to Taiwan, a trip that generated quite the buzz and aggressive posturing from Beijing over the past week.

Insight into the major support and resistance levels for Bitcoin that traders should keep an eye on moving forward was offered by Twitter user Crypto Tony, who suggested that a close above $23,500 would be a good signal to open a long position while a drop below support at $22,650 might be an opportune time to open a short.

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Bitcoin: Evaluating if investors are seeing a bear market rallyBitcoin, the largest cryptocurrency has rallied strongly off the bottom, reaching above the $23k mark. So does this imply the beginning of the bull market? Well, Glassnode in its latest weekly ‘On Chain’ report on 1 August shed some insight on this narrative. The report assessed if the current market momentum was a vote to […]
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