Crypto Market Trends Higher as Bitcoin Faces Resistance at $23,600

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(Kitco News) — The cryptocurrency market in general headed higher on Wednesday, with the majority of coins in the top 100 posting slight gains, while the positive day in traditional markets saw the S&P 500, Dow, and Nasdaq up 1.56% and 1.29%

Data provided by TradingView shows that the price of Bitcoin (BTC) rose 3.75% from the low of $22,805 in early trading hours, to reach a daily high of $23,661 before falling back to support around $23,400.

4 hour BTC/USD chart. Source: TradingView

A Green Day for Financial Markets comes on the heels of the very encouraging visit of US House Speaker Nancy Pelosi to Taiwan, a trip that has generated great fanfare and aggressive attitudes from Beijing over the past week. So far, China’s response has been muted, helping traders stay active in the markets and adopt a more “risk-on” approach.

Bitcoin Prospects Moving Forward

Positive gains across the crypto market over the past two months were noted in a Wednesday morning briefing from Kitco chief market analyst Jim Wyckoff, who highlighted the fact that “prices are still in a six-week uptrend on the daily bar chart., but barely “.

Now is not the time for complacency, as the 10% drop in bitcoin trading volume over 24 hours indicates a drop in momentum, leading Wyckoff to comment that “the bulls need to step up and show strength soon to keep the uptrend alive.” “

Twitter user Crypto Tony provided an insight into the key Bitcoin support and resistance levels that traders should watch moving forward, who suggested that a close above $23,500 would be a good signal to open a long position with a dip below support at $22,650 might be the time appropriate to open a short position.

While the positive gains over the past six weeks have been a welcome sign for crypto-believers, experienced participants know that the market is not out of danger yet, as previous crypto winters saw spikes in the market followed by fresh declines.

Market analyst Rekt Capital offered a historical perspective on when the BTC bottom might occur, and he posted the following tweet, which states that the drop will occur in the fourth quarter of 2022.

Altcoins close today mixed

It was a mixed day for the Altcoin market as a large percentage of the tokens saw modest gains while Ethereum (ETH) posted a slight 0.37% drop and Solana (SOL) down 4% after the latest setback.

Daily cryptocurrency market performance. Source: Coin360

The top gainers today were Layer Two Optimism Protocol (OP), liquid storage platform Lido DAO (LDO) and Kadena Proof of Work Protocol (KAD), which posted gains of 25.62%, 15% and 9.68%, respectively.

The total cryptocurrency market capitalization now stands at $1.083 trillion, with the Bitcoin dominance rate at 42.1%.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, Kitco Metals Inc. cannot. Nor does the author guarantee this accuracy. This article is for informational purposes only. It is not a solicitation to conduct any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. does not accept The author of this article will be liable for losses and/or damages arising from the use of this publication.

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