Bitcoin Price Clips $23K on Pelosi Visit to Taiwan as Trading Range Maintains
Bitcoin Price
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Bitcoin Price Clips $23K on Pelosi Visit to Taiwan as Trading Range Maintains
Pelosi Lands in Taipei as BTC Price U-Turn Landed in Taiwan. Warning of retaliation from Beijing. The visit, which had raised concerns of a major even thappening, appears to be without a hitch - an analyst at major banking giant JPMorgan had earlier said it would lead to a rally in the market.
Both the S&P 500 and Nasdaq Composite Indexes were up slightly at the time of writing, reversing initial losses. Earlier, Asian markets were underperformed by uncertainty, with the Shanghai Composite Index and Hong Kong's Hang Seng both falling around 2.3% on the day. As traders end the recent few days of calm on BTC, it remains to be seen whether a nearby important trendline will hold up even after seeing an overnight retrace.
Popular trader Crypto Tony forecast, “The next few weeks/months are going to be volatile with macro events playing a bigger role than ever in the cryptocurrency space.” Cryptocurrency Tony says he will increase his allocation if BTC/USD breaks out of the range between the $22,000 and$24,000 lows.That limit
was shared by fellow trader Credible Crypto, who nonetheless acknowledged the possibility of a $25,000 trip. “We expect the BTC price to move higher from here for the third quarter, with limited upward rallies, but also reduced price volatility,” analysts wrote in their market summary released in August."
Beyond that time frame, however, QCP did not rule out a move to "break the low" to officially end the current bear market. In "extreme" circumstances, it said, prices could go as low as $10,000.
US Vice President Mike Pence arrives in Asia on Sunday, as the value of bitcoin continues to dip after a cryptocurrency conference in Japan. The Democratic speaker of the House of Representatives, Nancy Pelosi, landed in Taiwan on Sunday as the cryptocurrency's price drops below $10,000. As trading range nearby $10,000, we are looking for a move above $11,000, indicating that the bear market has ended. We are expecting a gap-up as it happened before to keep the current bull market going.