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  • Tuesday, March, 2023| Today's Market | Current Time: 08:50:32
  • Do you follow the dynamics of the world’s largest, most popular, and highest capitalized cryptocurrency, bitcoin (BTC)? If so, it’s critical to keep an eye on the powerful crypto’s pricing movements as the economy shuffles into a potentially long recession. People with skin in the BTC game want to know what the true resistance and support levels are, whether bitcoin will continue to track equities, how long sideways trading will last, and much more.

    If ever there were a time to pay attention to the latest crypto market news and daily movements in the leading coin’s value, it is now, smack in the middle of Q3, and during the beginning months of what many believe will be a significant contraction of global markets. What’s at the top of the must know list for altcoin enthusiasts, particularly investors and traders who follow BTC? Here are the most pertinent pricing facts that can help with decisions about position sizing, entry points, and other essential matters.

    Latest Developments

    The big story in BTC-USD trading is the fact that the Chinese government did not take retaliatory action against a US congressperson visiting Taiwan, also known as Democratic China. When House Speaker Nancy Pelosi landed at Taipei airport, the communists did nothing, even though they had two fully-armed aircraft carriers skulking around the nearby waters. The development, or inaction on the part of the communist dictatorship, is good news for altcoin markets, as it means there likely won’t be a huge international conflict over Pelosi’s visit. It was such good news, in fact, that BTC, the world’s leading cryptocurrency, surged to just a few dollars below its recent resistance point of $23,500. Notably, the current price, $23,185, is coming close to reaching the coin’s 50-day moving average. In most asset markets, when the daily price crosses over and above a 50-day level, that means a further rise could be in the cards.

    New Support and Resistance Levels

    During the latter part of Q2, the coin dove in value, transforming its former support level into a new point of resistance. However, as of mid-Q3, bitcoin’s apparent long and short trigger points remain around the $23,500 and $22,650 marks. Any deviation or battle of leverages above that range could witness a huge inflow of individual and institutional investors going long. Any dip below it could see a massive selloff, in which all categories of traders, both amateur and professional, look for ways to short BTC.

    The Equities Connection

    There’s a theory that all the recent bad economic news has already been factored into the crypto markets, particularly into the prices of the leading coins like ETH and bitcoin. Add in the fact that equities indices have been tracking altcoin values for more than two years, and that leads many investors to entertain bullish thoughts about the entire cryptocurrency sector. Indeed, July 2022 was a month in which the stock market enjoyed its most profitable month since late 2020. If that spells a turnaround in the equities sector, then it could portend very good things for crypto as well.

    The Long View

    Anyone who studies bitcoin’s price history knows that November of 2020 marked a major inflection point in value. Since that time, the market leading altcoin has risen to record setting heights and endured precipitous falls. However, as of August 2022, its value, $23,180, matches where it was in November of 2020. What is the statistical meaning of that fact? It means that BTC’s gains since late 2020 have all been wiped out. That’s the negative way of looking at the situation. The positive way is to realize that back in November 2020, the financial media was yelping in delight at the upward trajectory of the cryptocurrency sector in general and at BTC’s potential as a sound investment.

    Gold is Not Surging

    When the economy turns sour and investors get really worried about their stocks, altcoin investments, and similar assets, they often turn to investing in gold as a safe haven spot to park their capital. When gold is stagnant or falling, that’s usually a sign that prospective investors and traders are not exiting equities or altcoin assets in droves. As of August 2022, bitcoin’s behavior has been on the plus side compared to one month prior, when it was valued at about $20,000. During that same one-month time frame, gold’s price has not changed, except to post offsetting gains and losses. From the looks of things, people are more interested, at least recently, in putting their capital into crypto instead of gold. The final months of the year will tell the story, as all the top cryptos could reveal whether they are headed north or south.


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