A new day is at the door. For the early risers among us, here’s a quick rundown of Bitcoin (BTC) price, last night’s crypto news, and the current state of affairs. Bitcoin crashed last night, but after a quick recovery, it found the familiar $26,000 level again. Perhaps we can expect some volatility again today. Indeed, some important economic data will be released.
Bitcoin price is falling rapidly
Starting with the bitcoin price. Bitcoin has been trading in a tight range around $26,000 for quite some time, but last night it continued to move away from it. A low of $25,520 was reached just before midnight, after which the upside began. The $26,000 is still a strong magnet in that regard.
The situation therefore remains unchanged as the BTC price is tight Range. Well-known analyst Ali said on X formerly known as Twitter yesterday that $25,400 is an important value Support serves to prevent the price from falling towards 22,650 or even 20,590.
#Bitcoin | The URPD shows that if $BTC If the price loses $25,400 as support, it could drop to $22,650 or even $20,590.#BTC For a bullish trend reversal, the $28,830 resistance must be breached! pic.twitter.com/UFlJW45SDA
— Ali (@ali_charts) August 22, 2023
The current BTC price on crypto exchange Bybit is $26,043. On the Dutch Bitvavo, the price is 23,971 euros.
Bitcoin Today: Key US Data
Several key economic data releases from the US today that may have the needed impact on the financial markets.
First, at 2:00 p.m., the number of US building permits issued will be announced. This is considered a meaningful indicator of the health of the construction industry and the economy as a whole.
Then, at 15:45 and 16:00 CET, the services PMI for August and the new home sales for July will be released. The Services Purchasing Managers’ Index is an economic indicator that reflects the health of the service sector.
New Home Sales measures the number of new homes sold in the last month and provides an indication of demand for new homes and the strength of the US economy.
Finally, at 4:30 p.m., US crude stocks are released. While this primarily affects oil prices, it can also cause volatility in other financial markets.
Overall, the data provides insights into the overall strength of the US economy. If the numbers come out higher than expected, it could provide a positive boost for risky assets like Bitcoin.
Lower numbers could increase fears of a recession. A safe haven like gold can be a valuable addition to any portfolio. The Dutch GoldRepublic is now giving new users a boost by giving away 1 gram of gold, worth almost €60, for free. If you create an account with GoldRepublic using this link and buy 100 euros worth of precious metals, you will receive this welcome gift.
The most important crypto news from yesterday
If you ignored the crypto news yesterday, here’s a quick rundown of what’s new not to miss.
First, Binance’s crypto Build ‘n Build (BNB) is currently in trouble. The cryptocurrency has fallen to its lowest price in two years amid much uncertainty and negativity surrounding the trading platform. You can read more about this in this article.
In addition, the Dutch government has expressed its support for the digital euro. The outgoing cabinet has said in a letter to the rest of the second chamber that it believes the digital euro should be the only currency in the European Union.