A new day is at the door. For the early risers among us, here is a quick rundown of the Bitcoin (BTC) price, yesterday’s top crypto news, and the current state of affairs. Bitcoin started its uptrend last night, but what exactly can we count on today?
Bitcoin price is rising
Bitcoin price started rising around 3pm last night. It hit a high of $26,800 from a low of around $25,800. Resistance was then found here, whereupon the price recovered slightly.
Bitcoin has been hovering near $26,000 for the past few days, but it is now priced at $26,475 on crypto exchange Bybit. The price on the Dutch Bitvavo is 24,357 euros. The price is around 1.73 percent higher than yesterday.
Bitcoin appears to have started another sideways move for now, but viewing the $25,800 overnight move as strong remains positive Support served. Trader Tardigrade let us know what important prizes to keep an eye on via a message on X, formerly known as Twitter.
— Trader Tardigrade (@TATrader_Alan) August 23, 2023
In terms of support, 25,800 and 24,800 are proving to be important levels that should prevent more intense carnage. As for resistance, $26,700 and $28,000 are important walls to break.
Bitcoin Today: Data from the USA
Nothing spectacular is planned for today in the economic calendar. Some volatility may not materialize until 2:30 p.m., which is when two reasonably important data points are released from the United States.
First, the core durable goods orders for the past month are published. This is an economic indicator that, as the name suggests, measures durable goods orders from manufacturers in the United States.
Should the numbers turn out higher than expected, it could improve sentiment on the financial markets. An increase of 0.2 percent is taken into account.
In addition, the first applications for unemployment benefits will be published at the same time today. This is purely a measure of the number of people filing for first-time unemployment benefits this week. It is used as a measure of the health of the labor market. A total of 240,000 requests are expected and deviations from this could affect the Bitcoin price.
The most important crypto news from yesterday
Finally, we briefly summarize the most important developments from yesterday’s crypto news.
First of all, the bitcoin shot mining difficultyor the difficulty of the mining process, to a new record. As a direct result of an all-time high hash rate The level of difficulty has increased by a total of 6.17 percent.
In addition, Crypto Insiders published yesterday that the global economy is weakening. A global recession seems to be looming and that is just bad for investments like bitcoin. You can read more about this in this article.