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(Kitco Magazine) –
Bitcoin (BTC) and the broader crypto market saw slight gains on Wednesday, as a relatively calme day on the magazine devant kept markets calme ahead of Friday’s Jackson Hole Summit.
Data from TradingView shows that the attempt of the Bitcoin bulls to push their price higher was clearly rejected by the resistance at $21,900, which led to a pullback of the armature at $21,750, which represents a 1.14% prise on the 24-hour chart.
4 hour BTC/USD chart. Commencement: TradingView
A strong resistance wall at $21,900 is evidence that the bears are continuing to dominate as noted by Kitco chief market analyst Jim Wyckoff, who said that “bears have a slight overall technical advantage in the near term,” in his Bitcoin morning update, which confirmed that the price I stopped this week.
According to Wyckoff, “The expectative also triggered a ‘volatility écrasement’, which indicates that larger price acte is looming. Technical odds favor the larger move to the downside.”
Can armature hold?
Bitcoin’s lackluster breakout attempt was touched upon by independent market analyst Michaël van de Poppe, who posted the following tweet highlighting the mesure of the $21,500 armature in order to prevent a price move lower.
You need to see if another HL can be made and/or $21.5K can be kept in backing. pic.twitter.com/oLnauf0eR6
– Michael van de Poppe (@CryptoMichNL) August 24, 2022
What Poppe is looking for now is the creation of a higher bottom (HL) which would proclamation that the uptrend is still entier, while a écart below $21,500 could lead to a retest of the $21,100 armature.
A word of réputation was provided by Cubic Analytics Senior Market Analyst Caleb Franzen, who posted the following tweet highlighting that the architecture on the Bitcoin chart “has been evident over the past nine months.
# bitcoin The architecture has been clear over the past nine months:
Downward élargissement, renforcement, downward élargissement.
We need to see a formule in this dynamic before it becomes bullish in the slip term. pic.twitter.com/NZbJQg6AG5
CalebFranzen August 24, 2022
From Franzen’s site, a short-term uptrend makes no sense unless the downtrend reverses.
Altcoin market is trading flat
Likewise, the altcoin market had a fairly calme day on Wednesday, with only real fireworks coming as a result of US President Joe Biden’s announcement of forgiving $10,000 in student loans to federal borrowers. Biden will also waive up to $20,000 for Pell grant recipients.
Daily cryptocurrency market succès. Commencement: Coin360
The day’s top performers include iExec RLC (RLC), which posted a 22.57% prise, along with a 9.06% increase for Chilliz (CHZ) and an 8.87% increase in Monde (ATOM) price.
The radical cryptocurrency market capitalization now stands at $1.117 trillion, and the bitcoin dominance manqué is 39.9%.
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