Bitcoin Price Drops $23,000 During Pelosi's Taiwan Visit as Trading Range Persists
Status quo sees challenge from US-China tensions as key levels remain in play for bulls.
Market Update
Bitcoin (BTC) has seen volatility after Wall Street opened on Aug. 2 amid continued market reactions to tensions between the US and China.
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD soared above $23,000 on the day news broke that Nancy Pelosi, Speaker of the United States House of Representatives, had landed in Taipei, Taiwan, after warnings of retaliation from Beijing.< /p>
The visit, which had raised fears of a major incident, appeared to have gone off without a hitch, which an analyst at banking giant JPMorgan had previously said would trigger a market rally.
she succeeded, pumps the markets pic.twitter.com/Os09HTGIoc
— Fomocap (@fomocapdao) August 2, 2022The S&P 500 and Nasdaq Composite indices were slightly higher at the time of writing, reversing initial losses. Previously, Asian markets had been less resilient to uncertainty, with the Shanghai Composite Index and Hong Kong's Hang Seng losing around 2.3% on the day.
As traders eyed an end to the calm of the past few days in BTC, it remained to be seen whether the important trendlines nearby would continue to hold after seeing a retest...
Status quo sees challenge from US-China tensions as key levels remain in play for bulls.
Market Update
Bitcoin (BTC) has seen volatility after Wall Street opened on Aug. 2 amid continued market reactions to tensions between the US and China.
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD soared above $23,000 on the day news broke that Nancy Pelosi, Speaker of the United States House of Representatives, had landed in Taipei, Taiwan, after warnings of retaliation from Beijing.< /p>
The visit, which had raised fears of a major incident, appeared to have gone off without a hitch, which an analyst at banking giant JPMorgan had previously said would trigger a market rally.
she succeeded, pumps the markets pic.twitter.com/Os09HTGIoc
— Fomocap (@fomocapdao) August 2, 2022The S&P 500 and Nasdaq Composite indices were slightly higher at the time of writing, reversing initial losses. Previously, Asian markets had been less resilient to uncertainty, with the Shanghai Composite Index and Hong Kong's Hang Seng losing around 2.3% on the day.
As traders eyed an end to the calm of the past few days in BTC, it remained to be seen whether the important trendlines nearby would continue to hold after seeing a retest...
What's Your Reaction?
