The Bitcoin Market and Important Economic Data
Bitcoin Price Shows Rapid Dip
The bitcoin price has been trading within a tight range around $26,000 for some time, but last night it started to drift further away. Just before midnight, it hit a low of $25,520, after which it quickly rebounded. The $26,000 level still acts as a strong magnet for the price.
With the BTC price still in a tight range, analyst Ali mentioned on Twitter that $25,400 is an important support level to prevent the price from dropping to $22,650 or even $20,590.
The URPD shows that if $BTC loses $25,400 as support, it could dip to $22,650 or even $20,590. #BTC needs to surpass the $28,830 resistance for a bullish trend reversal!
The current BTC price on Bybit cryptocurrency exchange is $26,043 while it is €23,971 on the Dutch exchange Bitvavo.
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Bitcoin Today: Important US Economic Data
Today, several important economic data points from the United States will be released, which could have a significant impact on financial markets.
Firstly, at 2:00 PM, the number of issued US building permits will be shared. This is considered a significant indicator of the health of the construction sector and the broader economy.
At 3:45 PM and 4:00 PM, the services purchasing managers’ index for August and new home sales for July will be published. The services purchasing managers’ index is an economic indicator that reflects the health of the service sector.
The new home sales measure the number of newly sold homes in the last month and provide insights into the demand for new homes and the strength of the US economy.
Finally, at 4:30 PM, the US crude oil inventories will be released. While this mainly affects oil prices, other financial markets may also experience volatility.
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In general, the data provides insights into the strength of the broader US economy. If the figures exceed expectations, it could have a positive impact on risk assets like bitcoin.
If the data turns out to be lower than expected, the fear of a recession may increase. In such cases, a safe haven like gold can be a valuable addition to everyone’s portfolio. Dutch company GoldRepublic is currently offering new users a boost by giving them 1 gram of gold worth nearly €60 for free when they create an account and purchase €100 worth of precious metals.
Key Crypto News from Yesterday
If you missed yesterday’s crypto news, here’s a brief overview of the news you shouldn’t miss.
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First of all, Binance’s cryptocurrency, Binance Coin (BNB), is currently facing difficulties. The crypto token has dropped to its lowest price in two years amid uncertainty and negativity surrounding the trading platform. You can read more about it in this article.
In addition, the Dutch government has expressed its support for the digital euro. The caretaker cabinet has stated in a letter to the rest of the second chamber that it believes the digital euro should be the sole currency in the European Union.
In conclusion, the bitcoin market experienced a rapid dip in its price, but it quickly rebounded to the familiar $26,000 level. The range-bound nature of the BTC price has analysts closely watching the support level at $25,400. Today, important economic data from the United States will be released, which could have a significant impact on financial markets and the broader US economy. Investors will be keeping a close eye on these data points to assess the strength of the economy and its implications for risk assets like bitcoin. Additionally, recent crypto news highlights the challenges faced by Binance’s BNB token and the Dutch government’s endorsement of the digital euro. As the crypto market continues to evolve, it is important to stay informed about the latest developments and make well-informed investment decisions.