Top cryptocurrency news: Price of BTC struggles against $23.5K resistance as Pelosi's trip to Taiwan

Chinese retaliation has not yet materialised, which gives U.S. equities more confidence as fresh data indicates that the market is growing more "risk-on."

Stocks rise as the US dollar weakens

Data from CoinGabbar showed that BTC/USD was moving back toward the $23,500 resistance level that had been there since the beginning of the month.

The pair was debating if a new resistance/support flip was imminent after previously holding the same zone as support. Thus, $23,500 was the price to keep an eye on in order to buy Bitcoin for popular trader Crypto Tony.

The "line in the sand" for BTC, according to fellow trader Pentoshi, is between $21,800 and $22,000.

The S and P 500 and Nasdaq Composite Index increased after the open by 1.2 percent and 2 percent, respectively, reflecting the positive performance of stocks on the day. The good news that U.S. House Speaker Nancy Pelosi had started her trip to Taiwan without facing any consequences from China lifted spirits.

After making significant gains of its own at the beginning of the week, the U.S. dollar index (DXY) faced resistance at 106.8 on hourly timeframes and then consolidated. Analysis found that the intraday lows coincided with May's highs and that there was still room for fresh two-decade highs, which would cause friction between cryptocurrencies and risky assets.

Will equities continue to be resilient as the dollar begins to show potential signs of strength (and rates rise sharply)? Price action in 2022 tells us "no," according to market expert Caleb Franzen.

Emerging Risk-On Environment is ARK's focus.

A mixed picture of the market's potential direction in 2022 was portrayed by investment firm ARK Invest in their evaluation of the current state of Bitcoin and Ether (ETH).

All eyes were now on macro triggers, according to ARK analysts, including CEO Cathie Wood, in the most recent issue of their research series, "The Bitcoin Monthly."

Since COVID, there has been a positive correlation between bitcoin and US stocks, and the fact that the US is the country that moves bitcoin prices the most shows that a risk-on market environment is developing "They composed.

According to ARK, the majority of buyers of Bitcoin during July's recovery likely came from the United States.

"However, the likelihood of a sustained rebound is unsure going forward. ARK issued a projected "unlikely" negative objective of less than $14,000 while describing its position as "neutral."