Bitcoin Forum

Bitcoin market prices have witnessed a lot of resistance and several attempts to make a head up the price of $25k after several weeks of a downtrend, there have been a lot of speculations surrounding the present market situation. But with the right thought and analysis, I am sure if Bitcoin could break the present resistance price moving upward would be that hard anymore.

Imo the ath in 2017 was between $19k
and $22k (it was different for different exchanges from what I remember).

It looks to have also made the first resistance after breaking the power end of the ath as bitcoin consolidated around $22-24k. Aside from that, the main issue I can see is the $25k region as the bitstamp chart says we've already bounced away from there after being close to it.

Let us say the present resistance is at $25000, this is because bitcoin increased to $25000 two time recently, first on the 14th of August, while also in the follow day which was 15th of August. Bitcoin could not reach more than $25200 and the daily down trend began again, but just two days now.

This is just a short time speculation, the resistance could be strong around $25000, but it was noticed that the support was also strong around $20000, people are not really selling more around that price, people are holding.

I do not know about short time speculation, but if you can just hold your bitcoin for a long time, $25000 will have no option for bitcoin than to be a support level, leading to a time bitcoin will never fall below $25000 again, just like $2500 of the past, when bitcoin was around that low price if compared to today's price.

Are you buying right now? If $23k was such a good deal, people would be buying it up cheap.

Waiting for some Signal before buying again, if Bitcoin can beat the resistance most probably it will go back to its support level which can be a good signal to buy again. The market is getting better it’s just that many are still not confident about the Bitcoin trend and that’s why there’s still a huge resistance, eventually buyers will dominate the seller and that’s a good confirmation of a bull market again, just have more patience for now.

Sounds good, hope you are correct.   If 23k has so much resistance we should not pass through it easily, confirming 23k as a low is definitely better then the alternative.      Ideally we would not have come close to 23k like this but I guess if we consider weekly bars, it can still we turn this around and recover to a bullish recovery.

23k was first found as resistance to the 'dead cat bounce' first attempt upwards on June 14 and its been doing sideways slide ever since.   So more of the same isnt too much of a shock, disappointment is the gruel you get dished regular  till the day you break free.

What do you mean? we have broken it already, maintain that price for almost a month if I'm not mistaken, so there is no resistance. If you are talking about resistance then it's the $25k that is the biggest barrier we have right now. And we might as well call $23k the support line for now.

Although we have touch $25k or at least broke it, we didn't sustain that run. Just like in the past 2 days, we goes down again after around $24k-$25 levels.

Yeah, and its been a long time before breaking that tough resistance of 19k and as far as i remember which it had been broken when the market sentiment tends out to be positive which did really drive the price to break

that ceiling and even reaching out prices which we didnt even expect that it could really hit up into those levels.When we do based up on technicals then it couldnt really be ignored that there are things which we can

presume and tell that it would be the reason but we do know overall that market sentiment and possible upcoming events and fundamentals could really drive out possible price movement.

Shouldn't it be $25k? We're presently at $23k and we even moved up to $24k afaik. If you're saying that it's because we went back to $23k, then it's just that, it failed the check at $25k so it dropped down. Wouldn't really consider it to be that big imo, its something that often happens anyway. Not to mention that we've only been around a month in ever since Bitcoin dipped to the $20k levels from above $30k. Wouldn't really expect (nor want) a big pump all of a sudden.

Maybe the OP didn't see the latest price movement and just check the current price as we have now on the $23k'ish. But recently we have a lot of movement, even getting as high as $25k, but it just dropped down.

$25-$30k is the big resistance for us. We've seen that if the price reaches $25k-$28k then we might see another sort of mini bull run in the last week of this month or enter the 'ber months.

Price action of Bitcoin for me right now since last month is really superb for me, very natural and looks healthy.
Less huge candlewicks on daily candles which for me a healthy market right now. After the dump from it's all-time-high, I can feel the correction is already done and we are now creating a very long horizontal support around $20,000 - $30,000 level.

Yes, there is indeed a strong resistance at $25,000. But there is also a strong support at the $22,000 range. Every time the price is rejected at $25,000, the correction would remain to be mild. If it ever falls down below $23,000, there will be a strong rebound that would push the price up to once again challenge the resistance at $25,000.

I think with the overall traditional financial market starting to recover, Bitcoin would also follow. It's a matter of time before this $25,000 resistance would be converted into a strong support.

it is for us to wait mate , Bitcoin will make upward if we will continue supporting because remember that bitcoin is only depending on how we buy and sell , meaning from Demand and supply so if you are looking for increase then best to take part of buying also.
dont expect others to do it for you lol.

I think that the resistance at $23k is a weak resistance, its not that strong, as compared to the resistance at $25k. We all can see the sharp rejection after it had reached $25k. It will break those resistance soon its just a matter of time. But I'm having a feeling that bitcoin might test 21k again the upward movement is not yet confirmed totally, but I believe that the bear season will soon be over

Then you can't call it resistance as all if it can withstand that price, but I do agree that $25,000 is the real resistance because we have been rejected many times upon reaching this price. And as we can see in the last month, we moved from $20,000-$25,000 and that has been our price action.

Quickly glancing at the price, we are still in the $23,500 range, so not sure if we will retest $21,000 again. I mean the support at $22,000-is very weak. Unless some negative news again affecting investors mindset and sold short term.

As you can see now in the market, Bitcoin is a little difficult to rise and break through bigger resistance except for only $25K. But Bitcoin is still very strong in the market and is also in demand by many people so it still has the potential to realize a bigger increase this year even if not for the new ATH. But it can still be at a better price than the current price and everyone should still store Bitcoin better before releasing it into the market at a better price.

The previous support level will be a strong resistance at the present time, and 30k levels were support levels for a long time, and therefore approaching these levels will lead to a correction in the price, so we find that the price is slowly moving towards those levels.

As for the resistance at $25k or $26k, it is nothing but a reflection of the strength of the resistance at the levels of 30k, which makes the price weaker the closer we break a barrier.
It started with $21k, $22k and so on.

you can read more from here ---> https://bitcointalk.org/index.php?topic=5405627.0

Bitcoin price analysis in incomplete without us bringing in different incidents at different times,  if ton take 2017 for example, the present price was the all time high then and so if $25,000 price becomes a strong resistant level then we can be sure to say if that price benchmark is broken, the price could jump to 30,000 or even above that. Bitcoin has performed tremendously well in the past few months, but considering the present market actions, a lot of resistance has been created between the lines as the market keeps increasing and pressures from actors force the market volatility to happen frequently.

Yes, at some point that $23k became a resistance, but as time goes on, we overcome it, weaken and now it is the support. So it's also a cycle, resistance and then it will become a full blown support level, then goes up to the next price. So it's just a matter of time, it could be days, weeks and months for a certain price to be overcome like in our present price $25k. I can't remember how many times we get to it and then it went down very fast, maybe twice or thrice. So we will see how it will be in the next try, whether we can break it easy and then we will have a momentum run and then it will become the support.

I think retesting of $21k isn't a big deal for this season because the price is still playing around the reach as no precise direction has been confirmed for now as to that the price can drop down or up to meet the correction before riding any direction. I think IMO that the market is not ready for a major move, it is going to be within this reach for sometime.

Personally I see the correction to $23K as very healthy as an orderly form of consolidation at the highs as well as expecting nothing less this week (https://ip.bitcointalk.org/?u=https%3A%2F%2Fs3.tradingview.com%2Fsnapshots%2Fr%2FRmisz5wM.png&t=640&c=PSGeFV828_ksgQ) since rejection from $24.5K. Much better than eventually rolling over after losing bullish momentum that's for sure. Currently price is finding support at the support trend-line close to the 200 MA on the 4hr, so for now in the mid-term price remains picture perfect bullish, minus a bearish wedge.


$23K is also the 200 Week MA, so re-testing this as support\ for the third consecutive week is only increasing the bullish bias, as confirms longer-term bearish momentum is subsiding, as long as it holds of course.

Price in the round number usually give a psychological effect to traders. Most of the trader put order on that location because they knew that price will be rejected at some point around it. You will notice that whenever the price hit a round number price, It always result to a strong rejection or pump because it’s the deciding factor on what’s next movement.

Bitcoin price is already rejected at that price level multiple times which only means that the resistance there is very strong at this moment. We might experience a sell pressure once this wall don’t break for a long time because holders will be impatient to hold there tokens for a slow price action upwards.

and besides that 21,23,and 25k had already broken and still breaking these days with those crypto market is showing support for bitcoin and with that I am sure that its soon that we will take down that 30k again.
I may not sure how short to come but what I believe is that this will come soon.

You may be right. After a long period of bear market, the bull market has started, so the market has started to improve again. But one thing must always be believed the market is always the same.
#bitcoin MM 0.73

https://i.ibb.co/1bdPD1f/20220818-211608.png

Image source  (https://twitter.com/ChartsBtc/status/1559317865978683392?t=9MhdpmLkwEFeC2cqTxwRPw&s=19)

Resistance is a normal thing, you can't expect bitcoin to go back up without a real fight. The resistance cannot remain forever, the current resistance should be seen as a test of patience and wits to see those who will not chose to sell their bitcoin during this time. The struggle is to be one of those that will hold on to their bitcoins.

this is a situation where the market still doesn't have enough strength to break through strong resistance,
we know that $25k is the strongest resistance because if it breaks then $32k will probably be reached,
and if it can hold on then we will enter a new season, which is bullish season,
that's why resistance at $25k is very hard to break.

Exactly, that is why we call them resistances, it does not really make a lot of sense to question us why are they at those levels, the only thing we need to do is to acknowledge they exist and until they are broken the market will move sideways for some time, now I am not so sure we will accumulate the strength needed during this year for the price to surpass that resistance level, but if we do, I think we could reach a price slightly above 30k if that were to happen.

Resistance can’t break easily, usually it takes a lot of attempts before we finally see the breakout and right now we are still not yet able to break it and we are on the red candles again. It’s good though to hold in the level of $23k for BTC, that can still be the safest level so we can see the breakout later on or else if the price drops more, we might go back in a bear market again. Let’s just monitor the candles, investors will surely backup Bitcoin so we can finally break the resistance.

It isn't the right thought and analysis that fuel the Bitcoin rally.  It is the participation of the institution, FOMO-ing of traders and news affect the movement of Bitcoin.  So if hype and FOMO is present, I bet that $23k will get eatin easily.  Bitcoin had done that for several times now.

There are so many factors surrounding the btc price. And it is the combination of those that you mentioned. Up until now, we can't pinpoint which contributors largely influence the market price. But we are always hoping that it will go up and break a certain level. But before that happens, we should be ready so as not to regret once the price starts climbing up.

We've been too far away if we do compare out into its ATH which we've never been expecting that we would really be going this low into its price.It is playing around 20k+ price
and whenever it do hit up some resistances then this is where its been rejected and would really be going back into its original position which we really failed on breaking that ceiling.
We do need more positive sentiment and news or fundamentals for the price do able to break up with these levels.Rather than making yourself get stressed with these
movements then it would be wise if you do ensure your position so that you would able to utilize these price so that you could make profits later on.

I agree and also, Bitcoin market is still in a bearish trend so it's just normal to see this kind of resistance but at least it's not too deep since it's a bit higher than the 2017 ATH. Just imagine how much of a price there is in the future where the ATH is the new resistance in the future.

It's normal to see a market where it keeps pulling down since we are in a bearish market since during the bull run we didn't see Bitcoin price continue fighting with the resistance it was pumping during that time. Plus the demand and supply will make the price go pump so basically those fundamentals are gonna needed in order to see where Bitcoin price is going.

This also happens when bitcoin is at $20k bitcoin goes sideways around $20k for a while and then moves slowly towards $23k. This action may seem slow, but it indicates that the market is slightly bullish rather than bearish, although a retest of the $21k-20k zone is possible at any time. As long as bitcoin doesn't go back to test $20k again and move sideways around $23k that's a good sign.

yeah thats what also why I wanted to clear those position lol,  OP is pointing to how the resistance is 23k when the resistance is completely 25k and not what is trying to  impose.
but the graphs you shared is best to check and rely since the movement of Bitcoin is making clear and great this coming weeks.

Whatever factor Bitcoin price resistance and movement now?  yet we knew that bitcoin price increases in time and decreases sometimes but now I believe that resistance stands above that 23k and now that we are experiencing below 23k again staying at 22k

https://coinmarketcap.com/currencies/bitcoin/

Bitcoin is now in deliberation ,  and maybe there will be another dumping coming soon as the movements showing now.

I don’t think $23K has much resistance. If you pull up weekly chart you will see we briefly touched $25K resistance which was old support.

Right now the market won’t go much higher until ETH merge and MtGox coin distribution. Plus it’s still summer and low liquidity. We will chop around this area for the next few weeks. At least until CPI prints and fed rate decision.

Well like I said earlier and much more expected, bitcoin went below $23k and hit a low of $21.3,in  crypto space nothing is impossible, just one candle can push bitcoin up to 30k and also a single candle can take it to 10k, the manipulation here is real, I knew that bitcoin would reject the 23k resistance despite the fact that its not a strong resistance as the 25k,no negative news just pure price movement and boom 21k

No manipulation this time dude, just people fearmonger over the FED hint of interest rate hikes continuing. They must saw many countries in the EU showing a record high inflation rate recently. Implying FED interest rate hikes will soon pick up to fight it too. I guess many who have bought BTC at below $20k now cashing out since it was a decent profit after all. And with the FED hint just like that, why would you keep holding, right? All seem very sensible, not seeing why you think it was "the manipulation" here.
btw, the $23k resistance is not a real resistance in my definition. How long BTC has been over this resistance price? Since 10/08/2022? Just for 10 days. And you think it was a resistance price? Any time it comes close to but turns back with a strong push? See how it shouldn't be considered as a resistance price and why it was broken?

Well we broke 23k and it was indeed proper owchie time there after.   So write down 23k as a proper level to note on the way up or in the this case the failure and way down, we took a tumble today.
https://i.imgur.com/uBf4yZh.png

Anyhow here we lie on a level we hope to keep and arrest this fall.  23% of the peak to trough June pricing which is likely fair guide as there was higher volume then.
   Also we lose the 50 day average which is still rising but need to regain that again, 22k or high would be good to see in any recovery really without regaining this I expect further negative movement.

^^ That's not a good news if we lost the 50 day moving average because it might mean that we might see further downturn?

Anyhow, what seems to be the commotion right now that the price suddenly dip in the last 48 hours? People just selling off or if there some negative news around that affected them again? I thought that we are all positive this month of August, so now we are looking to close the month in another red? But in any case, time to fill the bags again, I guess.

^ Only bad news if we don't retain levels + volume, and test 20k (which looks to be the case right now) before Monday. But that's only bad news for the short term. It's been some legs up on recovery and was bound to have some profittaking, which is my feeling about this dip. I know Fed numbers have been blamed but I thought that had all been priced in anyway -- and Fed actually said we're likely to see hard rate hikes by end of year, so don't think that's what tipped the tumble.

I see the current dip as a temporary setback for Bitcoin price and if fed members are blamed for the present price conditions that are dragging the price down to 20k then a lot should be expected in the coming days and weeks ahead. Because the economic harhsness will last for a while and assets like Bitcoin will be the worst heated in this period.

The behaviour is more important then just one off tick box events but yea generally we need to regain the 50 day average.   Its not too much of a shock we didnt make it upwards but all the same its some disappointment to fail once again, 30k wasnt a big ask really.

https://i.imgur.com/zS7ELyb.jpg

Here is a basic list of price action you want to see in a positive or negative market.   It doesnt have to be true but mostly I trust a regular gain over spikes either up or down.   We can reverse still but this last 24hr says its going to drag a bit.

^ I don't think why people worry when there is a short correction happen, other people will probably be happy because they know that there is a chance for them to invest while the market has a correction. When BTC is pumped, it is expected that BTC will have a correction after a week or months.
If you notice, the BTC price was now in a zigzag position upon movement, who knows after this correction, it will pump again and it could be broken into another ATH. Purchase BTC in the DCA way was common advice by the experts and the safest method for reinvesting in a long term.

Yes, we can't stress that enough, do DCA and you will be good in the long run. But the problem is that there could be set of investors that are newbies or just panic when the price goes down like what we seen in the last couple of days.

The good thing is that we buyers are going to take advantage of that situation again, $20k-$21k is still very good price. It doesn't mean that it should be 1 btc because that is too expensive for us casual investors and average joe. Just buy what we can afford thru DCA.

This is only in the short term, 25,000 will form a strong resistance until Bitcoin can break through it, then it will turn into a strong support point for the Bitcoin launch to higher areas. In the long run, they will not care about everything that is happening now. As for the daily speculation, there is another word for it.

If you are going long term, as you should be, being at these levels should not matter too much to you, although we all like it better when the price goes up.

I think that being stuck at this price is normal in a cycle, the best of which has already passed.

Whoever finds this price cheap should take advantage of it to accumulate, in a few years many people will say: 'I wish I had bought at 20,000 USD'.

Nothing is impossible and impossible for Bitcoin price movement, stories like this I have heard in 2019, when Bitcoin was at the $6000 level, in fact Bitcoin had gone up to the level of $60k, believe it or not that's what happened, so the same thing could happen today.

those worried could be those who bought bitcoin at a high and they don't have much money left for dca if bitcoin continues to fall but the falling price will be the opportunity many have been waiting for a long time to buy bitcoin at a discounted price

if you invest in bitcoins with idle money and you have absolute faith in bitcoins then no matter what price you buy, you will lose nothing until you sell them
although bitcoin has fallen and could drop further, it will be able to pump again  and it will hit a new ath for sure

We're stuck between $20.000 - $25.000 for quite a while now, it's funny that when Bitcoin was at $17.000 - $18.000, people were sceptical to buy because many claimed that it's dying and crashing below $10.000 was inevitable. However, when Bitcoin showed signs of recovery, people were afraid of missing out and started purchasing at a way higher price.

From my point of view, if you have money available for investments, buying now is an opportunity. Your investment may be subject to volatility but in a few years, we'll be back on track.

We can clearly see that Bitcoins are really struggling.
And all the credits goes to the big whales, who are willingly and repeatedly buying and selling the coins.
For this reason Bitcoins are struggling in this price segment. The whales cared only for their profits and hence Bitcoins are suffering.
Nevertheless it won’t last long as when BTC break the resistance and comes out of 28k usd range, then no one can stop it. Let’s hope for the best and wait for positive results.

I am yet to understand, what is the right thought and analysis, with inflation at an all time high in almost all of the countries and economy is struggling and on top of that some of the cryptocurrency based institutions have filed for bankruptcy, from where do you think that the big amount will be pumped in the market to break the resistance ;).
If you have the answer for that, then i am listening :D.

The resistance is 23k then it has broken , then the next bar is 25k in which already broken also so Maybe you are just exaggerating things but does not looking for the value and the quality of the Bitcoin movement.
That is what i meant here , it must be 25k instead of 23k because 25k is the barricade now and needs to be broken completely .

I'd argue the opposite. $23K prices has become a local distribution level based on volume of sellers there in the past month. $25K ain't much more than physiological resistance by looks of it, whereby price got rejected from there due to losing bullish momentum, rather than because it's some form of relevant resistance level, apart from physiological, as it's more of less middle of nowhere trading range wise.

If $23K can be reclaimed and turned back into an accumulation level (with price above it), then personally I don't see $25K acting as resistance second time around. Also looking for example at the Daily chart, there were 4 consistent days of selling above $24.5K, rather than at $25K, similar to what happened at $24K. With these prices all so close together it looks a lot more like bullish exhaustion than anything else.

but the thing here is that bitcoin did not break that resistance and instead fell down hard again . from 25k price value now stands again to  21k and maybe falling .
but pointing that this is the resistance? you are wrong because several times that 25k had been broken even before you posted this so this is a different idea.

Maybe it's because there isn't big support for bitcoin yet that could help its price to go up high. In addition, there may still be a lot of negative news out there saying that bitcoin is still going down again so it gives a waiting reaction from investors or traders while preparing their money to buy at a low price. But whatever it is, we must believe that one day, the price of bitcoin will rise and get another rally that can bring the price of bitcoin back to its previous ATH and exceed it. We also have to be more patient in holding bitcoin and don't panic if there is negative news because it is just news that wants many people to panic and sell their bitcoins.

The 20k region is a strong resistance level and if Bitcoin ever breaks the resistance price a new market phase will begin don't expect the price to pull back further after Bitcoin shades up some percentage over the weekend and the early hours of Monday  But also one should not expect too much from the price any time soon as most of the price movement Bitcoin will be doing for now.is.in the recovery direction. And once the 25,000 price is achieved we can then expect my positive chart movement from that level it will become easier for Bitcoin to climb back to another bull stage

A lot of confluence coming in at same point , All this factors below I do think could be responsible for getting Bitcoin stocked within the $20k-23k levels.

1.Previous all time highs (ATH) at $20k getting respected.
2.The price is fighting between the 0.786 of the Fibonacci retracement and 0.618 Fibonacci golden ratio level of resistance from the swing low @$10k to the swing high $69k using monthly time frame.
3. When you pull out your volume profile visible range indicator (VPVR) you could see a lot of trading volume coming in that zone.

4.Then lastly is the Overall average price of Bitcoin if using 4 years simple moving average, the price falls within 21k price level and above that could tell why we are still battling to break these price levels for Bitcoin in the market, you can view it using the photo below.


https://i.ibb.co/SK7RL1k/IMG-20220823-223958.jpg (https://ibb.co/MR5MXjz)

https://buybitcoinworldwide.com/stats/sma1458/

Uncertainties remain in the market situation, dumps and pumps seem to come unknowingly. I can't say $23k is a resistance level by now since the price moves down at this time. Last week we have a rallying situation but this week seems to be another week in dumping condition. We only have a slim chance to see the market moves high surpassing $25k but I hope this would change in the next quarter as the BER months are coming. This is mostly happen in the previous years, so I think this may happen this year as well.

Yes, the price is going nowhere, for a time it seemed as if the price was actually going up and that it was a matter of time for the price to surpass the 25k barrier, but it did not happened and now we are seeing the price at the 21k level, so I think this confirms what a great deal of us thought, that the market is just ranging and it is a mistake to think that this is going to change any time soon as there is simply not a lot of strength in the markets right now.

This seem like 2018 for me, the price is really mimicking 2018 price, this makes me also think that the price may not surpass $30000 this year, but it can be up to $35000 to $40000 in 2023 which will still further to decrease back again to around $20000 to $25000 before 2024 halving. It is just a prediction, no one knows what would actually happen, but this year is not favoring bitcoin just as we predicted and likely would be all through this year like that as we predicted too.

You made a very nice analysis here and that is how the market is playing out. People are no longer selling more as compared to the panic that was last month. Bitcoin is roaming about and within 20 and I think it will remain there till it will make a major break through.
What I don't understand is people analysing that bitcoin will go to 17 and likely to 13 again before moving. I am finding it difficult to believe. Not that it is not possible that it will happen, but I haven't seen a strong indication to base the speculation.

My advise is that, anyone that is not a day trader should try and buy bitcoin for long term and forget about this price dramas and have peace of mind.

This is the mystery of this market, no one knows which way we are heading next. Even long timers or so they say the crypto experts don't know where exactly bitcoin will be in the next coming months. We are all equal when it comes to speculation and all. So it depends on your gut feel how we will end up in the next coming months, and prepare for it.

Generally its a game of patience and the reason it has to be that way is due to the immense pressure of borrowed money, it forces constant cycles from people who cannot hold BTC for more then a certain duration or scenario playing out.   Buyers who must sell are trading a range naturally so thats alot of what we see explored.
  Even past that recent negative action its still possible we see a recovery, without doubt it will be slower then if we had held to the trend of higher lows since the June low.  The low in August failed to hold above the (late) July low but only by 500 which is a margin of error in BTC.  Its no where near to the negative situation BTC could be in so I tend to agree its a game back and forth.

Some could argue purely judging the lows we remain intact, I think its certainly slowed but I refuse to call this month as negative action.   50 day MA is flattening, take that as your stall speed perhaps.

That seems like a prediction that may actually happen, I remember as well what happened during the 2018 crash and I think as well the way the market is behaving has a lot of similarities to what happened back then, and while it is impossible for us to know exactly what is going to happen at least we have a frame of reference, which means that the next year is going to be slightly better and we will see the first signs of a recovery happening, only for the bull run to finally come in 2024.

a few days ago Bitcoin had reached $25k before dumping to $20k, and is currently at the strongest support,
it is evident that a few hours ago it had dropped below $20k and now bounced back to $20k.

Quite honestly at this moment is almost impossible to know what bitcoin is going to do because its price is simply too unstable, we were fortunate that there was enough demand to push the price above the 20,000 level almost immediately, but the price is still very close to it and it could once again go below that level at any moment, so I think we need to prepare ourselves for the possibility that the next time the price goes below that level it could take weeks to recover.

The price has continued to fluctuate over the past week and we have already seen that the price of bitcoin has dropped to $19k. But there is still a possibility that the price will drop back to that while the current bitcoin price has returned to $20k. We hope the price won't drop below $19k so it won't worry us too much. And hopefully, people out there aren't panicking or worried about the price movement either.

You are a hero member already. You are a big boy now so seeing you worry seems weird. If you are a newbie then I think that was still normal but for an experienced person like you, you should be happy once the price is dropping and some are panicking because you can fill your bag with more bitcoins. Like it or not, there is always a chance for the bitcoin price to drop again below the 20k and 19k levels especially now that mt gox are going to released the bitcoins from their old customers.

Pretty sure that many of them are going to sell their bitcoins because they haven't be able to do that long time ago due to that unfortunate event.

that is why i do emphasis on the price of Bitcoin, because bitcoin price always not stick on a particular point and i believe that Bitcoin itself the price is dependable through the market circulation and mostly through the demands.

and is currently back under $20k. I think the strongest point of support right now is at $19k and if the price can drop below $19k it will most likely lead to a much deeper decline. I think at this time any news can have an impact to determine where the bitcoin price will move after this.

The closing weekly bars for end June and start July and the boundary to weeks surrounding was about 19.5k so here about.    I wont bother to post the chart, its purely just observing the closing prices every week; we havent gone lower then this and stayed that low to end the week simple as that.
  If it doesnt get some kind of pickup around here because of that prior action and its not strong just historic resistance then we are thrown to the lows for this year.   Either could fail and it goes lower but its just speculation, we dont know any trigger for that weakness beyond the continuing sell in markets.   Theres no good trend trend down as much as we lack any trend up, Im not too fearful just from a lack of positive action just yet.

Hahaha, does that look like worry? Of course not, mate. I just hope the price doesn't drop drastically first because I want to sell some satoshi after that, if the price really has to go down, that's okay because I'm also happy because I can buy more satoshi ;D

Many people will sell their bitcoins if the price drops drastically because they panic to see it. But some people will wait for that moment to arrive.

Hours after , price return back to above 20k and yeah it stays here now though there are some shows that it is temporary and there are bigger dump that will come sooner but i am not affected as I have decided to keep my coins on hold and never to sell any single satoshi because this year is seems to be a bearish and making wrong decision will end my investing to losses .
so yeah will not be taking any from it.

Maybe for now your not affected to much since the dump happen recently is not big enough to destroy our focus. But I am now securing 50% of my stash since I'm preparing for possible dump to do buy back since it will be bad if I let it sit sleeping while the market is not doing good since its somehow perfect time to buy for us then recover if we see huge dump happen at certain times.

I think that at this point holding our coins seems like the best move that we can make, if I'm honest I am a little bit sad about the traders that are trying to predict what is going to happen next, because that is basically impossible, there are circumstances in which it is more likely you could accurately predict what the market could do, but when the market is moving in ways that seem to be completely random it is best to just keep your coins and accept whatever is the outcome that we get to see.

those who have excessive resistance and excessive speculation, they really don't do anything, other than say Bitcoin at that level, that year Bitcoin is so reliable, the truth is buying and investing Bitcoin long term.

Without excessive resistance, that's the best move.

You are right since last two weeks, the rate of Bitcoin bear market have reduced in it momentum as the price of Bitcoin have made several attempts to pull below $20,000 but Bitcoin has maintained that price each time there is a pull-down Bitcoin always recovers back to 20k region without going below 19k to 18k so at that 23k price benchmark may have persisted for a while now but then again with the current weaknesses witnessed from a bear actor we are hopeful that we will see a new price benchmark very soon, maybe that will be around 30k before the full return of bull market in December. I hate speculating on Bitcoin price but am sure a lot of positive energy will be put on the chart soon that will make a lot of difference to the market.

It looks like the support price at $19k is quite strong and several times this week Bitcoin has dropped to $19k, but has managed to rise again.
I hope Bitcoin doesn't fall below $19k again, if that happens there will probably be a panic, especially for newbies they will do a cutloss and possibly
make the Bitcoin price drop even lower. But because I've experienced bear market worse before, so I'm experienced enough not to repeat
my same mistake. Which one should never panic and sell the Bitcoin that we have at a low price, no matter how deep the Bitcoin price falls,
it will definitely recover again. So we really have to be patient when investing in Bitcoin, we can't expect the price of Bitcoin to always go up,
we also have to learn to deal with situations where the price of Bitcoin drops. The conclusion is just holding Bitcoin that we have until the bull
market comes. It is tiring investing in Bitcoin, because maybe we have to hold in the long term if we want to make a profit from Bitcoin.

now that BTC is below 20k again, what are we doing to take advantage of this market? so we can all have our speculations, but the question is - are we doing something with such speculation? if not, then, just be silent and observe the market. if you do have strong belief with BTC market, more then likely you're doing something now how to increase your BTC portfolio.

Depend on who you are going to ask,

For those who have seen the worst like in 2018 and then the covid-19 effect on the market, perhaps they will know what to do. That is to buy at this current price because it is cheap and you can pretty much accumulate as much as you can.

But maybe majority could sway away from the market because it is crashing and then want to see how the price will go. Wait for the price to still go down further before they buy.

Or not going to buy because they are afraid of the situation. In short, they take it as very negative.

My take on the majority is always this: most people, even myself included most times, we're concerned more with putting food on the table and roofs over our heads. This means buying BTC is on the backburner, pushed far back behind the list of priorities.

It's not always fear when it comes to the retail investor (which I still feel is a force to be reckoned with). Just a matter of a bad situation economically that prevents further dipping into reserves. Bargain price or not.

When the economic situation is so volatile and so difficult to predict people look for certainty, and even if right now the price of bitcoin is attractive there are not going to be a lot of people which will be willing to take the risk of investing in bitcoin right now, after all if the price began to go down once again then not only they will lose money but most likely they will be forced by the circumstances to sell their coins at that low price because they may need the money at the time, and in that case it is better to remain out of the market and keep the flexibility that cash gives you.

This is why genuine usage with utility is far more important then all hyped bets on inflows to BTC, all the speculative judgements evaporate when liquidity dries up.   This is true of a few different market priced assets and BTC has to be ranked as something speculative.
  We do have population growth in BTC, its just far slower then the rapid speculative flows that sometimes occur, this base line is the backbone to BTC far more reliable and genuine then the peak action.   Genuine population and usage has its own baseline and its slow and much lower pricing but thankfully this is what saves BTC from being purely 1 fragile thing.

Amen. Every time I'm spending my BTC on food deliveries (it's really the only thing I am doing right now, other than occasional gift card buys to shop online, which is getting rarer due to lack of options that suit me at bitrefill) I get that Starship Trooper meme in my head: "I'm doing my part!".

I definitely don't think whales buying or dumping have any long-term real impact at all. It's all those regular joes doing small transactions that keep holding the Bitcoin fort, really.

When it comes to may bitcoin earnings then i do usually take some partition.
It could either be used on buying up some stuffs like e-load or any game credits using up bitcoin or crypto and the rest is really been hold on a wallet just for long term prospect.
When it comes to spending then it cant really be denied that we do really have the feeling of hesitating just because we do know the potential of Bitcoin which it could really
give out some surprise on least we do expect.This is why i cant really blame out people tend to accumulate as much as they could because we arent that blind not to see the
potential.Resistances and supports? We can draw those things be assuring if these will be broken or not on a particular period then there's nothing been assured.

Its because Bitcoin's market overlook is still red/bear whatever you call it. This exactly means, there are more that believes Bitcoin will go down in price in future than people who believe it will go up. This creates tension everytime price reaches somewhere between 22-25k levels. This is why I try not to buy in big numbers but rather trade (buy low sell high). I think most people repeat what I do nowadays. It may change in 2023 or 2024.

And now the price is going down to $19k level, so this is now the new resistance. $20k used to be our biggest support, but it didn't hold up because of the continuous selling, the pressure is still there.

Nevertheless, we didn't go below $17k, or established a new all time low. So I guess we will be hovering around $19k-$20k till the end of 2022. So I don't see the price hitting $23k this year as we are still in the bear market and it's hard to see any recovery or bouncing back to $20k++.

Did you notice that bitcoin is still in a downtrend but it will not crash once but slowly, it seems like our resistance is getting lower and lower? I remember a few months ago we were talking about 30k resistance and then 25k, until your post it was resistance at 23k. Currently, we are talking about $19k support, given the situation I don't think we will see a price higher than $23k before year-end. November we face the next Fed rate hike and I think we will again move resistance lower towards below $19k.

For me it doesn't matter if I have to wait a long time to see the price of Bitcoin at a higher price than now or in the range you say it is. Because as long as Bitcoin still has price movements in the market and there are still traders who like to trade with Bitcoin, plus investors who are still willing to buy Bitcoin when the price drops occur. I think the price increase in Bitcoin will happen again if some of the things I said are still happening in Bitcoin every year.

Yes, it's better to be patient to profit than to sell losses, a good opportunity to continue to buy because I'm sure that the market will soon be rising and profit we will immediately get, Do not be afraid to buy when bearish, this is a difficult opportunity to repeat again.

Support and resistance levels usually switch up positions, 20k was a strong support and it seemed as it will resist until the next bull run but now it is a resistance that bitcoin is having a lot of problems to surpass.

And if that resistance level continues to be strong then I would not be surprised if during the next months our current support level breaks and then it becomes a resistance level as well, so we have difficult months ahead of us, but at the same time it is not like this is the first time we have experimented something like this before.

For this to understand, you need to know about the support and resistance and be able to find them on the bitcoin chart. If a price remains over a certain price and bounces from a certain price many times, it becomes support. Meaning there are many buy orders at that price point and as soon as the price comes in that region, it bounces back up.
Similarly, if a price is rejected from a certain price, it means that at a certain price point, there are too many sell orders and when the price reaches at that point, people will usually sell their bitcoins.

Yes. currently $20K can be said to be a strong support for the next price increase. We will continue to wait for the support point to be reached later this week because selling is still very strong.
If in the past few weeks Bitcoin can cross the $23K price, then $25 is the starting point for the next resistance.
For some traders expect the price to increase further, but if market forces are not too strong, then the price still cannot go up.

For resistance I see we do pass weekly average which after a period of time becomes a low bar, the important part is maintain above that measure even after gains of one or two days.
  Right now I dont presume we stay positive unless we trade above 20.2k and build from there, thats the smallest measure to regain and currently most relevant resistance to state as a first hurdle.  Nice to see an attempt to end this week positively but in sum total its just a circle.

https://i.imgur.com/4m0hJlL.png

I'm not sure where did you get that hovering around 20k since last week when the price of Bitcoin for the whole week never stands to 20k?

instead it is 19k is the base price nowadays.

https://coinmarketcap.com/currencies/bitcoin/

But 23k seems to be hard to achieve in this market now,  look how low the capitalization and the trading pairs .

But its been a week when we last taste that 20k above, Hope we will see it again siin.

maybe because we are near recession ? in which the effect will get even longer and bad? I'm not sure for what to come but if you are not ready to face such problem then best to leave the market or be ready for Hodling.

25k isn't even possible in our time now, look at the market, check the movement and you will understand what we are facing here now.

depend on your needs mate, because if you are in the bad situation and need funds? then you have nothing to do but to sell at loss, or try to find lending site that accepts your coin as collateral .

Not near but I heard we are already at it but it's great to see that btc price is recovering a little despite it. We don't know if how long the recession can last. It can be longer or shorter but true bitcoiners won't be affected by that. Many of us are not new here and this was not the first crisis that we experienced which had affected the price, so are we going to be affected with it this time? No. Not those who sell are losing but there are traders who bought after every small dip so it's possible for them to earn even during these times.

If we aren't among them and then we need some funds for emergency then it's also not wrong to sell some. I don't really recommend borrowing money but it can be a good option for some.

Well the market has been hit by the pandemic 2 years ago and we really dip in the $3k'ish and everyone was scared, but it was just 2 months before the block halving so the scare didn't last that long. And for sure we have learn our lessons that time. It will just take time for the market to bounce back despite what going on with the recession and war between Russia and Ukraine.


I'm also against borrowing money to invest, the risk is going to double on you if you do that strategy. You can just start investing small and you will be good in the long run.

Investing is something that you do with the money you have, not the one you get from others. I mean I am not even supportive of borrowing from friends to do it, even though they won't be able to come get your stuff like banks if you do not pay, it would be something that would be risky for you in the long run.

I personally prefer to put your money into bitcoin up front, I have been doing that for years and it worked out well enough too, just keep on investing and force yourself. At the end of the day I won't become like Elon Musk rich, nor even a millionaire let alone anything else, so if I save good enough money, I buy some stuff, latest was a great deal importance to me, personally something I wanted for a decade, I cried when I bought it, and thats why bitcoin is so special to me, because it allows me to save, make profit and then buy things I always wanted.

This is why we do really make savings because we do really like or love to buy up something that we havent been able to buy before thats why it do really create that kind of hope and of course you should really

be that mindful on what actions should be made so that you would really be able to achieve but of course you would be needing up to risks up something for you to attain and you should bare it up when it comes
to risk because its not something that you could really make assurances in speaking of sucess.

Borrowed money for investing up on crypto isnt something suggested and with its volatility and unpredictability then its not that something you could really assure on earning on a specific time.

I think it's up to everyone to say at what point the bitcoin resistance will break. But I'd rather describe bitcoin resistance at between $25k because if this breaks I think we're going to go high to $32k. maybe for now btc is sideway which is the reference will soon rise when the big pump starts. in this week bitcoin was able to break through $21k and today bounced back to $20k and this is an important point to stay at $20k price at the close of october. maybe we need extra patience for the market reaction that suddenly falls and that is a pretty good opportunity to buy and hold until the resistance is broken.

Kindly cross check your work before posting, because it's very obvious that your words is not in accordance with people opinion. In barley comprehend your analysis or what you are emphasising on, because i noticed that some point if analysis is very contradictory, i don't even understand if it's a bolt that type. Please i did not meant to discourage you, but try to arrange your words and avoid typographical error, i know that no body is above that. But correct yourself.

when this thread was created, the price was still trying to break the resistance that was at 23000$, but today the resistance that is at 21000 - 22-000 is very strong but this is due to the fact that with the financial crisis there are few people who are thinking about investments, the price of bitcoin is suffering from this crisis that could last a long time since there is no sign that the war will stop anytime soon and now with the breakup of the cereal agreement it will only increase the tension against the Russia


bitcoin is a speculative asset and about price prediction, we have seen in the past some people get their price predictions right

Between $20K and $23K is not that much of a gap for Bitcoin, but it's not a matter of how far the price is for Bitcoin, but rather the difficulty of rising sharply in the near term. Because the push of supply and demand in the market will make the Bitcoin price volatile better if more big investors enter the market in the near future. If it's not there, then the price increase in Bitcoin always looks hard to increase in a larger percentage size.

Since the market is still around the bears, I think it will be difficult to break more resistance above it. I don't think $25K is too tough for the rest of the year, but if it fails then I'd believe the drop might be deeper. The current price tends to be sideways, I don't think it's time to encourage more demand as the fundamentals are still weak. But what will be very supportive at this time is, bitcoin still maintains $20K support for a while so there is confidence about a break of resistance.

Even breaking 21k price wont really be that easy as it looks yet it had been rejected once again and we cant really get pass through it which does indicate that we do have tougher resistance as of this moment which it would really be that hard to presume out on what would gonna happen on next months or years to come.We would really be having these main questions on mind on when we do able to see those 30-40-50-60k price.
For now its better to consider yourself on buying cheaper coins but we know that there are lots of talks around and speculative approaches that price might go down even more and this is what
makes people do wait up and hesitate on buying where confidence isnt really that high which it do results on having no such buying pressure due to this possible common reason.

Granted, it won't be easy but $21K isn't far off the mark during this early November.
In the next few days, we may see the price better than today which seems to have a slight correction in a few hours. I expect improvement even if it doesn't mean much, but anyway we always think of something bigger.

For sure, I've considered the advice and will probably stick with it as much as I can because it's clearly a good time to increase the portfolio.

The bear market has not been good on the bitcoin price. Bitcoin breaking $20k-$21k resistance seems like a tough journey to pass. The year is close to the end, and no speculated price of $25k has been reached. The last quarter of the year is withholding bitcoin to soar higher than expected. Maybe we gonna end the year with a bitcoin price of $20k-$21k

The majority of resistance can be represented roughly by the moving averages, around 50 day and 200 day will represent to me a bulk of volume that has to be cleared.   The simple reason is some people who bought at higher prices now want to sell.  Thats in large part why we do need momentum to make progress as well as larger factors like a swing back to speculative progression in markets, usually thats represented by a weakening dollar vs other currencies.
   Yen and EURO are I think near to 70% of the inverse to dollar index (https://i.imgur.com/9E85Pxg.png) and Bank of Japan has big problems with its QE program, to me this points to QE itself being at fault and will tell similarly in other programs around the world but thats in the future now the YEN is weak.  Also the war in east Europe with the possibility for expansion across Europe is putting alot of fear into the Euro worth.  Overall we are not in a monetary expansionary period.

Its not very exciting but we are above the 50 day average currently.  There is the idea we can develop positively from here though its stalling right this moment and also 200 day average is overhead.

yet ? another error , I don't know if you just lazy to check your post after/before posting or you are too busy in other things so you are not totally paying attention to what will be your post may come.

________________________________________

About the post , I think this can be edited now asking Why there is much resistance in 20k? as we have been sitting in this area for more than a week now.

Maintain resistance in being defensive at the level of $23k, it is one of the options that must be learned and experienced now and in the past few years, of course it can't be separated from the predictions and speculations that exist, maybe many are aware that Bitcoin is not going down to the bottom anymore, maybe Bitcoin price is already at its lowest point.

I also have the same understanding that they think, at this time Bitcoin must act and hold back as much as possible, before the unseen happens.

the resistance level has ranged within and around $20,000 and 20k+ 900 which to me is not a significant pull-up direction, and I can also conclude that October -November will continue to be a resistance struggle and there may be a possible breakthrough but which direction I can't tell but some other speculators are predicting that Bitcoin will face a further decline price in the coming days.

I think all of us know that no one can really predict the future even if it's about tomorrow. Many people hope that in the next 1-2 years we will have a good opportunity to buy bitcoin because the price is still low. I mean it's still around 70% - 75% of ATH is the best price to buy although that doesn't exclude the possibility it could be more expensive in early or mid next year.

My mind is still reeling from this opportunity, so I hope I have plenty of ways to save a lot of money to invest instead of buying something I don't really need.

Typing errors usually occur when the settings on the keyboard used on the smartphone are not in the standard position and maybe yours is the same. I think in the last two days you have seen how the market conditions continue to move downwards, especially for Bitcoin and other cryptocurrencies. So do you know what caused it and who made Bitcoin start falling again to the price of $17K in just a matter of days?

I don't plan on blaming anyone or any company that might be involved in this, but I just don't know why the sharp decline has started again this month in Bitcoin and I think it will surely make some people panic again which in the end also sell their holdings on the market.

Resistance might sound like a bad thing but it can be a good thing because when price gets the momentum and breaks this price barrier, resistance can easily turn from what it is into support which will help keep price up there without allowing it to drop.

And some reasons why price is facing resistance at 23k could be open sell orders which are been filled, but when all these are done there will be nothing to stop price from taking the leap and it's all systems go for the bull run.

Let's say this will sound worse, that resistance has forced the price down even more, then wait for the momentum to break out at a much higher price, but if we haven't used buying yet, this will just sound like the case for Binance and FTX. This momentum is actually good for making purchases, considering the impact of resistance will make it easier for us to collect bitcoins. Buy and hold, then wait for the incredible achievements for bitcoin.

Recently the case of Binance and FTX was linked to price resistance, even if we review the current market, the price of bitcoin has experienced a sharp decline. Social media is full of Binance and FTX news, although I'm not so sure, even Bitcoin is really affected by such occurrences.
But interestingly, this is a great time to enter the market and buy some bitcoins to hold on to.

The waterfall chart has not stopped, and will continue to occur in a few days, even until the end of the year. We do not need to rush into the market to buy. Because this condition will continue. If the price of Bitcoin drops no one can control all this, because the decline happens so fast. Unlike the pump with a more stable movement. My estimate is that Bitcoin price will be under $15k within this month.

If the Bitcoin price dumps, then don't expect any altcoins to break through the moon. So this condition needs to be careful if there are altcoins with charts that are in the opposite direction to Bitcoin. Be patient, until the bearish really ends.

That means we can take the smallest part slowly for the current buy, if at any time it continues to correct up to $15K, we won't miss the bottom of this chart, even if we buy in the $20K to $15K range. This is a great time to enter the bitcoin market, and I don't think it will bottom out on the $15K chart for the next few weeks.

We have no reference to Altcoins and don't really care about breaking through at any price, recently Binance acquired FTX against their user case, and started to link to Bitcoin correction resistance.
Various speculations appeared on social media, although this effect was not necessarily influenced by the incident, but the reality was that bitcoin was severely corrected after the Binance and FTX cases emerged.
What do you think?

I think the case between Binance and FTX has indeed started to grow and affect the crypto market at the moment especially with the decline in Bitcoin in the last few days. And according to a story I read just now on cointelegraph.com (https://cointelegraph.com/news/sam-bankman-fried-apologizes-over-ftx-liquidity-crisis-i-fucked-up-twice), Sam Bankman-Fried apologized for FTX's liquidity crisis and In a November 10 Twitter thread, SBF admitted to investors that he "should have done better" in providing transparency about the situation with FTX. The CEO reported that the exchange was experiencing a “liquidity crunch” caused by user withdrawals and seeking financial assistance from Binance a potential deal that later fell apart. https://cointelegraph.com/news/sam-bankman-fried-apologizes-over-ftx-liquidity-crisis-i-fucked-up-twice

The biggest culprit was probably because binance started selling BTT assets, thereby causing panic on the exchange as traders started withdrawing their funds from FTX. Liquidation difficulties made FTX unable to refund users, even the cancellation of the deal with Binance left FTX without investors, all the media I tried to find covered this issue.

But in detail I do not know exactly why Bitcoin is involved in this problem, although there is no other more pressing and systematic cause that occurs. Binance's acquisition is not to be taken lightly, it has raised the threshold of bankruptcy for FTX, if it doesn't find another investor in the next few days.

Breaking up resistance is what we do really hope for it to happen as this would really be resulting on seeing new all time highs that we do have neither on bitcoin or other altcoins.
Speaking about 23k price resistance then we did really hover that point but due to fuds and events or simply with fundamentals around then then the market did really get even more worst.
We did really end up on on dumping way below goes on $15k+ which we could really say that it was a good point on buying back out some cheaper coins.
Hence there are still some words around that saying up that the market would might even go lower and this is the main reason on why buying confidence is highly been affected.

we need to enter gradually and maybe this is a good strategy after the market falls. maybe yes, the latest resistance point that I think should be taken is $20k and that becomes a crucial point to advance to $25k. I believe after the FTX bankruptcy incident will be history in the world of Cryptocurrency and will always be remembered by millions of traders. according to my analysis btc in this month will stay at $20k because we are facing a sizeable fud circulating on social media which can trigger a panic selling reaction by traders so I think we can take advantage of this moment to buy at a price low.