BTC "broke" the support level of 20k USD

[Marvell1]

Bitcoin is currently trading at $ 19.1k after falling 8% in the past hour,
You know this is the ATH price of the 2017 bull cycle and the first time in history that bitcoin prices go back to the old ATH.

The market is entering its toughest period since 2017 when all coins were divided many times their ATH levels.
This is the moment when we decide to leave the market or our last chance to buy bitcoins cheaply. Perhaps this is the last time we can see bitcoin's price below $ 20k.

[Wilhelm]

I'm buying 

[mk4]

There's something about the psychology of previous all-time highs and full round numbers($20,000) that I think when broken, people would be tempted to sell. So while I already started DCA-ing, I wouldn't be surprised if go lower. Buckle up.

[btc_angela]

There's something about the psychology of previous all-time highs and full round numbers($20,000) that I think when broken, people would be tempted to sell. So while I already started DCA-ing, I wouldn't be surprised if go lower. Buckle up.

True, and I will repeat what I said, we might see the price even go lower, maybe lower than $15k worst case scenario.

And as per @Wilhelm, buying opportunity, just imagine reaching the previous all time high, -72%.
So the current price is at a discount, and this is where the smart investors comes in. Getting their wallet fat again because of panic selling from inexperience and noobs investors.

[ultrloa]

There's something about the psychology of previous all-time highs and full round numbers($20,000) that I think when broken, people would be tempted to sell. So while I already started DCA-ing, I wouldn't be surprised if go lower. Buckle up.

People is holding base on the support they see then since the strong support has been broke up for sure many people will get afraid more and maybe we can see more selling pressure. I  can't say I will buy at this point right now since $19k just newly reached and this is truly bad because we might experience more downfall because for many people will make this a basis that we might see a long days of bear market season again.

[coolcoinz]

This is the moment when we decide to leave the market or our last chance to buy bitcoins cheaply. Perhaps this is the last time we can see bitcoin's price below $ 20k.

Never leave at a loss. Never give up, never accept defeat, like that knight from Monty Python.  
https://www.youtube.com/watch?v=ZmInkxbvlCs

For me it's just another day. Idiots dumping in panic despite it being 70% from the top and them being down on their investment after holding for a year and refusing to sell at much higher levels.
It always baffles me how people can hold being at 50% loss, 60, 70 and then they hit a point like -78% and they say no more, I'm out! Like those who were selling Luna at 99% loss. What does it matter if you get $10 from your 1k investment or not? What are you going to buy with it? A rope?

If only people were able to think in these hard times and take a break. After every bear market comes a bull market! I don't know how many times I told people that in 2018/19.

[mk4]

People is holding base on the support they see then since the strong support has been broke up for sure many people will get afraid more and maybe we can see more selling pressure. I  can't say I will buy at this point right now since $19k just newly reached and this is truly bad because we might experience more downfall because for many people will make this a basis that we might see a long days of bear market season again.

While it's highly likely that we're going lower like I said, don't try timing bottoms — as you don't really need to catch the literal bottom to perform well in the long term in the first place. Just make that you continue to have enough money for bidding.

[ultrloa]

People is holding base on the support they see then since the strong support has been broke up for sure many people will get afraid more and maybe we can see more selling pressure. I  can't say I will buy at this point right now since $19k just newly reached and this is truly bad because we might experience more downfall because for many people will make this a basis that we might see a long days of bear market season again.

While it's highly likely that we're going lower like I said, don't try timing bottoms — as you don't really need to catch the literal bottom to perform well in the long term in the first place. Just make that you continue to have enough money for bidding.

Its hard to catch the the cheap while the market still bleeding and its early to tell that we are generally buying the dip since as we see the market still on downside and many people still not done with their worries about worst situation that might happen. I'd rather want to trade short at the moment rather than biting the risk brought by current events and live with it.

[Wilhelm]

People is holding base on the support they see then since the strong support has been broke up for sure many people will get afraid more and maybe we can see more selling pressure. I  can't say I will buy at this point right now since $19k just newly reached and this is truly bad because we might experience more downfall because for many people will make this a basis that we might see a long days of bear market season again.

While it's highly likely that we're going lower like I said, don't try timing bottoms — as you don't really need to catch the literal bottom to perform well in the long term in the first place. Just make that you continue to have enough money for bidding.

Its hard to catch the the cheap while the market still bleeding and its early to tell that we are generally buying the dip since as we see the market still on downside and many people still not done with their worries about worst situation that might happen. I'd rather want to trade short at the moment rather than biting the risk brought by current events and live with it.

Short term views on Bitcoin will take you out.
Bitcoin can suddenly jump up to 30k and then you will hate yourself for trying to catch the ultimate bottom.
Or even worse you get your short liquidated on market reversal.

[Lucius]

Bitcoin can suddenly jump up to 30k and then you will hate yourself for trying to catch the ultimate bottom.

It’s good to be optimistic, but it’s also even better to be realistic. After all that is happening, I do not think that such a jump is possible, because if we look back, we can see that Bitcoin is having a hard time recovering from such blows. Of course, some super good news could reverse the trend, but in general there are many more who have decided to sell, even at a loss.

The old saying "Historia est magistra vitae" doesn't seem to apply to them.

[Dollar_Hunter]

first time in history the price of Bitcoin really frustrates everyone,
because $20k is psychology of support and historically it has never been a support break,
but this time Bitcoin made it happen, I don't know for me maybe $18k will be strong support before bullish happen

[Wilhelm]

Bitcoin can suddenly jump up to 30k and then you will hate yourself for trying to catch the ultimate bottom.

It’s good to be optimistic, but it’s also even better to be realistic. After all that is happening, I do not think that such a jump is possible, because if we look back, we can see that Bitcoin is having a hard time recovering from such blows. Of course, some super good news could reverse the trend, but in general there are many more who have decided to sell, even at a loss.

The old saying "Historia est magistra vitae" doesn't seem to apply to them.

December 7, 2017 btc went up $2500 in one day.
But yes it will be hard to go up.

I'm just saying you should be happy with your position at some point.

[hatshepsut93]

Bitcoin broke expectations when it only peaked 3.5 times higher than the previous ATH, compared to the x20 growth between 2013 and 2017 tops. Now it broke the expectation that it won't go lower than the ATH of 2017. Just another proof that Bitcoin is hard to predict, there's no strong rules - pure speculation. Could go to $300 in the next 3 years, could go to $300,000. Both extremes are unlikely, but who knows.

I'm still going to HODL, because I see that there's enough interest in the world, this crash wasn't caused by a broad disappointment in Bitcoin or some deep flaws. The crash to $3,000 was also shocking and unexpected and it defied certain expectations about how low Bitcoin could go, and yet it fully recovered and made quite some gains. I'd still say that the long term prospects are rather bullish than bearish.

[$crypto$]

first time in history the price of Bitcoin really frustrates everyone,
because $20k is psychology of support and historically it has never been a support break,
but this time Bitcoin made it happen, I don't know for me maybe $18k will be strong support before bullish happen

This has even happened before so it's not the first time in history but when we are in a situation like this then panic will happen like they can't survive even though we have experienced it first.

I also think support is $20k but it can still be fought back down and now the price will continue to plunge with the current situation, there is no good sign yet we have to wait a bit with support determined, I chose the entry before at $20k it's filled up and now it's down even more yes indeed it's a little frustrating seeing the current situation.

[Beparanf]

With all this negative news happening in the US as well as some crypto company such as Celcius and 3AC. This breaking of historic support just means we are now officially entering the long crypto winter just like what happened before. There's no positive fundamentals that backed possible reversal except moonbois that buying the dip while most of the institutional investors is now down by million of dollars on there big bag which some them might selling some of there assets to cover collateral for there loan.

I'm still possible on Bitcoin in general but I'm not buying the current dip because we all know that the bigger problem is not yet solved. Protect your money. Buy only what you can afford to lose. Buying the dip is not necessary if you are not certain on the direction of the price.

[coolcoinz]

Bitcoin broke expectations when it only peaked 3.5 times higher than the previous ATH, compared to the x20 growth between 2013 and 2017 tops. Now it broke the expectation that it won't go lower than the ATH of 2017. Just another proof that Bitcoin is hard to predict, there's no strong rules - pure speculation. Could go to $300 in the next 3 years, could go to $300,000. Both extremes are unlikely, but who knows.

I'm still going to HODL, because I see that there's enough interest in the world, this crash wasn't caused by a broad disappointment in Bitcoin or some deep flaws. The crash to $3,000 was also shocking and unexpected and it defied certain expectations about how low Bitcoin could go, and yet it fully recovered and made quite some gains. I'd still say that the long term prospects are rather bullish than bearish.

It's especially hard to predict because the markets are illiquid. I've watched a number of smart people talking about it on various podcasts.

Compare this to stocks where let's say you have a local shipping company and the company trades on the main exchange in the country. The company puts x amount for sale, like 50% and that's all available at the exchange either held by investors, ready to be sold, or already in the form of orders. With Bitcoin it's completely different as there are hundreds of exchanges that trade bitcoin all around the world and only a few of them are connected to these big tickers that make people try to catch up to what binance, bitfinex, coinbase and few others are doing.
Also over 70% of all coins are out of exchanges, so the price is based on trades of a fraction of the whole. If you want to participate you have to send money to an exchange and get it added to the balance of your account which can take hours or even days when it comes to small exchanges.

Then there's miners who constantly put pressure on the market selling coins, so when a traditional company can have the ratio of buyers to sellers at 50% to stay at the same point, bitcoin needs buyers to dominate just so it can stay at the same point.
When drops scare off investors, just like it happened when we dropped below the 2021 low, the pressure put by miners keeps dragging us down and it's going to continue until someone steps in and buys enough coins for the market to turn around.

It's all based on belief that the bear market is over and we are going to go up, that's all. There's nothing wrong with bitcoin, but nobody wants to touch it for some reason. People are waiting for a sign of strength, but there will be no such thing until they, themselves start showing strength.

[Wilhelm]

Bitcoin broke expectations when it only peaked 3.5 times higher than the previous ATH, compared to the x20 growth between 2013 and 2017 tops. Now it broke the expectation that it won't go lower than the ATH of 2017. Just another proof that Bitcoin is hard to predict, there's no strong rules - pure speculation. Could go to $300 in the next 3 years, could go to $300,000. Both extremes are unlikely, but who knows.

I'm still going to HODL, because I see that there's enough interest in the world, this crash wasn't caused by a broad disappointment in Bitcoin or some deep flaws. The crash to $3,000 was also shocking and unexpected and it defied certain expectations about how low Bitcoin could go, and yet it fully recovered and made quite some gains. I'd still say that the long term prospects are rather bullish than bearish.

It's especially hard to predict because the markets are illiquid. I've watched a number of smart people talking about it on various podcasts.

Compare this to stocks where let's say you have a local shipping company and the company trades on the main exchange in the country. The company puts x amount for sale, like 50% and that's all available at the exchange either held by investors, ready to be sold, or already in the form of orders. With Bitcoin it's completely different as there are hundreds of exchanges that trade bitcoin all around the world and only a few of them are connected to these big tickers that make people try to catch up to what binance, bitfinex, coinbase and few others are doing.
Also over 70% of all coins are out of exchanges, so the price is based on trades of a fraction of the whole. If you want to participate you have to send money to an exchange and get it added to the balance of your account which can take hours or even days when it comes to small exchanges.

Then there's miners who constantly put pressure on the market selling coins, so when a traditional company can have the ratio of buyers to sellers at 50% to stay at the same point, bitcoin needs buyers to dominate just so it can stay at the same point.
When drops scare off investors, just like it happened when we dropped below the 2021 low, the pressure put by miners keeps dragging us down and it's going to continue until someone steps in and buys enough coins for the market to turn around.

It's all based on belief that the bear market is over and we are going to go up, that's all. There's nothing wrong with bitcoin, but nobody wants to touch it for some reason. People are waiting for a sign of strength, but there will be no such thing until they, themselves start showing strength.

No this is smart money pushing the price down to get weak positions to capitulate.
I bet you can find a few whale accounts growing fatter and fatter.
It's called the accumulation phase.
Once when the whales have taken out the weak hands the market will rise very strongly.

[Silberman]

Bitcoin is currently trading at $ 19.1k after falling 8% in the past hour,
You know this is the ATH price of the 2017 bull cycle and the first time in history that bitcoin prices go back to the old ATH.

The market is entering its toughest period since 2017 when all coins were divided many times their ATH levels.
This is the moment when we decide to leave the market or our last chance to buy bitcoins cheaply. Perhaps this is the last time we can see bitcoin's price below $ 20k.

We will need to see what happens during the next hours and days, the 20k level was very important and now it has been broken, if the bears are able to keep the price below that level for some time they may succeed in scaring even more people into selling their coins and we could see an even bigger drop, not that I am complaining, since I love the fact that once again I can get myself some cheap bitcoin, even if I do not expect the current price to last for long.

[Husires]

I bought most of my money with an average of $23,000 and I didn't think we'd ever see levels below $20,000 but there is something very strange.

• The recession is still in its infancy and has not been officially announced.
• However, all technical charts and analyzes failed to determine the bottom.
• I don't know who is selling a lot of currencies, but this is more than just panicking retail traders.

Bitcoin Average Mining Costs 30.2k and BTC/USD price was 20k and according to today date those values will change a lot.

Total Hash Rate (TH/s) is decreasing

lets hop bottom is 17k

[Tomohisa]

Bitcoin is currently trading at $ 19.1k after falling 8% in the past hour,
You know this is the ATH price of the 2017 bull cycle and the first time in history that bitcoin prices go back to the old ATH.

The market is entering its toughest period since 2017 when all coins were divided many times their ATH levels.
This is the moment when we decide to leave the market or our last chance to buy bitcoins cheaply. Perhaps this is the last time we can see bitcoin's price below $ 20k.

We will need to see what happens during the next hours and days, the 20k level was very important and now it has been broken, if the bears are able to keep the price below that level for some time they may succeed in scaring even more people into selling their coins and we could see an even bigger drop, not that I am complaining, since I love the fact that once again I can get myself some cheap bitcoin, even if I do not expect the current price to last for long.

It wasn't if anymore, it is now. You have to realize 20k level is very important for BTC and for years BTC try to cross it. After the ATH, now it falls back below that point, it signals something more worrisome and the whole market can see that. No, it wasn't if anymore, everyone right now has the same thinking: it will go lower and past that range. The market will react to that and pull out even more and chance to drop down below 15k.