Why there is so much resistance at $23k price

[dragonvslinux]

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.

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 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 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.

$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.

[dimonstration]

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.

[rodskee]

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

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.

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.

[First Registration]

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

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.

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



Image source

[Queentoshi]

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,

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.

[Aliem Nur]

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.

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.

[South Park]

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.

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.

[Johnyz]

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.

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.

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.

[BitcoinPanther]

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.

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.

[Twinkledoe]

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.

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.

[Quidat]

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.

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.

[Oceat]

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,

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.

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.

[DanWalker]

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

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.

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.

[rodskee]

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

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.

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



Image source

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.

[btc78]

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.

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.

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.

[adaseb]

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.

[FlamingFingers]

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.

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

[kensaii]

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.

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?

[STT]

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.


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.

[Kemarit]

^^ 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.