Why there is so much resistance at $23k price

[buwaytress]

^ 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.

[RILWAN]

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.

[STT]

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.



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.

[DoublerHunter]

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.

Sometimes people see dip market of cryptocurrencies as something that brings setback in cryptocurrency but from me, i see such that thing like correction of the market price, because after Bitcoin or cryptocurrency undergoes the change in the market another thing that occurs in cryptocurrency is that, the bullish market. So what ever that happens during the time of bullish market is the correction

^ 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.

[Dave1]

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.

Sometimes people see dip market of cryptocurrencies as something that brings setback in cryptocurrency but from me, i see such that thing like correction of the market price, because after Bitcoin or cryptocurrency undergoes the change in the market another thing that occurs in cryptocurrency is that, the bullish market. So what ever that happens during the time of bullish market is the correction

^ 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.

[yhiaali3]

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.

[Don Pedro Dinero]

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'.

[bigjuk]

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.

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.

[Ayers]

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.

Sometimes people see dip market of cryptocurrencies as something that brings setback in cryptocurrency but from me, i see such that thing like correction of the market price, because after Bitcoin or cryptocurrency undergoes the change in the market another thing that occurs in cryptocurrency is that, the bullish market. So what ever that happens during the time of bullish market is the correction

^ 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.

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

[Ultegra134]

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'.

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.

[Nrcewker]

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.

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.

[eaLiTy]

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.

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 .

[kotajikikox]

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.

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.

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.

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 .

[dragonvslinux]

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.

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.

[Reatim]

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.

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.

[ethereumhunter]

It can be said that the price range of $21k to $23k is the longest time we have ever had, didn't think that the price was very difficult to rise, when 4 days ago the bitcoin price reached $24k there was a large transaction volume and it seemed like a sell-off and made the price come back drop.

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.

[Wiwo]

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

[Franctoshi]

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.

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://buybitcoinworldwide.com/stats/sma1458/

[Natalim]

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

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.

[Silberman]

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.

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.