Why there is so much resistance at $23k price

[TravelMug]

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.

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.

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.

[1715597848]

1715597848

[buwaytress]

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.

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.

[Silberman]

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.

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.

[STT]

This means buying BTC is on the backburner, pushed far back behind the list of priorities.

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.

[buwaytress]

This means buying BTC is on the backburner, pushed far back behind the list of priorities.

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.

[Mahanton]

This means buying BTC is on the backburner, pushed far back behind the list of priorities.

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.

[Pierre 2]

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.

[Dave1]

Bitcoin has been hovering around 20100 to 20500 since the last week which is bow lower than the speculated price mentioned on this thread, bitcoin market dip has continued but will have weak resistance without any significant price break out for that limit bd if this continues we may have to wait longer before the price reaches $23k or even higher.

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++.

[posi]

Bitcoin has been hovering around 20100 to 20500 since the last week which is bow lower than the speculated price mentioned on this thread, bitcoin market dip has continued but will have weak resistance without any significant price break out for that limit bd if this continues we may have to wait longer before the price reaches $23k or even higher.

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.

[bestcoins1]

Bitcoin has been hovering around 20100 to 20500 since the last week which is bow lower than the speculated price mentioned on this thread, bitcoin market dip has continued but will have weak resistance without any significant price break out for that limit bd if this continues we may have to wait longer before the price reaches $23k or even higher.

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.

[Ani1985]

Bitcoin has been hovering around 20100 to 20500 since the last week which is bow lower than the speculated price mentioned on this thread, bitcoin market dip has continued but will have weak resistance without any significant price break out for that limit bd if this continues we may have to wait longer before the price reaches $23k or even higher.

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.

[wxa7115]

Bitcoin has been hovering around 20100 to 20500 since the last week which is bow lower than the speculated price mentioned on this thread, bitcoin market dip has continued but will have weak resistance without any significant price break out for that limit bd if this continues we may have to wait longer before the price reaches $23k or even higher.

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++.

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.

[virasog]

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.

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.

[yudi09]

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.

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.

[STT]

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.

[kotajikikox]

Bitcoin has been hovering around 20100 to 20500 since the last week which is bow lower than the speculated price mentioned on this thread, bitcoin market dip has continued but will have weak resistance without any significant price break out for that limit bd if this continues we may have to wait longer before the price reaches $23k or even higher.

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 .

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.

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

[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.

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.

Bitcoin has been hovering around 20100 to 20500 since the last week which is bow lower than the speculated price mentioned on this thread, bitcoin market dip has continued but will have weak resistance without any significant price break out for that limit bd if this continues we may have to wait longer before the price reaches $23k or even higher.

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.

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 .

[doomloop]

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.

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.

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.

[Jating]

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.

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.

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.

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.

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.

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.

[Captain Corporate]

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.