Bitcoin Resisting the below twenty thousand level

[Piesel]

A lot of speculation has been ditched out in the last 48 hours since Bitcoin battled to retain the 20 thousand dollars price even though some expect has predicted a more bearish market in the next month, and some others are of the view that the 20 thousand dollars price is the bearest minimum Bitcoin could fall back to.

At the moment Bitcoin is at a decisive level to either level up or pull back below the 20k dollars level, in the next coming day Bitcoin price will witnesses a lot of volatility we should be prepared for that and make a lot of speculation that can help analyze the market and it grows.

[OgNasty]

Given that the rumors in the market are that the mtgox coins are going to be released in the very near future, I think the market has very little chance of holding above $20K.  However, that shouldn't scare you because I think the downturn won't be long lived.  I believe once the price crashes the fund managers will be racing to scoop up as much cheap BTC as they can before the other does.  If you were waiting for a good time to start dollar cost averaging into Bitcoin, it would be now.

[stomachgrowls]

Given that the rumors in the market are that the mtgox coins are going to be released in the very near future, I think the market has very little chance of holding above $20K.  However, that shouldn't scare you because I think the downturn won't be long lived.  I believe once the price crashes the fund managers will be racing to scoop up as much cheap BTC as they can before the other does.  If you were waiting for a good time to start dollar cost averaging into Bitcoin, it would be now.

Yes, its been obvious that it is really holding that strong on 20k support level.We dont know on what this market movement decrease the main reason but it do really involves about economic aspect or something like that.Speaking about that Mt.Gox sell off then we should already anticipate for this thing to happen because once users do able to get a hold of their coins then expect that there would be sell off which it isnt really that surprising so better to anticipate and expect on that.

Technicals are forming now a good support on 20k but it is really still on that deciding factor or situation in regarding whether this would take long or wont really be able to
break out.

[hatshepsut93]

Usually "resistance" means resisting the growth, and "support" means not letting it fall below certain level. So while saying that Bitcoin is resisting the fall is correct, it sounds weird to people who used to understand resistance as "opposition to growth".

The $20k support is holding well for now, it's clear that there are groups who are interested in defending this important psychological level, but only time will tell if they will fully succeed or not. I wouldn't bet that this is the bottom of the bear market yet.

[KennyR]

Bitcoin price have come down to $20k and this serves to form new support points. The market had good resistance around $22k, and the sudden fall have made it go down to $20k. With the upcoming week start the market can be more bearish. In simple, it can retest the level of $17k or even lower. Because during the previous down market it is predicted to go down to $12k, but the recovery happened good. This time more events are scheduled and the same might make some bearish movement in the market.

[jackg]

The actual $20k level doesn't look to be acting like either support or resistance. We've seen lots more around the 22 and 25k regions but on any timeframe it looks like the price is hapoy to flip to either direction in the shorter term (so I'm not sure 20k is the point we should really be looking at).

[GreatArkansas]

(....)
At the moment Bitcoin is at a decisive level to either level up or pull back below the 20k dollars level, in the next coming day Bitcoin price will witnesses a lot of volatility we should be prepared for that and make a lot of speculation that can help analyze the market and it grows.

$20,000 is already broken this month and what a wrong timing also because the monthly close candle is fast approaching.
For me, this is a sign that volatility is high until the end of this month.
The $20,000 level is a very significant level especially since a few days ago that this is acting as strong support but it is already broken in just short period of time.

I just observe that when the market is dumping, it dumps too hard but when it pumps, I am not satisfied with the pump.

[minairia3]

Given that the rumors in the market are that the mtgox coins are going to be released in the very near future, I think the market has very little chance of holding above $20K.  However, that shouldn't scare you because I think the downturn won't be long lived.  I believe once the price crashes the fund managers will be racing to scoop up as much cheap BTC as they can before the other does.  If you were waiting for a good time to start dollar cost averaging into Bitcoin, it would be now.

It seems that Mt.Gox's bitcoin release will not affect the market too much, they will not release 137k bitcoins at once and the release process could be extended for several months.
https://www.mtgox.com/img/pdf/20220706_announcement_en.pdf

Information affecting the market today is that the Fed will continue to raise interest rates in September and twice by the end of this year. This announcement caused a panic drop in the entire global financial industry, and cryptocurrencies were also inevitable.

[ethereumhunter]

Given that the rumors in the market are that the mtgox coins are going to be released in the very near future, I think the market has very little chance of holding above $20K.  However, that shouldn't scare you because I think the downturn won't be long lived.  I believe once the price crashes the fund managers will be racing to scoop up as much cheap BTC as they can before the other does.  If you were waiting for a good time to start dollar cost averaging into Bitcoin, it would be now.

It seems that Mt.Gox's bitcoin release will not affect the market too much, they will not release 137k bitcoins at once and the release process could be extended for several months.

At least the price might still be able to stay at $20k or less because if all the bitcoins were to be released at once, it would make the price drop drastically because a lot of people would sell some of their bitcoins to take a little profit. But hopefully, the price will not drop drastically and the news of the release of bitcoin Mt.Gox will not affect the movement of bitcoin in the market. Previously I had seen the price of $19k (if I was not mistaken last night) so I thought the price might go down to that level again. So just be prepared for all the possibilities in the market.

[Charles-Tim]

A lot of speculation has been ditched out in the last 48 hours since Bitcoin battled to retain the 20 thousand dollars price even though some expect has predicted a more bearish market in the next month, and some others are of the view that the 20 thousand dollars price is the bearest minimum Bitcoin could fall back to.

What I know is that the best time to invest is when the market is red in significantly long term bear market when novice are not going to think of investing. This is the best time experts are investing, the best time when someone will not have much unrealized loss.

At the moment Bitcoin is at a decisive level to either level up or pull back below the 20k dollars level, in the next coming day Bitcoin price will witnesses a lot of volatility we should be prepared for that and make a lot of speculation that can help analyze the market and it grows.

What I think people should prepare for is unrealized loss, provided if the market fall down further, the profit would be huge when the time comes. Peoole should not just compared bitcoin with fiat now, have them on wallet that will not estimate the price in fiat for you, or disable the fiat value. It is going to be profitable after a year or two years.

[Silberman]

A lot of speculation has been ditched out in the last 48 hours since Bitcoin battled to retain the 20 thousand dollars price even though some expect has predicted a more bearish market in the next month, and some others are of the view that the 20 thousand dollars price is the bearest minimum Bitcoin could fall back to.

At the moment Bitcoin is at a decisive level to either level up or pull back below the 20k dollars level, in the next coming day Bitcoin price will witnesses a lot of volatility we should be prepared for that and make a lot of speculation that can help analyze the market and it grows.

The price is barely above 20k but I do not think this situation can continue for long, when we take into account the lack of upward momentum and the panic that will be caused by the influx of coins which will be sold during the next weeks then I think it is safe to assume the price will keep going down for some time, and while disappointing this should be viewed as yet another opportunity to buy bitcoin for a sub 20k price and since I believe this will be one of the last opportunities that we have to do it  we need to take advantage of it.

[cryptomaniac_xxx]

A lot of speculation has been ditched out in the last 48 hours since Bitcoin battled to retain the 20 thousand dollars price even though some expect has predicted a more bearish market in the next month, and some others are of the view that the 20 thousand dollars price is the bearest minimum Bitcoin could fall back to.

At the moment Bitcoin is at a decisive level to either level up or pull back below the 20k dollars level, in the next coming day Bitcoin price will witnesses a lot of volatility we should be prepared for that and make a lot of speculation that can help analyze the market and it grows.

The price is barely above 20k but I do not think this situation can continue for long, when we take into account the lack of upward momentum and the panic that will be caused by the influx of coins which will be sold during the next weeks then I think it is safe to assume the price will keep going down for some time, and while disappointing this should be viewed as yet another opportunity to buy bitcoin for a sub 20k price and since I believe this will be one of the last opportunities that we have to do it  we need to take advantage of it.

And it's going to be obvious that if the support does not hold then the price will go down to maybe another lowest low. So this is a big mental support and so we will see how the bulls are going to defend it even with the Mt. Gox news or the Fed statement. Of course the opportunity will present itself, nevertheless we don't want another panic sell. I agree that we are in a bull run, but I don't think that we can go lower $17k. That is a huge fall from $69k and I don't think that we need to see -80% history.

[bittraffic]

A lot of speculation has been ditched out in the last 48 hours since Bitcoin battled to retain the 20 thousand dollars price even though some expect has predicted a more bearish market in the next month, and some others are of the view that the 20 thousand dollars price is the bearest minimum Bitcoin could fall back to.

At the moment Bitcoin is at a decisive level to either level up or pull back below the 20k dollars level, in the next coming day Bitcoin price will witnesses a lot of volatility we should be prepared for that and make a lot of speculation that can help analyze the market and it grows.

The price is barely above 20k but I do not think this situation can continue for long, when we take into account the lack of upward momentum and the panic that will be caused by the influx of coins which will be sold during the next weeks then I think it is safe to assume the price will keep going down for some time, and while disappointing this should be viewed as yet another opportunity to buy bitcoin for a sub 20k price and since I believe this will be one of the last opportunities that we have to do it  we need to take advantage of it.

And it's going to be obvious that if the support does not hold then the price will go down to maybe another lowest low. So this is a big mental support and so we will see how the bulls are going to defend it even with the Mt. Gox news or the Fed statement. Of course the opportunity will present itself, nevertheless we don't want another panic sell. I agree that we are in a bull run, but I don't think that we can go lower $17k. That is a huge fall from $69k and I don't think that we need to see -80% history.

It's been what is in the discussions on podcasts everywhere and if MtGox coins are distributed, prices will be dragged to $17k. I couldn't tell whether I'd like that to happen but if the volume of BTC goes all the way to the roof in maintaining the $20K level, I guess a flash dip to $17k will likely happen so hold your stablecoin just to be prepared.

[buwaytress]

It's been what is in the discussions on podcasts everywhere and if MtGox coins are distributed, prices will be dragged to $17k.

If podcasts everywhere are so fixated on a point that's so old, and only for a 15% slide in price, well, wow, they've really run out of big bad bear news to slobber over. Fed and global economic news all no longer scare people?

Also, been a while since I spent way too much time looking at price movements on a computer, almost wasted Sunday, just keep thinking it'd either find an unexpected strong bounce back up, or just concede into the slipstream. Couldn't be more finely poised today, even saw 19999 and then 20001 on Google's price watch.

[SirLancelot]

Bitcoin price have come down to $20k and this serves to form new support points. The market had good resistance around $22k, and the sudden fall have made it go down to $20k. With the upcoming week start the market can be more bearish. In simple, it can retest the level of $17k or even lower. Because during the previous down market it is predicted to go down to $12k, but the recovery happened good. This time more events are scheduled and the same might make some bearish movement in the market.

This isn't a new support point for btc because btc have been there last time but anyways, the price have dip yesterday to 19k. I thought it would stay there but I am wrong because today it was back up again at 20k. Dunno what's with this price on why btc likes to hang out here. Next week is going to be the start of the so called ber months.

I was expecting something positive within those periods so I disagree about your negative speculations right there. People are done already with the bottom thing so you better move on now. It's your problem already if you missed buying when the price was still lower than 20k but 20k wasn't that bad imo for purchasing.

[Findingnemo]

At the moment Bitcoin is at a decisive level to either level up or pull back below the 20k dollars level, in the next coming day Bitcoin price will witnesses a lot of volatility we should be prepared for that and make a lot of speculation that can help analyze the market and it grows.

You said everything wrong, after 24 hours nothing changed literally nothing. Just now I checked the last 24 hours price change which is 0.2% that is too much negligible for bitcoin and it remains at 20K so there is no decisive day and no one can predict which day will be that day so better not to waste your time to find the perfect moment.

[Piesel]

At the moment Bitcoin is at a decisive level to either level up or pull back below the 20k dollars level, in the next coming day Bitcoin price will witnesses a lot of volatility we should be prepared for that and make a lot of speculation that can help analyze the market and it grows.

You said everything wrong, after 24 hours nothing changed literally nothing. Just now I checked the last 24 hours price change which is 0.2% that is too much negligible for bitcoin and it remains at 20K so there is no decisive day and no one can predict which day will be that day so better not to waste your time to find the perfect moment.

I hope you have not misunderstood my point, but from what you have said, you are absolutely right no body can predict the direction the price will go and if we are sincere with our self we are in for a long-term Bitcoin bear market and this has been witnessed in the price over the weeks past.

But at this point when Bitcoin touched the below 20k price yesterday before it quickly reband back to 20k, it shows some resistance level up which points to the fact that 20k is a strong resistance level.

[adaseb]

There was some MtGox FUD in the last 24 hours or so. Someone stated that on Aug 28th they would release 150K BTC. Then a few of the creditors said its not true. They won't be getting their bitcoins anytime soon. Certainly not on Aug 28th and most likely not for a few weeks.

That and there is also global uncertainty especially with what is going on with Europe and the energy crisis. That and the fed how they are still going to hike and right now are not discussing any fed cuts anytime soon. Most of this will play out when more financial data comes out such as employment numbers and CPI prints.

[Chato1977]

A lot of speculation has been ditched out in the last 48 hours since Bitcoin battled to retain the 20 thousand dollars price even though some expect has predicted a more bearish market in the next month, and some others are of the view that the 20 thousand dollars price is the bearest minimum Bitcoin could fall back to.

At the moment Bitcoin is at a decisive level to either level up or pull back below the 20k dollars level, in the next coming day Bitcoin price will witnesses a lot of volatility we should be prepared for that and make a lot of speculation that can help analyze the market and it grows.

20k resistance did not stand long because after few days of staying in that position ? now Bitcoin had lost its chance to 20k positioning and now maintaining 19k price.

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

But what i have been reading since last week is that bitcoin will plunge to 17k and indeed this is the time to buy more.

[Don Pedro Dinero]

Given that the rumors in the market are that the mtgox coins are going to be released in the very near future, I think the market has very little chance of holding above $20K.  However, that shouldn't scare you because I think the downturn won't be long lived.  I believe once the price crashes the fund managers will be racing to scoop up as much cheap BTC as they can before the other does.

I feel the same way and have expressed it in other threads about the price. The current price is cheap and we are going to see it in a few years, where many people will regret not having bought at 20,000 USD. If the price goes below that level it is going to be a bargain, and that is why I think it will not last long at those levels. As much as there are people who, when the price pierces lows, panic that it will go lower, there are a lot of people with money who know that price is a bargain and it is worth buying before it recovers.