Bitcoin around $80K level again

[terrific]

I think most people don't do anything at all at this point.
Because the majority of us awaits on how high it will be from this point. While I see analysis that this is just a trap.
We don't know how low it can be. Just be open with the idea that it is highly volatile and the market moves a lot.
So from this point of $80k, could be down again from $60k or even lower somewhere $50k. No one knows.

It is actually better if no one knows and can’t tell for sure where the market will be headed from this point onward. The market is not looking to be bullish overall but the bullish market movement cannot be overlooked and we just have to keep watching and observing before taking any step further.

That was a resistance zone broken and the market does not look to want to continue the bullish move because of the huge rejection from that zone after even breaking it with full force. We have not see another retouch and break of the zone, but what we should still do at this critical time in the market is to observe and not come to a conclusion because of how volatile the market is.

But for those who's got plans ahead of time and they have decided to buy as long as they can for this period.
The price is good for those who wants to hold Bitcoin as long as it can be while under $100k and that's like the lifeline of many investors.
A critical time to decide is when we see so much volatility and it's okay to wait until the dust settles and the market calms down a bit.

[Odusko]

But for those who's got plans ahead of time and they have decided to buy as long as they can for this period.
The price is good for those who wants to hold Bitcoin as long as it can be while under $100k and that's like the lifeline of many investors.
A critical time to decide is when we see so much volatility and it's okay to wait until the dust settles and the market calms down a bit.

Some Bitcoin investors don't care about the price of Bitcoin all they need is the available cash to buy the Bitcoin the js check current price and then place their buy order, this set of investors are not in for short term investments but long term investments because they make sure that they hold their Bitcoin untill the price do something like 2x or even 3x before they consider taking profits from their BTC investment

[Coyster]

I must admit that i didn't expect bitcoin above $80k at this time, i expected the bear market to persist for a while, though it is hard to tell if we are out of it or not. The resistance has been broken, now traders are watching closely to see if bitcoin moves above $85k, i think of it does, it wouldn't be long before we're at the $90k threshold, and who knows what will happen from there on.

As for what to do, that is up to the owner of the coins. As for me, i am definitely not selling; i am just waiting to see what direction we are headed, it is a really interesting time as a bitcoiner.

[AmoreJaz]

I must admit that i didn't expect bitcoin above $80k at this time, i expected the bear market to persist for a while, though it is hard to tell if we are out of it or not. The resistance has been broken, now traders are watching closely to see if bitcoin moves above $85k, i think of it does, it wouldn't be long before we're at the $90k threshold, and who knows what will happen from there on.

As for what to do, that is up to the owner of the coins. As for me, i am definitely not selling; i am just waiting to see what direction we are headed, it is a really interesting time as a bitcoiner.

In this market, we have learned that we can't really exactly predict what will happen next. But we can always speculate and act based on our own instincts. Just be conservative spending your funds especially if is it not your extra funds.

[Out of mind]

We have seen a big decline in the Bitcoin market from the highest ATH but the market is slowly returning to the good side later. We can already see that the Bitcoin market touched $82k yesterday which is really attractive and just looking at the strong candles in the market it seems that it may not fall. When the price of Bitcoin fell, there was enough opportunity to buy and many bought then and many waited to buy from below. Moreover, the way the market is going at the moment, many people are still waiting for the market to fall and buy. But I think the market may go higher and it is going to touch $100k very soon, I think the market may not break down but it will move slowly so it is necessary to buy and hold.

[MarjorieZimmermanGinger]

Personally I think we either get a clean break and move higher, or another rejection and some sideways movement again.

Not chasing here, just watching how price reacts !

Also, caution is needed because global economic tensions haven't fully recovered and a downward bounce could potentially occur again. That's why holding is much easier, so we don't need to focus on Bitcoin's relatively short-term trajectory. If you don't have the knowledge to analyze, long-term investing is much better for such people. I'm still observing Bitcoin's trajectory this month to see whether the price can continue to bounce upward or whether we'll see another correction in the current period.

What are you guys doing at this level? Buying, waiting, or already took profit?

If the concept is long-term investment, then this shouldn't be the right time to profit from selling Bitcoin. Except for those involved in trading who often take opportunities to profit under certain conditions. I personally prefer holding in the current conditions because the potential for a much larger increase could occur.

[Peanutswar]

I have an analysis already that there is a chance will surpass the 82k but again remember there are a-lot of people who made an investment before and get trapped with the market dump which is just happened last January from the ATH we drop to 80k and this key level are probably key for resistance if ever the market will hodl for its as of now price there is a chance we break in again at the 85k or 90k but this 80k will be an another struggle.

[crwth]

I have been waiting for a while for BTC to come down over the past few months, but it just didn't. I thought I could buy more, but it kept rising. I guess I just have to continue buying and accumulating BTC as long as it's under $100k.

Upon checking the market, this is what I have found.

Spot 24h volume (broad market) is about $39.56B on CoinMarketCap^[1] and around $41.13B in Coingecko^[2]

For the futures volume, it's $73.29B in Coinglass^[3]

Based on this action, it appears to be leveraged markets rather than spot buying. It could mean that it's risky given the high leverage, and it could turn around faster with what we have now. I will be riding the wave after it dies down a little bit.
^{(I hope I don't get left out with the rise in price)}


References

[1] - https://coinmarketcap.com/currencies/bitcoin/
[2] - https://www.coingecko.com/en/coins/bitcoin/historical_data
[3] - https://www.coinglass.com/currencies/BTC/futures

[freedomgo]

I believe this is not the best time yet to take profits as the current price is still unstable, any time it could drop again but I honestly want to see it start surging high. Once it will hit $100k again, I know its up for something better and higher, and maybe this time it's now due for $150k-$170k per bitcoin.

However, volatility is still at its highest. What we see today might just be another trap, and that leads me to stick with DCA, at least there is no loss here. You will only lose if you start selling lower than today's price.

[Dr.Bitcoin_Strange]

I already took profit early enough when price was still booming, right now that we are caught in the middle, I'm not selling for now but I have to stack up more by maintaining my strategy of averaging. Price is not looking weak, it seems it's determined to get to $90k this time around because it already hit $82k and that's still a sign that it could get there but I have the opinion I had earlier this year that proce could go around $50k before the next bull cycle.

[GreatArkansas]

I believe this is not the best time yet to take profits as the current price is still unstable, any time it could drop again but I honestly want to see it start surging high. Once it will hit $100k again, I know its up for something better and higher, and maybe this time it's now due for $150k-$170k per bitcoin.

However, volatility is still at its highest. What we see today might just be another trap, and that leads me to stick with DCA, at least there is no loss here. You will only lose if you start selling lower than today's price.

Same! Prices between $60,000 and $100,000 for me are bonuses, because before, when we first touched $100,000 as an all-time high was instant, it's like an instant $60,000 to $100,000.
So for me, I'd rather add more during these levels and hodl till $100,000 than take profits or sell at all, I'm more confident seeing $100,000 than going back to $60,000.

[Antotena]

We have seen a big decline in the Bitcoin market from the highest ATH but the market is slowly returning to the good side later. We can already see that the Bitcoin market touched $82k yesterday which is really attractive and just looking at the strong candles in the market it seems that it may not fall. When the price of Bitcoin fell, there was enough opportunity to buy and many bought then and many waited to buy from below. Moreover, the way the market is going at the moment, many people are still waiting for the market to fall and buy. But I think the market may go higher and it is going to touch $100k very soon, I think the market may not break down but it will move slowly so it is necessary to buy and hold.

There are many traders that open positions around that 80k range but quickly sold when they saw that the price has went down to $60k for the fear of hitting liquidation instead of adding more money to maintain their liquidity and the funny thing is they didn't open another position because they think that the market might actually dump again but now that the panic and FUD has die from the market, the momentum is back again trying another place for $90k.

The way institutions are buying Bitcoin and looking forward to see it reach another mile stone has given many traders another confidence but that momentum isn't as strong like we experienced back then. Some traders are waiting for cause like halving but it might surprise us that the 4 year cycle of Bitcoin isn't longer in play, we can wake up tomorrow and see Bitcoin trading above what we never expected just like the way we broke this resistance.

[nara1892]

To be honest, we are currently in a critical zone between $79k and $80k because it is the 50% Fibonacci in the daily time frame, approaching the golden zone at 61.8%.
If you look at the daily time frame, the price range of $79k to $83k is usually where prices retrace, similar to the first quarter of this year.



Either way is risky right now, but from what I've seen since May 1 and the last week, the price has already failed three retests.
These three rejections, in my opinion, indicate that the $80k zone has a strong wall that is difficult to breach. When you look at the volume on May 1st, the price spikes, but it is rejected for the third time.

This is a sign that the price will fall soon; however, if you look at the volume, you will notice more buying volume than selling volume last month and starting this month. So that is why I said either way is risky.

So, if you are trading and do not have a long-term plan, I recommend that you wait for this week.

I agree with you that both directions are equally risky, and my conclusion is exactly the same as yours: the price will likely fall soon. I just analyzed it using my skills, as can be seen in the image below. In the first image, I used a 1-hour candlestick timeframe, and you can see that the price broke through the previous support level, which should have caused a slight correction and then continued to rise. In the second image, I used a 1-week candlestick timeframe, and we can see that a red doji candle has formed, which usually indicates a price reversal. Although the next candle is bullish, I doubt it will rise because of the long wick on that candle, indicating weak buying power.
1.                                                                                                                                           2.


So, in conclusion, if you want to buy, try waiting until the candle is finished forming. As you mentioned, wait at least until this week.

[terrific]

But for those who's got plans ahead of time and they have decided to buy as long as they can for this period.
The price is good for those who wants to hold Bitcoin as long as it can be while under $100k and that's like the lifeline of many investors.
A critical time to decide is when we see so much volatility and it's okay to wait until the dust settles and the market calms down a bit.

Some Bitcoin investors don't care about the price of Bitcoin all they need is the available cash to buy the Bitcoin the js check current price and then place their buy order, this set of investors are not in for short term investments but long term investments because they make sure that they hold their Bitcoin untill the price do something like 2x or even 3x before they consider taking profits from their BTC investment

I wish that we're always like that, we don't care about the price when we've got money ready to buy some Bitcoin.
But that's not the case for most of us, what we do is we keep on waiting for the dip and does nothing aftewards.
Even we see the price have dropped so fast and a lot, there's no action being done because it's always been a waiting game for some who wants to assure that they've bought at the dip.
Although, they're going to have a hard time in doing that when they're always doubtful if the price is right or not.

[Odusko]

I wish that we're always like that, we don't care about the price when we've got money ready to buy some Bitcoin.
But that's not the case for most of us, what we do is we keep on waiting for the dip and does nothing aftewards.
Even we see the price have dropped so fast and a lot, there's no action being done because it's always been a waiting game for some who wants to assure that they've bought at the dip.
Although, they're going to have a hard time in doing that when they're always doubtful if the price is right or not.

Waiting for the dip buy Bitcoin is for those that sold their Bitcoin at the top meaning that they have ready taken profits, an waiting to buy back, but for someone who is buying Bitcoin using the DCA approach, when you have availability of cash flow out may not need to wait for price to dip before buying, most especially when long term investments in our goal, but not investors don want to take such steps because of fear of losing out on discount price reactions but sometimes such a dip price may never come when you are ready.

[terrific]

I wish that we're always like that, we don't care about the price when we've got money ready to buy some Bitcoin.
But that's not the case for most of us, what we do is we keep on waiting for the dip and does nothing aftewards.
Even we see the price have dropped so fast and a lot, there's no action being done because it's always been a waiting game for some who wants to assure that they've bought at the dip.
Although, they're going to have a hard time in doing that when they're always doubtful if the price is right or not.

Waiting for the dip buy Bitcoin is for those that sold their Bitcoin at the top meaning that they have ready taken profits, an waiting to buy back, but for someone who is buying Bitcoin using the DCA approach, when you have availability of cash flow out may not need to wait for price to dip before buying, most especially when long term investments in our goal, but not investors don want to take such steps because of fear of losing out on discount price reactions but sometimes such a dip price may never come when you are ready.

It is not always the same for those who have been waiting for the dip.
There could be some new investors waiting for the dip and they have been told to wait for that, and as per their analysis it's the best time to buy.
So, we don't get the same people from time to time who have probably sold at the peak and awaits for the bottom.
But I wouldn't deny that they're part of the ones who are also await for it to come. We've seen the price goes back to $80k, a correction happens.
Then, this is going to be another factor for them if they'll have a longer wait or not. It's best to DCA and they all knew about it.

[masulum]

So, in conclusion, if you want to buy, try waiting until the candle is finished forming. As you mentioned, wait at least until this week.

If we look from 1W TF we really must be careful because there is a dragonfly doji last week. we have to see if this week BTC can stay and close at 82K+ or not. In my opinion, if this week close above $82K, BTC probably can retest to 85K-87K area and this can be a quite hard resistance.



Meanwhile from 1M TF, March become an inverted hammer candle, followed by a very strong April closing, this can be a signal that in May BTC movement can have a stronger trend.
NFA/DYOR

[Razmirraz]

Snip.

Some Bitcoin investors don't care about the price of Bitcoin all they need is the available cash to buy the Bitcoin the js check current price and then place their buy order, this set of investors are not in for short term investments but long term investments because they make sure that they hold their Bitcoin untill the price do something like 2x or even 3x before they consider taking profits from their BTC investment

Agreed, the approach you outlined leads to a combination of DCA and the Hold mindset, this strategy only relies on the focus point of accumulating the number of Bitcoins rather than their short-term price fluctuations. This strategy can provide investors with a sense of security in building long-term wealth, but they must have a high level of patience and financial readiness to hold assets during long periods of declining prices.
They must be convinced of Bitcoin long-term fundamental value, thereby consistently driving accumulation interest regardless of whether the current price is bullish or bearish. High profit targets like 2x to 3x because they believe in Bitcoin's potential as a store of value, their goal is clearly significant value growth which is often achieved in long-term market cycles.

[michellee]

Bitcoin back to $79k level and the weekend coming. That could be a correction that happens as usual and makes the price get down. But the price doing a good thing which is pushing the price and break $80k barrier.

The price will be back up to the $80k level and even higher so we should be patient and not panic if the down continues. I am prepared to buy back after selling some amounts and gives me profit. If I can catch more chances to buy back and the price increases, the profit will be bigger.

[slaman29]

Have to say I'm slightly surprised, would have expected quite a lot of traders taking medium term profit (those who bought at 70k are already enjoying 15% gains), unless these are all futures traders doing that. What would spots be waiting for, I wonder 30% or 90k seems a bit farfetched for now.

The price is currently testing the EMA200 level, which is a key resistance level. And it can be assumed that many traders will fix their profit at this price level, which will lead to a correction. But if this level is passed, the EMA200 will turn from a resistance level to a support level, and in this case, further price growth can be expected.

Still to see the case, I think as we can already see, definitely more of a resistance, didn't even last a week holding above, but I always like that 200 level, always proves to be where we look when sensing the long term.

We're back above right now of course so lets see I have a tiny feeling we still got a heavy week ahead.