Topic: Bitcoin Resisting the below twenty thousand level (Read 545 times)

there is no such thing as Bearest mate , or the lowest ? nope we have seen 17k recently so how would you expect that 20k to be the lowest when we are far from the so called Bull year in which 2024-2025 to be expected?
for now staying at 20k is not an assurance because any moment it will full back or go up who should know?

I am not here to expect bigger instead what i wanna see is a strong positioning of Bitcoin.

but that only last till last night  , because now? we are down by 13% and still decreasing I'm afraid if this will stay longer because it looks like the bear starts covering again and there will be more lowering coming from today.

There are some thread created to be 10k-15k price , so lets see when this come to fall.

Really strange to see it struggling with 20k so much and at the same time being extremely oversold.
They pumped the dollar like never before and it's scarring people away from investing, which actually is great if you know what you're buying and are ready to hold for a year or more.

We'll probably see one last move to a new low, maybe 17k? and then we'll see who's the believers are.

I don't think we need to wait for that day, as the market plunges below $19k now. And even if we believed that there is no movement in weekends, there are a lot of sellers putting a big pressure and so the $20k support line has been broken.

Of course there is no need to panic, on the contrary, it might be good to buying, if the price remain at $18k or even goes down again because of the Fed meeting and the speed on how they raise the rate hike and how big is it against their projection this month. Also, there is the CME future contracts that are also going to expire in the next couple of days, so I'm expecting the price to tumble again.

Maybe not as big bullish as last year but maybe a gradual price increase. And if that's the case, we can be a little happy because our chance to earn bigger profits will come. And we still have about 3 months before the end of the year arrives.

But if the bitcoin price doesn't jump too high by the end of this year, we can only follow it and hope that we can still make a profit, even if it's not much. In the last quarter of this year, many possibilities can happen so we must be more patient and keep waiting while preparing ourselves for the arrival of the bull market.

Yes, we're on the weekend so there won't be much volatility. However, next week, we will have a big test coming up when the Fed will hold its meeting on September 20, and 21, and we will see how it goes. This will be the last test of September, I hope the results will not be too bad for bitcoin as well as financial markets. If we can't hold the $20k support then I think we will have a new bottom for this bear season. No matter what the outcome of next week will be, just don't panic, fight to the end we will still be the winner.

Incredible rally? From the low so far in 2022 to 20k is maybe only over 11% max rally, that's not incredible when we think how much we've sunk from ATH, or even how much BTC sunk from the CPI, similar percentage, should we also say that was an incredible drop off?

As soon as I read someone saying you'll be rich from bitcoin if you buy it before it gets more value, I know that person immediately doesn't even buy bitcoin and probably speculates on altcoins.

After the incredible rally to the 20,000 dollar level, it is highly recommended how one can predict a market with such uncertainty and volatility. yes, instead of taking precautions to protect ourselves from loss as much as possible. This may sound common, BTC is a safe haven currency that has been favored by many investors around the world, due to its high potential in investments and commodities. Even though it has faced some challenges in its penetration into society but as many financial experts have predicted about its promising future, bitcoin is an asset that you need to invest in now before it gets more value and makes you rich before 2023 from now.

I wouldn't call this a battle but $20k for btc is very easy. Just wait because this flash crash is not done yet but once it's over, we can always get to the price that you really wanted. And what is that bulls you are talking about?

I think there are no bulls yet that occurred because bulls for the crypto market could mean that the price is at a higher level, and not on the level that we are commonly seeing. It was only bitcoin alone who is trying to protect its value to not fall on lower levels but other altcoins are doing fine and they are also doing their best to reach more heights before bitcoin catches up on them and overcome their value.

I don't think we should expect or bullish this year, the market has obviously turn into a bearish one, and this is due perhaps to the 4 year cycle that we are all familiar with. $22k will be biggest re-test if we are going to hit it, but it's doable for this year.

We are entering the last quarter of the year and it seems bleak, but as you have said, if we are here for the long term then we might as well take advantage when the price of bitcoin is still at the $20k range. We are all experienced already, and so there's no need to panic sell, in the end, those who have patience in this game will win.

we can't for sure know what will happen next in this market. but the sentiments are still positive as people are hoping for the bullish run to come. but for now, it is on you how you will prepare with this unpredictable market. still even if we reach the 22k level, it is still a good time to accumulate more if you are eyeing long term for this coin.

Market tries to build the momentum and go above $20k. This has been taking place for a long with bitcoin moving between $19k and $22k. This weekend have started with market full of green. So this can make the changes in the price to the range close to $23k which will be followed by altcoins. For now ethereum is expected to show some good progress.

bitcoin still resist to cover 20k again and that is what the market says now

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

What I do believe is that the twenty thousand level is the basis price and yes we can see that there are  so much happening nowadays and we will see more of this in the coming days as we are near entering the last quarter season.

And we are still battling the $20,000 support line, since we have this flash crash this week. At least the bulls is trying it's best to protect this price and it now stands at $19,833.

So it will be a uphill battle again, nevertheless it's weekend so not expecting any price movement that will push the price below. The test will be next week again, we will see if we can get to that $20,000 level and hopefully we will maintain it and then hit $22,000 the highest price that we have been so far in the last two months.

Partly and then we had the report of CPI that affect the market recently.
Of course, there is the war in the background that we have to take into consideration. The Mt. Gox rehabilitation, that will be ongoing for the next couple of months might also give an impact. So there are a lot of parameters that is still be coming our way.
And so, I wouldn't be surprised if we will continue around price, $20k-$22k till the end of the month. And for the minority, this is a time to accumulate as you have said, at $19k the price is still very cheap.

It is undeniable at this point that such news had a profound effect on the market and it seems its effects are still in place, however I wonder how long is this going to be the case? After all there must be some kind of limit to the effects of those coins being sold, but with speculators and the bears fanning the flames then this drop could last for a long time unless there was an increase in the demand, but something like this seems unlikely at this point.

I %100 believe that neither inflation nor whats going on in the stock market matters to crypto as of right now. The main reason why we are seeing such a big deal is the fact that mt.gox basically spread a news of 2+ billion dollars worth of bitcoin being sold to pay mt.gox victims. Not saying it will or won't happen because I do not know what will happen, but I know that many people sold because of that. Mind I remind you we were 24k+ just recently before that news, and dropped to 20k after the news, was our inflation superb when we were 24k+? No it wasn't, was the stock market awesome during the same time? No it wasn't. So the only thing that changed became the mt.gox news and nothing more.

The global inflation crisis has way too much negative impact on the stock market and that is visible in the price of Bitcoin as the market has been struggling to sustain a stable price and possible break out which has met a lot of resistance in several weeks, and this global crisis has no end in sight any time soon,  but given the positive outlook of many developments and attempt it won't take much time before a possible breakout will occur but that breakout will start from decentralized assets such as Bitcoin that ks out of government control and is only open to market demands.

The global economy is facing widespread economic meltdown which has accompanied the post covid recovery phase and many stocks are going to be held down for some time so possibly between twenty thousand and thirty thousand Bitcoin price will be witnessed for a long time, possibly in the next four months we going to be cycling around that range.

I think the price is waiting for both sellers and investors.

Yesterday we saw the price was at $19k and I placed a buy order that my order filled and now the price is back to $20k so I decided to sell it again and withdraw my profit.

That is why we must always be ready for whatever will come in the next few hours or days to make a good decision based on the conditions immediately.

I already sell it when the price increases and take my profit

It's highly likely we just keep rebounding within a 5k range this side of Christmas, which I'm personally okay with. Until we get to see how the world is coping with the recession in a few months time, I can't see the situation getting any better. Buying power is naturally down, as well as demand due to the unprecedented times.

So, until we start to see the other end of the recession tunnel, I can't see us making much progression in a upward trend, much more likely in my opinion to see a downward trend in a six month window. I'm not basing that on anything that's happened in the past, but only from the consideration that we're now in one of the biggest recessions most people would've seen, if not all of us, and we don't know exactly the repercussions of that until at least a few months in. For example, here in the UK interest rates are expected to go up a couple percent more, which is going to have a massive effect on people who recently bought a house, because not only did they over pay for their houses due to the boom, but the government was offering 5% loan to value loans, which basically means a lot of people took out more than they can afford to pay back, and that's without considering the job losses that we will see at the end of the year.

So, yeah in terms of a six month period. I can't see Bitcoin getting beyond that 20k, and if it does it would likely only be brief.

That is one factor affecting the market condition now. It was to see that the global economic situation is in crisis but I haven't expected that it will push the price of Bitcoin to move down below $18k. It is just the volatility of the market has shown to us, we've been in $21-$23k in the past weeks, it is something to say that maybe next week we are already up again above $20k. I actually positive how these BER months affecting the market condition but yes, we don't have to expect more.

well, anyone can be a speculator of this market. but when it comes to how you will decide on this market, depends on how confident you are with your predictions. because of course, you will only invest if you feel you have a very good chance that you can make profits. and with what seemingly a good point to invest some on btc, a lot of people i guess are buying silently.

Currently checking coinmarketcap and I can see that Bitcoin just moves between 19000-21000. I feel like global economic crisis may have affected Bitcoin positively. Even though Bitcoin market is open to total speculations I believe there are good enough reasons to keep buying more and more Bitcoins. I tend to secure every Bitcoin I can find in old wallets right now. And I also fill my cold wallet with more and more.

The market has undergone so many speculations from some self acclaim price analysts that have no basis for the speculation or have no data to back up the claims, but Bitcoin price has build a strong resistance at twenty thousand dollar but the bear build a more stronger pull back mechanism to keep Bitcoin price below that price range. Bitcoin is just following it regular price pattern and this can be traced to the track records of Bitcoin previous market price movement, in the coming weeks Bitcoin price will recover and move above that price speculation to a new price range with bull tendencies.

First, I don't think people need to believe the prediction of the so called expert which purpose was just to fraud the newbies in the market with naive market prediction.
Despite the Bitcoin market been uncertain venue there are still some event that can be use to get the market next momentum and an explain is the nature of the BTC mining difficulty.
In the meantime, I expect the market to experience some dump in price in the future and that doesn't mean there wont be any flash bullish market.

Apparently, this whole bearish market will be over soon and a new ATH for bitcoin will become visible. But for now, let’s leave it there. Strong hands will always see every opportunity that comes every time bitcoin drops while leaving those weak hands continue to panic because of their wrong mindset and perspectives in crypto. Although I’m also having the thought that bitcoin won’t fall further below $20k, but if there are sudden negative events that will trigger the market, then expect that inevitable price drops will be possible to happen.

No one can be right when it comes to an uncertain market because all we have are just predictions and there are no guarantees if it will be possible or not. However, knowing the fact that bitcoin is so volatile, its value might have further drops or might be moving upward and skyrocket. But as long as this bear market stays in the market, expect that bitcoin will have a hard time reaching significant value.

It's the end of the month and hopefully just above $20K and then we might see a lot of sideway pattern again next month. Yes, I do agree that we should anticipate all possibilities, another lower lows and dips, nevertheless, we are in a bear market so just expect the worst. Buying the dip is the best strategy in this cycle, and as long as you can afford to lose or at least money that you are willing to invest long term, till the next bull run then it's good to buy this cheap bitcoin. So far the price based on coinmarketcap is $20,204.24.

well waiting for investors ? or waiting for sellers ? either both it will be a good movement for Bitcoin and for us holders.

nope. there is no fluctuation happening right now  mate though there isa  small lowering couple das ago but now seems to be strong at 20k again.
there are news and situation to expect and that is some bad coming .
if you are willing to keep then stay holding , if not then best to sell it now.

The price seems to be moving slowly, not fast and waiting for something.
The price itself continues to fluctuate as usual and maybe something will happen in the next month, which is only a short time away.
We must anticipate all possibilities that can occur so that we can adapt to all situations and conditions.
If the price should go down, prepare your money to buy more bitcoins because that means the time for the discount has come.

Traders and investors alike realize how important is the current battle that we're seeing, if the price of bitcoin is unable to hold the 20k level we do not really know how low the price could go, and it is because of this that the bears are so determined to bring the price below that level, on the other hand the strong hands also realize that if the price of bitcoin can hold the current attack of the bears then the possibility of bitcoin going below that level during the next months will be reduced significantly, so they know there is a lot at stake here and it is likely we will see a very bitter battle for days before we can clearly tell which side is the one that won.

It is true that the price of Bitcoin seems to have moved not far from the $20k price, as you said several times the Bitcoin price fell below the $20k price,
but it always goes back up to $20k. This means Bitcoin is likely to stabilize at $20k until the end of the year, and we don't have to worry that Bitcoin
will drop very far below $20k. That's why we can take advantage of this stable Bitcoin movement for short-term investments or scalping.

So whenever Bitcoin price drops below $20k, we should not hesitate to buy Bitcoin and we will sell when Bitcoin price rises to $20k price. Indeed,
the profit generated is small, but if we do it over and over again until the end of this year it looks like it can give a big enough profit. Moreover,
we dare to use large capital, of course the profit generated will be much greater. But just in case the price of Bitcoin suddenly pumps very high
by returning to the $30k price, we can part of our capital for long-term investment in Bitcoin. That way whatever happens to Bitcoin we can still
get benefit.

We did just now, $20,300 ain't that bad after going below it and others might nervous and panic when it see the price going hard below that support line. nevertheless, we all know how resilient Bitcoin is in defending it's price support.

Maybe in the next 2 weeks, the price will go up again, to $25,000 that was the last great price increased we have two weeks ago before it went crazy downward again. So hopefully this will be the case so this is another great opportunity to bag some BTC and wait till it pop up again next month.

Am not sure but it looks like bitcoin stays again back to 20k above?

but this is not completely strong until the price maintain the 25k above value in which only stays 1 day weeks ago.

actually there is more on 13k dropping that speculator had mentioned mid of this year but until now it seems to be far from happening.

We did try to manage to go above $20k, but then again in the last 12 hours or so, volume was busy and there are a lot of sell orders again, and as per cmc, $19,698.

I think we will go above $20k again, as this is a big mental support for traders. Maybe those speculators are selling for quick flip profit. Nevertheless long term holders are going to buy at this price again and take advantage of the sub $20k price.

I personally think that we are in one of those market conditions in which even if we got good news that could affect positively the fundamentals of bitcoin I do not believe there is going to be too much of a positive movement in the price of bitcoin, and this is because the economy is in such bad shape right now, and the prospects are that things are going to get much worse before they improve, that this is making a lot of people to think about it twice before investing in bitcoin, and even if I think it is the right decision to buy bitcoin now, there is not a lot people that are willing to hold their coins for long enough to see the next bull market.

The price can recover easily once we hear a good news, but right now we are still struggling and aiming for that resistance level and it seems very hard for BTC. We have to deal for a cheaper price for now and take this chance to accumulate more, BTC might go and test another bottom so watch for the price signal before you buy. 2022 is a year of pump and dump, better choose your best side now and keep holding.

Even I do accept that 20K has good resistance point simply because in the previous cycle it was the ATH price of bitcoin, apart from this I don't have any statistics analysis to prove my claim so I just go with my instinct.

A while back when bitcoin dropped to $17K in no time it hoped back to $23K region but it all happens naturally and no one can actually predict the next move even now if something disastrous happen even manipulation can bring down the prices further.

I don't think $20k matters that much, the price has bounced here and there so far in here, The price has dipped below $20k in the past few days and before that, it came from above $20k, so we should be looking at somewhere above there for now, unless BTC drops down again to below $20k and stays for a fair bit there. I also don't think it's impossible to go down below with all the FUD that's come out with the Mt.Gox thingy, but it also won't last since people would probably rush to buy once the price drops.

The price have made a bounce reaching above $20k and this is good for now. How this gets carried forward isn't a known fact. For now it is time to make use of the volatility. Because, few other events were consecutively scheduled for the upcoming month. By the time the market can experience a decline or else a uptrend. This is completely upon that moment. For now price movement is good for the week's progress.

20k a big round number, that alone could wake up a few buyers but I dont think we have high volume this particular Monday.   Its only the high volume events that really give us the best directional clue as to where we are heading otherwise we tend to drift a bit in speculation ping pong back and forth.     Either that or take the weekly bars and be prepared to wait around alot meanwhile.    
   We are back above the 2 day average but thats a very fast arbitrary measure, better to take the running weekly average for a sign of some strength that can last with some good inertia.     Last attempt was Friday and we failed with volume there, so now dont be too confident till we regain 21k and hold that price as a low.   We keep above weekly then 50 day average and it can start to develop into a positive market, I think we remain mostly neutral resolving sellers across this range of prices and yea not really Mt. Gox so much as just general market pressures.

Not only going on below 20k level but in overall decline and whenever the price to plummets which they do really see always this is a bad thing without even realizing that these times are best time for you to make at least some positioning for you to buy cheap and whenever there's some increase even on small percentage or scale then it would really be still benefiting you but since not all are really that good on making short trades
and this is why they do really choose up on holding and they are minding on increasing price every now and then which they do forget that a market does have pumping and dumping state.

Unfortunately people do not understand the value of bitcoin at around 20k and lower. They consider it as a bad thing that bitcoin went low but they do not realize that we are talking about something that is amazing for all of us right now.

I mean when will be another time that we will reach 20k or lower? With some time we will never come back to these prices ever again and people are not realizing the potential profit that they are missing right now. I would highly suggest that the best thing to do right now would be making sure that we end up with a good profit if we can buy now, and anyone who doesn't see it will %100 surely regret it in the long term.

Knowing how unpredictable the value of bitcoin, no one can really tell if the present value is already the bottom of this bear market as a lot would still happen in the next possible months. Although $20k is much better than seeing its price drop further, but if there will be positive news that will support bitcoin, then there’s no reason that we will see bitcoin falling into its bottom price.

Everyone is waiting for the bottom price to fill their bag, I bought some at 20100 to open a trading position and I will be buying some more down if the decline in Bitcoin price continues.

Many bitcoin price analysts forecast a more favorable market for Bitcoin this week, and if all things being equal with the delays in payment of 140,000 Bitcoin to MT. Gox customer's payment which is what caused the panic selling over the last week, but since the payment to customers of the exchange has been delayed with procedure and process of payment and through what exchange has not been made public, we will see more stability for Bitcoin this week since the bottom has already been reached.

Once Bitcoins falls below 19k usd, definitely in the next moment all the people will start buying the coin for which the price will definitely rise up.
This trend has been now seen couple of times from the past few months. So to be honest won’t be surprised anymore by the price.
Nevertheless these are knowingly done by the big whales for their own profits. So it’s always advised to don’t panic and patiently watch the market.

We are not seeing seeing Bitcoin rejecting hard at 25K and dumping again on 20K support area if bear is already over. Try to view the Bitcoin chart in weekly timeframe and you will notice that Bitcoin is not yet recovering at all but those green candle on previous is just a relief or bull trap because I still don’t see any good news that will back up the bull trend besides some random opinion by twitter influencers stating Bitcoin price already reach the bottom and use Bitcoin rainbow chart as reference on perma bull stand.

We have to see that the price always goes up and down, and on the ups and downs it also has its steps like:

- when the price drops a lot it reaches a zone where there are no more people wanting to sell we call it support, whenever the price reaches that zone of great support and does not fall below that we see a price increase. the price starts to go up to where there is a big resistance a zone where people can't buy anymore and they start selling a lot and the price starts to fall a lot until a strong support zone, this is an endless cycle, that's how the market works

so why are we at 20,000$? because the price failed to break the 25200$ and that's why it dropped back to the strong support which is at 19000$. so what's next? the price will try to break the 25200$ again (of course this takes time) and if it succeeds it will go up even more and if it doesn't then it will fall to a support and if that support holds then it will go up again to try to break the 25200 $

I'm not hoping we'll make it to $14k, but anything is possible in this field. Because this is the third leg on a weekly chart, I expect larger investors to enter now. I believe the bottom has been reached, and recovery can begin immediately.
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During a period of decline like now, I don't really care about the problem of falling prices because for me it is still a good opportunity to get Bitcoin on a downtrend like it is today.
So if you are not a trader who just buys and sells after seeing a small profit, then get Bitcoin in every period of decline and be patient waiting for the price increase to occur because with that you will get a win through more profits.

We can't rid of these weak hands and doubtful mindsets, I'd see this and consider the impact of every drop that it showed. However, this won't make the market drop more because once there are selling low, many investors are willing to catch it which is why it never drops more but see a sustainable market.
And I'd never think about $14k - we have done with the bottom already, that is what I see and this dropping scenario won't take so long.

True, there is a lot of fear in the market right now, and investors see it as too risky to participate. Personally, I believe we have reached the bottom, but in this market, the unexpected always happens. Because that is the formal resistance level in 2017, $20k appears to be a strong surport level. If the level is broken in the bear's favor, $14k may be in play.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

$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.

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).

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.

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.

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.

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.

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.