Challenging the lows, 25.5k and lower possible break here - page 3.

fzkto

sr. member

Activity: 2282

Merit: 439

Cashback 15%

Quote from: adaseb on August 22, 2023, 10:55:55 PM

A few hours back I think they tried to run the weekly lows but failed. Maybe there is less leverage now than before or it’s a stop hunt and we will go higher.

We had a massive OI change and I just don’t think there are any longs to liquidate. We will most likely chop around and break next month or some positive news happens and next month we will be at $30k again. Now the liquidity is just awful.

Bitcoin has been showing a drop in price for a few months now. Now we can say that the end of the month is coming soon and probably August will be in the red too. If the current support is broken, then we might see the previous bottom.

franky1

legendary

Activity: 4424

Merit: 4794

the speculative market vs (off market underlying value) bottoms

2021: $30k ($10k)
2022: $15.5k ($15k)
2023Q1: $16k ($15k)
2023Q2: $21k ($17.5k)
2023Q3: $25k* ($20k) [*so far]

outside the speculative market. there is a underlying value and a top premium window of infrustructure which the markets speculate inbetween but do not pass..

we are currently in a value-premium window of $20k-$140k window which markets can speculate between(based on hashpower and real world economic costs of tops and bottoms potentials)

you can calculate this value of the window by looking at the most efficient cost effective mining on the planet.(the least cost to acquire bitcoin privately/wholesale on the planet no one wants to sell below)

you can calculate this premium of the window by looking at the most INefficient mining on the planet.(the most costly to acquire bitcoin privately/wholesale on the planet, where no one wants bother mining for or buying above)

as long as we dont have a massive hashrate crash competition or "free energy" boom, the underlying value will keep supporting the market to not go back to pre 2023 levels of market price(sub $20k)

Dr.Bitcoin_Strange

hero member

Activity: 770

Merit: 538

Leading Crypto Sports Betting & Casino Platform

OP, despite the drop in the price of Bitcoin, I am still bullish about Bitcoin towards the end of the year. It doesn't matter whether the price drop is so bad, but the market recovery can sometimes be very quick too. Despite the fact that Bitcoin is currently in the #26k zone, it can also quickly spike to $30k+ in just a week or less (I guess), and I believe that it's possible that towards the end of 2023, we can see Bitcoin around $40k-$50k.

adaseb

legendary

Activity: 3808

Merit: 1723

A few hours back I think they tried to run the weekly lows but failed. Maybe there is less leverage now than before or it’s a stop hunt and we will go higher.

We had a massive OI change and I just don’t think there are any longs to liquidate. We will most likely chop around and break next month or some positive news happens and next month we will be at $30k again. Now the liquidity is just awful.

dansus021

copper member

Activity: 2156

Merit: 983

Part of AOBT - English Translator to Indonesia

Just opinion maybe Bitcoin cannot make a new lower and go to positive at 27-28K level again and going to side away again after that but since next month is September and usually a bleed month for bitcoin Im not sure its going to above 30K level

STT

legendary

Activity: 4102

Merit: 1454

Wondering what peoples sentiment for 2023 is right now, negative, neutral sideways or still aspiring higher.

I see the price challenging the lows of last week here, we achieved 24k as a low but the majority of the price action remained above 25.5k. That resolution in the sell was some slight positive, a sell off can reverse but it appears to be failing in that resolve right now.
Right this moment we are trading and threatening a wider move. How do we finish 2023 if this move isnt finished with just resolving purely back to March prices.

Here is the price action on 15m bars in last few hours, this does appear some attempt lower. I think we observed this before also, main markets close negative sentiment (repeatedly)and after hours approaching the Asia open around midnight forum hours the price becomes weakened. Failing to hold here does make me think of 25k or lower could be the wider range required to establish strength.

I've forgotten how to do a poll, maybe its a mod only thing now. But I'm wondering, Going forward into the 2023 finishing price action and sentiment & using 25k as a pivot:

BTC

Positive
Neutral
Negative

[Quick follow up chart. Lets see it resolve higher and prove me wrong, of course Im fine with being wrong lol. I do think we have weakness just look at the volume but never look at any wider picture just once, its worth discussion imo ]

Topic: Challenging the lows, 25.5k and lower possible break here - page 3. (Read 432 times)