Crypto Momentum Falters as Bitcoin Retreats to $23.6K

Baofeng

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Quote from: DeathAngel on February 17, 2023, 08:12:36 AM

We were at $16,000 for quite a while, really not that long ago. The retrace from 25k to 23.6k is not what I would personally class as faltering.

I do agree, and lest we forget, we are still in the heart of the bear market, so we are lucky enough that we went from that price like in more than 70 days. January alone was a huge spike at 40% and more.

Quote from: DeathAngel on February 17, 2023, 08:12:36 AM

We ‘re seeing higher lows & higher highs. It’s just a retrace, I am not saying that we will not go lower but the price & market is not faltering at the moment.

Let’s see what happens through the rest of 2023. It could be a wild ride due to macro environment.

And now this authors calling it faltering? hehehe, they should have known better. Obviously, this is just a click back and majority of this are just to create hype and something and using words such as faltering, when obviously, this is just a correction.

And wait for it, we are now back and closing at $25k again.

bittick

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that doesn't mean the end of the world, cryptocurrencies in general could still have another day for its bullish run again.
even right now it's all green, honestly these dumps along the way means nothing anyway you should see in the bigger timeframe if you are investing in cryptocurrencies, even honestly, some massive correction along the way means it's quite healthy bullruns.

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Quote from: Jating on February 17, 2023, 04:41:05 PM

Almost all altcoins are green now,

Bitcoin at $24,696. Marketcap $1.12T

The author of the article is early to call this as faltering, although I would agree that there is a correction after that quick $25k burst. Still looking good this weekend. I though it's going to be slow and long and deliberate as traders are going to take a break but it's not. They are taking every opportunity to buy cheap crypto as well as taking profits. So nothing is new here.

Something is going on that is for sure, what we do not know is what is exactly happening, because after a good February 15th we got a fast downward correction the day after and now we got an upward correction today, the price is more volatile than usual so this should indicate something is happening but I am not sure of what it could be, I just give thanks that I am not trading the market right now or I would be going crazy trying to figure out what it is.

Jating

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Almost all altcoins are green now,

Bitcoin at $24,696. Marketcap $1.12T

The author of the article is early to call this as faltering, although I would agree that there is a correction after that quick $25k burst. Still looking good this weekend. I though it's going to be slow and long and deliberate as traders are going to take a break but it's not. They are taking every opportunity to buy cheap crypto as well as taking profits. So nothing is new here.

cryptomaniac_xxx

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Quote from: JeromeTash on February 17, 2023, 03:57:34 PM

And now it's back up at 24,800 USD

It's obvious the $25K region is a resistance level, but it's just a maker of time, and it will break up past it. The bitcoin price just keeps knocking on it. The fact that it did go below $20k after the previous rejection makes me think there is still a lot of momentum in the uptrend. The next resistance level might be around $30k when it goes past $25k

Lol, but yes, the retreat was short as well, maybe it's just they sell when the price hits $25k as we can understand that they are investors trying to squeeze profits when bitcoin hits that price.

$25k might be the resistance level for now, it was just our second attempt. Nevertheless when we try to break it again the 3rd time, we knows, maybe it will be easy and then the price will stand on that levels. At least we have still more than a week to get to that this February and hopefully we can do that again this month and then look for $28k-$30k next month.

JeromeTash

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And now it's back up at 24,800 USD

It's obvious the $25K region is a resistance level, but it's just a maker of time, and it will break up past it. The bitcoin price just keeps knocking on it. The fact that it did go below $20k after the previous rejection makes me think there is still a lot of momentum in the uptrend. The next resistance level might be around $30k when it goes past $25k

blockman

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That wasn't even a sink but look at the pricing now, about to break $25k again ~ $24,800. While Ethereum has made it to $1,700, the price was interestingly high again as the recovery was too quick for bitcoin. Every time when bitcoin goes down, it's making it look like it's really down to the bottom part of the market. Well, can't blame the article makers if they're like that. That's how to attract readers to their published articles. The author has to make another article about bitcoin's fast recovery.

rhomelmabini

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If it falls, fine, we can get it at a discount. If not, fine too, we're getting closer and closer to a new all time highs. A sudden decline doesn't mean we're not getting there, it isn't just a moonshot to get there, it needs more momentum at accumulation phase. The market has exhaustion and this one isn't an exception.

swogerino

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That was just a correction and it does not mean anything,right now we are well over 24.000 dollars again and I think that was a sign that the recovery may come much earlier than predicted,the fact that surpassed 25.000 dollars yesterday made news again and I saw different headlines including in Linkedin which is a business/professionals social network.The fact that is performing much better than last year means that even the altcoins will recover but I am not well prepared for an all time high during this year,I need to mine a lot more ETHW,ETHF,ZIL and RTM and then on 2024,2025 I am planning to be a rich man Grin

.

goaldigger

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Quote from: roksana.hee on February 17, 2023, 05:09:32 AM

Bitcoin shifted from flying high above $25K to sinking to $23.6K over the course of Thursday.

There's a resistance on that level, it will not be easy to break that price especially Bitcoin took months before it reach the level of $24k again.
Eventually, we will see a retest and there's still a chance for Bitcoin to break it, just give it more time and be more patient.

For now, you can just wait for the retracement going back to the support level which I think we are on the support level 1 already, this can be a good opportunity to buy and keep monitoring if Bitcoin will break the support level instead. There's too much volatility in this market, its hard to predict it.

Jackl87

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Quote from: roksana.hee on February 17, 2023, 05:09:32 AM

Bitcoin shifted from flying high above $25K to sinking to $23.6K over the course of Thursday.

I would say what is happening right now is not really something special within the crypto space. Price movements of 5% up and down within a day are happening pretty regularly even with Bitcoin and with the altcoins the price movements are even way bigger than that. Regarding the current situation of Bitcoin and the whole market, i think it is completely normal, that we are seeing red numbers today after the price went up pretty fast and also pretty high in the days before. I would call this a healthy correction. Now Bitcoin is standing at around 23.7k $ per coin which is more than 9% higher than a week ago. No need to complain here.

LogitechMouse

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Nothing new.

I knew that $25,000 will act as a psychological resistance before it goes down. It's on my prediction as well that's why I thought it will be and it seems like it happened... at least for now.

It's just a common retracement that's all. Now the question is, will the downward movement will continue, or it will make another bounce again and surpass $25,000 "again". Let's just observe what will be the next moves of Bitcoin and the whole crypto market. Just continue to accumulate at least.

DeathAngel

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We were at $16,000 for quite a while, really not that long ago. The retrace from 25k to 23.6k is not what I would personally class as faltering.

We ‘re seeing higher lows & higher highs. It’s just a retrace, I am not saying that we will not go lower but the price & market is not faltering at the moment.

Let’s see what happens through the rest of 2023. It could be a wild ride due to macro environment.

hugeblack

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What's new here? All the market capacity of alternative currencies moves with the movement of the price of Bitcoin, and therefore it follows the price of Bitcoin. If the price rises, the belief that the market is booming will increase, and therefore investment in alternative currencies, and the opposite occurs when the price decreases.
The last price move was to try to break the top, which did not happen, and therefore I wanted the price towards the nearby resistance point.
As for altcoins, they moved accordingly

roksana.hee

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Bitcoin shifted from flying high above $25K to sinking to $23.6K over the course of Thursday.

Topic: Crypto Momentum Falters as Bitcoin Retreats to $23.6K (Read 93 times)