Topic: Bitcoin All-Time High almost reached yesterday - page 6. (Read 1554 times)

I woke up in the morning yesterday and I saw Bitcoin's price reaching the $73,000 price range. I really thought at that time that we will see a new ATH at the end of the month, turns out, it's just a PRANK and instead of we see a new ATH, we are seeing the price of Bitcoin going downwards yet again.

Well, on Coinmarketcap, the highest price that it reached was at $73,577.21. A few hundreds away from surpassing the previous ATH. It doesn't matter TBH if it surpasses or not, but I see it as a significant event still even though no one cares about it. Now instead of surpassing the ATH, we are seeing Bitcoin getting dumped and although its price is still above the $70,000 price range, seeing a big dump at the start of the month seems quite normal already. I mean we saw what happened in the first days of October, right? We saw a dump at the first days, but along the way, we see the gradual rise of the price of Bitcoin.

At the end of the day, I still believe that we will see a new ATH this year. Many are bullish right now. The sentiment is very bullish. There are some that might take profit, but in the medium term, it will rise.

there will be an overbearing market push to cause the uplift, because as the underlying most efficient mining cost keeps increasing(currently still $50k on average) it will push everyone up..
by this i mean if the most efficient mining price got to say $70k, and the market price was stuck around the low $70k range. everyone on the planet  will become buyers, because although those still mining at $70k can compete to mine for a few sats per block at $70k they can also just buy more coin for near same price. so would become eager buyers at a great price.. along with everyone else with higher mining costs that are already buyers..
right now the mining cost range of the planet (electric price $0.04-$0.50) for both hardware and electric spread over a 2 year ROI is $50k-$440k*, so when this moves up. everyone becomes eager buyers if the market has not already moved up

right now we do have alot of people with mining costs $80k+ happily not mining and instead being buyers.. but the whales are using arbitrage methods and walls to resist the market jump. because there is still alot of wiggle room between the market price and the underlying value for the price to go down for good cheaper deals. (remember underlying value still $50k right now)
but when the spread between value and market shrinks(value raises up).. we will see more eagerness from the buyer side and it will be the whales that would too also run out of funds to buy and they too would want to release the walls to get the market pushing up above $100k and beyond* so they can be later sellers and profit from the ATH sells

*sidenote: much like the 2021 ATH peaked at a certain level.. when the market premiums to NEAR the top cost on planet to mine, people stop buying and start mining

Well it may be $1 or $2 from current ATH but we don't know that it might be start of something profitable for many people like it may be a sign that bitcoin price will start to increase more starting from it's new ATH either starting from $1 or $2 up to how much it will increase. If nothing happens then it could just be a hype where the hype is having new ATH with just an increase of with $1 or $2. I think it is kinda shocking if they just wanted to do that.

But from which exchange does trading view pull it's numbers from?

This is the reasoning to knowing which exchange is the more valid number.
Because we all know when it comes to a monetary value, everybody would like it to be as precise as possible.
If your employer ever starts paying you using bitcoin, would you be offended if they shorted you even by a penny on your paycheck?
I would think everybody would.
Since it is not necessarily a matter of being shorted a penny but the reason behind it.
Nobody likes to be short changed especially from their employer.

Don't believe anybody goes by the price on Binance unless they are trading on that platform.
I remember Bitfinex was regarded as the defining price but I think this was because Bitstamp was not created yet.

As far as I know, the forum community goes by Bitstamp's price as a defacto marker to the price of Bitcoin.
From my time visiting the Wall Observer thread. They regard it as the bitcoin ticker there and if you mention Coinbase's price they will tell you that price is not precise.

Preev rate uses a combination of five exchanges to derive their price:
Bitstamp, Gemini, ItBit, Kraken, OKX
https://preev.com

From trading view, I saw that the all time high there was $73,667, which was just down by $70 to surpass the previous ATH of March. Some exchange recorded above that, there's no accuracy to agree on one figure.

Bitcoin hits new ATH but if the difference is just $1 or $2, how does it affect us and how important is it? Frankly, it doesn't matter or bring any benefit, we just want to hype it, we want to make things shiny and stand out, that's all.

Not to mention, you need to know that bitcoin prices have small differences between different exchanges and platforms. A difference of $1 or $2 is quite common if you try to compare bitcoin prices across exchanges, or between CMC and Coingecko.
Bitcoin is a highly volatile asset and sometimes the price goes up/down by 5% to 10% which we find normal but it is absurd for us to argue about a few dollars difference  .

was waiting all day mate but suddenly  im wrong and frustrated because wanted to see
80k to sell out my holding .

short by 150$ and now fell down to 72k again.

this is what I've seen in the price yesterday  $73,577.21 and that shows 173$ shorter .

I guess these sites pulled data from different exchange, it's not a rare sight to see some exchange vary in term of peak price from one to another. even more apparent in futures market where there'll always be some sudden price jumping.

site like coinmarketcap on the other hand combined the price from multiple sources so it got an average price I guess. which in my opinion is more reliable compared to other, after all, these small price difference honestly means nothing.

you can actually just observe the candle in exchange's market directly since that's more likely the most legitimate information since real trade takes place there and mark the candle.

Websites could speculate illegitimate market rumours but coin market coinmarketcap would always give us the legitimate market updates.
                                       
Here's a reference of yesterday dated 29 of October 2024 bitcoin Ath.
We had current Ath at $73,737.94 and yesterday's Ath was $72,931.82. So we had a range of $806.12 to catch up the current Ath.

Data from Coinmarketcap and Coingecko is only slightly different because this data is viewed more than the others.

Actually I don't think about this sometimes every exchange has different prices and until now it hasn't touched the new ATH... why is that? No one posted the NEW ATH on X and some other media.

So I guess ATH could be in November... Who knows right.

Even if it's a dollar or two as long as the price is more than the last ATH then yes it would matter for other people. It could also mean that bitcoin's price may increase more than just a dollar or two. It could also mean that someone or a group of whale manipulating the market that's why the price almost reach a new ATH even just for a moment. If you did make some analysis then the price movement of this time could help earn more profit.

There is nothing wrong with what you said, because the price reached by Bitcoin yesterday was still slightly below the previous ATH price which also happened this year if I look at the local exchange in my country. Likewise when I look at the coinmarketcap site where the previous ATH price has not been surpassed by Bitcoin with yesterday's price achievement and if in the near future the price of Bitcoin can reach around $74K, that is the level of the new ATH level in the same year and I still hope that it can happen early next month.

I give more weights on what data has been showed on coinmarketcap since this is the most reliable bitcoin price monitoring site that we can rely on. Other site maybe just test or want to get the interest of people since more views somehow more traffic and money to come one their website.

Although bitcoin didn't reach to hit a new ATH yesterday, but right now its moving again at $72k+ and let see if by this time we can hit the new ATH on the last day of this month.

But I'm truly positive that new ATH would show up soon and provably it gonna happen in November.

People are really just that too sensitive with those small price differences eh? We do know that each exchange will really be having those kind of small gaps and cant be precise on every digit when we do talk about Bitcoins price or any other coins/tokens out in the market or being listed on such platform, but pretty sure that the gap wont really be that too huge since its the averages in between exchangers and that is why we do see different digits across exchanges. Is this really that a huge issue for someone to mind on? We do know that whenever we do hit up some new ATH then it will really be bring out that kind of news across the market and everyone could be able to read it up as if these things are really something that notable or important event specially on breaking new ATH's.

Its price is currently that some sort of stagnant or idle on this price level on which we cant be sure whether it will really be making out some short behavior or really just that readying up for another leg.
Actually this is the hard part on trying out to make out some positions in times like these specially if there would really be that uncertainty when it comes into this situation or condition.There are
moment or time that you will be having that kind of hesitation on making out such move.

No wis the time where we need to be more sensitive as well as being cautioned with our investments, because the market is getting more excited for bullrun and for the traders, they have to sideline going for short position or long under future because times like this is when the most of the market trades go into liquidation, very soon, bitcoin will make another history for all time high around $80,000 before heading toward $100,000 by next year or this year end.

Finally, what I have to ask you... Are you ready?

For me, whatever the correct price is, it is a small and unimportant difference. What is important is that Bitcoin has achieved a new historical ATH, waiting for more progress and rise towards a new peak, which I hope will be $100-120K.

They do their best to keep the market as favorable for themselves as possible, and they succeed as long as the force against them doesn't have enough power to break the walls they have created. They don't have enough power to keep forcing the market to stay the way they want it if there is more power on the other side. So they keep the walls up, accumulate, lower the wall, sell, accumulate again, lower the wall to let the price flow, and sell again. This is how they keep getting profits, but there are times when the demand in the market overpowers them.

Whales do their best to manipulate the market as much as possible so that they can get as much profit as they can, but every manipulation has to come to an end. Sometimes they end it themselves when they are satisfied, sometimes they are washed away by the flow.

Whether it was sales that disturbed the flow or not, we were a tiny bit away from hitting that milestone but I guess we still have to wait for it.

I have nothing to back this up so keep that in mind, but there is or was a large resistance at about $72000 USD which is $100000 CAD
We keep thinking in USD even though this is an international forum and BTC is supposed to be a world currency.

Makes you wonder how much was sold and forced the price down when a lot of Canadians sold when it went over $100000 CAD yesterday.

https://youtu.be/bOR38552MJA?t=20

-Dave

Bitcoin might really make it above the previous all time high before the end of this year even though nothing is guarantee but there is more of positive trends in Bitcoin, yeah I agree with that at this point some people might be getting ready to sell, while some would buy more to increase the size of Bitcoin they have, the gradual movement of Bitcoin is actually another reason that makes it different from other coins. However, the road to $100k is very close that's what we are anticipating which will happen sooner than expected probably early next year.