Topic: Bitcoin Breaks Below $50K as Market Sell-Off Continues (Read 334 times)

At least maintaining this level sends Positivity for all Bitcoin supporter , Though i have sold some of my Bitcoin at 63,000 Yet i took this advantage to re buy again and add 30% of my bitcoin holding when the price drop down to 47,000 couple of days ago.
Its always a good time for all supporters to see an entrance of buying more and not just continue growing and growing .

There is no negative news. The news of the capital gains tax increases was brushed off by the SP500 and it doesn't seem like the crypto market would be affected much either. It only applies to people who make over $1M a year anyways which doesn't affect most people only institutional investors.

This drop was mostly due to the high open interest and leverage we have in the BTC and ETH futures markets. Remember when we had a crazy 5-6% futures premium about 3 weeks ago? That works out to be almost 100% APR or so. This was due to massive amount of people going long on leverage and hence why we got like $10B in liquidations a few days ago and yesterday about $4B worth of liquidations.

Doge hitting almost 50 cents was another indicator that we are over-leveraged. First the shorts got liquidated and then the bulls went full leverage on Doge and they got liquidated. Way too many people made way too much money fast and this is what generally happens.

Yes, but it did put some scare and panic when the price went to $48,000. For sure more people panic seeing this price as it broke a big psychological barrier of $50,000. Luckily though, buyers outnumbered the sellers so we have a minor bounce to $50,000-$51,000 now.

And as those news gets buried, investors are going to forget about it. And then we are on the way to recovered above $50,000 and we are back to normal, in line with the $100,000 prediction this year.

Well, you don't need to be a rocket scientist to understand what's really going on and what is the reason for the sudden fall <$50k. There are a lot of negative news again and then there was this FUD going around as well. But since we are all for the long term here, it doesn't affect us. On the contrary people see it as an opportunity to scoop bitcoin again. It's evident, as the price is now $50,500 from as low as $48k in the last 24 hours. So we have bounce back.

All the recent three-day events involving fake news are once again in rampant attention.  Xinjiang region of China power failure, Exchange in Turkey, Mogan, Biden ... etc, Lol, Clear combination of attractive eyes.  Now bitcoin hits the $ 50k mark again, but will we have the strength to repeat better states sooner?  go and up.

The price do able to withheld on 50k price which does signify that theres really a strong support on this level.It did really able to go below 50k but it didnt really last long.
Freaking out is common and panic is there when we do see the decrease in price is too fast in a short span of time.Sell off? I dont see for it to go down further unless
if there are more events which would pile up on the current issues we are facing on then expect that the market will even go down further but lets hope for those
situations or events on not to come.We are aiming or hoping for 100k for this year and this might be the last dip that we might see before we do take off.

In February the price of bitcoin reached ATH at $58K and experienced a correction to $42K and then the new ATH was formed in March at $62K. Then we also saw the correction occurred on March 25 to $50K, then the new ATH was also formed in mid-April to become $64K. Now that the correction has occurred to $47K, is it possible to see the formation of new ATH again?

I think the pattern is still the same, but nothing really can guarantee that ATH will happen again. We just hope the Asian market doesn't have a bigger influence from Biden's new rule.

Well, bitcoin is nearly at 50k again, ethereum at 2.3k levels, bnb managed to break over 500 too. It looks like whatever that crash was, it is over now, it is not crashing any longer. Now everyone has to think if that was it and there won't be no more, or if there is a bigger crash coming in.

I believe this was getting rid of all the debts, borrows, lending, long futures, even some short futures because they will take profit, getting rid of all of that and purely going back up again from 50k to 70k+ levels with another very powerful test. You may think I am a dreamer but there is enough money in the crypto world to test something like that, and that is what I believe will happen. Obviously we are not sure, maybe it will crash even more, maybe it will go under 30k in 10 days? Who knows, I just think that 70k+ will be tested in May after such a crash happened.

JP Morgan's models are not accurate. I have used pure math to know that bitcoin is collapsing right now and will not recover. There will be no new ATH for bitcoin.

I am still seeing it as usual correction but triggered by FUDs. Technically bitcoin just tested 18 week moving average line which is around $48k levels and bitcoin made low up to $47.4k levels. When USA people enter into markets for today, we had another spike which peaked up to $50.7k in some exchanges and I am seeing that as a good sign as market sentiment is still positive but bears dominating for no reason; or probably still listening to FUDs or expecting lower low hence might be booking profits.

I am sure this correction will not sustain for long time hence we can expect market again entering into $55k to $60k within week time.

I think that the fall or correction of Bitcoin is natural to occur, it is a correction that happens in every market, it also comes from a new ATH, many investors want to buy cheaper, it is very possible that they have lowered the price so that the weak hands fall in panic and sell cheap.

Also, some media take for granted that the price drop is due to the measure that Jhon Biden has taken to increase taxes, this has caused rejection and some fear in some, they think that this has also helped to lower the price, for now has dropped to $48.2k


Source: https://decrypt.co/68887/bitcoin-falls-below-50000-a-price-correction-or-a-result-of-bidens-tax-proposal

I would not mind a healthy correction but the news about taxing on Long term Capital gains is really hitting all of the financial markets. It will be hard for upper middle class and upper class people who are heavily invested in the market. It does look bad right now and bulls are trying harder to keep the 100MA mark. Hopefully, we can see some support soon and bounce back to 50k$+ levels.

Few minutes ago it was above 50k and now it is going down again. This certainly smells like the next bear market but who knows. I agree with JPM i don't expect a new ATH soon and if it is not going to go up... well you know... then it must go down.

BTC is now at $47K, on the way to $42k, then total devestation


Feeling bad?

If you can't afford to lose it all, you shouldn't play crypto.

Seems to be a theme

Sentiment negative - Hater

Sentiment Postitive - Hodl'er ( cult bs )

Feeling Sad - Btc down

Feeling Happy - Btc up

If you have bitcoin in your life, you don't need friends ( insane btc themes )

...

Greed & Fear folks; no emotions required. Real traders never make anything personal, never fall in love with a trade, and never HODL; Buy low, Sell higher

There are no sure things in life, never have been never will be.

It doesn't appear the 'stock market' is down, unless you mean cypto stock which are down and hard,  tech-stocks are getting hit, makes sense, as mining ban, could end the chip shortage,. Baba in china 9988.hk is up, most asian stocks are up, while crypto is being destroyed, I would suggest that people are moving  into tangible value, like GOLD.

All bubbles work out this way boom-bust cycles, until the authority's close it down, unfortunately France, Belgium, England (Missisippi,tulip,south-sea) they didn't shutdown until the economy's were bankrupt, & widows living on the streets

Well to answer all the above speculations.

It's 2pm in ASIA, the big selloff start 6 hours ago ( BTC broke below $50k, 24% loss); thus the sell-off don't have anything to do with the USA, hell they ain't even 5% of the worlds population, get over big-guys

The sell-off of BTC is obviously happening in ASIA.

The talk of 'Bidens tax' is just talk for right now, fear-mongering. Most legacy investments in USA are fearful about Biden doubling the capital-gain tax.

As we all know most legacy investment houses, Vanguard, Fidelity are not exposed to Bitcoin; where most of the 401k money is held

COINBASE is major down, 5% just like BTC-ETF's in Canada

RIOT is down 11%, there HODL'ers buy RIOT if you want to lose $$$

( SEEMS like BTC stocks are the Marijuana stocks of 2021 )

...

I agree there is a sell-off today across all crypto-space, everything is getting hit, this could also be a pullback from Crypto period. Gold is up, COIN down 5%. Sounds about right. Coinbase has lost 25% since the IPO, expect it to lose more, its the "Shit-Exchange-House" of Crypto. How this company ever took over BTC, is just proof that PTB in WASH-DC is running the BTC-CORE.

We will not know for another 8 hours, when the USA markets open how they treat the crypto-carnage.

Seems to be a lot of automated buying at $49k, as everytime it dips to $48k, it comes back  up.

Remember the book 'Hitchhikers guide to the Galaxy", the answer is 42

$42K is what MUSK paid for his BTC, expect to see utter devastation if & when BTC near $42K ( 36% btc decline, which is nothing in the history of btc routs ). Every house will be calling the CEO on Margin call's.

In summary, given a 25% loss in BTC, this should force a ton of margin-calls, given that most of the traders are on leverage, this rout should also take out a lot of the exchanges.

JP-Morgan story about BTC crash, was almost a week ago, and was just one analyst call, but almost everybody knew this was coming. The Canary in the Coal-Mine was MUSK's $1.5B 'investment' in BITCOIN. Insanity.

Musk is getting slapped hard by China, in a few days they're going to announce pulling his 'visa' and denying entry, the public are calling "TSLA" Death Machines. His bullshit works well in USA, but in ASIA people don't like stupid.

...

Holding $48,500; Just wait until people wake-up and start getting the margin calls.

Well, either way is good, if the prices go down then so be it, the people who wants to buy bitcoin at lower price is finally able to buy that bitcoin at lower price. If it goes up then good because that means that we can reach a new ATH again. The only time that you should feel bad is when you don't have bitcoin at any point in time.

As of the time of this post, Bitcoin price is $49,400, not too bad a correction, the entire stock market is down today and I guess the Bitcoin situation will re-bounce sooner than we expect.

JP Morgan are morons who have no credibility in their claims about Bitcoin and when it comes to price speculation they confirm nothing. If anything they say what they think according to their models, or, better yet, what suits them.

Yes, it affected the stock market as well. I am not worried about it.

If you have a money then you should to wait Bitcoin grow again..Speculation from crypto analysts and industry experts suggests that Bitcoin's long term value could reach over $100,000 to as much as one million dollars per BTC in the future.

PANIC AT THE DISCO


Big sell off because of this news which provides the rest of us who are looking
long term to BUY cheaper Bitcoin - Dollar Cost Averaging