Bitcoin failed at $58,000 and dropped by more than $3K in a day. - page 3.

Fatunad

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Quote from: rhodelmabanal on October 13, 2021, 05:19:09 AM

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?.

$3k drop is just an ordinary day here on crypto and its non a surprising thing and if ever bitcoin had dipped down its price then theres always a recovery after that moment and we've been seeing that its almost $58k
as of this moment which simply means that it wasnt really the exact reason on why it had really decreased down because it could maybe just a simple sell out on that resistance and not really connecting
any sentiments or news around the market.Bans and prohibitions or crackdowns wont really mean nothing.

Johnyz

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Quote from: rhodelmabanal on October 13, 2021, 05:19:09 AM

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?.

That's normal especially if we failed to break the resistance, now the price of Bitcoin is on $57k level again trying to challenge the resistance again and if we failed again you'll see another drop, a big drop maybe since this is an indicator that we can't go beyond resistance yet and its time to go back to the support level. I don't see any reason to panic at the moment, its just a normal trading scenario, though there's still a chance for bear trend so keep watching.

STT

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3k is about important as sneezing and pressing the wrong key, it can be considered a mistake or random unless it settles into that price. The overall pattern in 24hr can matter but blips up or down are fairly normal and part of why trading is hard to do without enough conviction to prevent being stopped out. Price never moves in straight lines, I never believe it will stay simple.

Here I'm just speculating we are capped still by previous price action on weekly bars. Otherwise despite the sideways movement we resolved upwards for the moment, I generally expect BTC to explore the whole space so I think 50k can happen.
Never doubt that we have a whole army of traders willing to look at a range of prices and just put on a bet with leverage that we go through that entire range. As a trade sometimes its easier to just say we have more space free and clear below us then above and so the path of least resistance is downwards not up, not exactly about being negative.

el kaka22

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Quote from: ultrloa on October 14, 2021, 05:58:18 AM

What other people think is when they think about bullish condition it will never go drop and they expect to gain more from it that's why they get dismay when sudden dump happen, instead of they earn it turns out that they are in break even that's why sometimes we need to keep our heads and secure the profits when it already showing to us since there's nothing wrong with doing that since we can buy back again once there's a correction happen.

Panic selling will always happen when the price start dumping and those people who easily get panic in short movement always lose their money.

Unfortunately panic sell is the reason why those people are losing money. I do not like it because those people are upset about it and then they come here and say that bitcoin is a scam and they promote some other shill that convinced them. The reality is that we are in a situation where making money is easy compared to all other methods in the world.

Crypto is something that you need to diversify, put more when the price goes up, and wait patiently. That is the only way you could make money and it is an easy way to make money as well. I mean where else can you make money like that? And I mean we are making money in a huge amount as well, not like we are making 10% year neither, we are making a huge amount like 2x a year, and when you can hold it like that for a long time then we are talking about something that is wealth maker in many years.

DeathAngel

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Quote from: rhodelmabanal on October 13, 2021, 05:19:09 AM

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?.

$3,000 drop is nothing, literally nothing in terms relative to the current price. After what we saw in May this year, a $3,000 daily drop is barely worth mentioning. Sit tight & strap in, the next few months are going to be very exciting.

Schnecke

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Get used to it. In five years we will see 10k drops and people will say "nice, it only dropped 1% today"

sujonali1819

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Lol. So what the big changed happen when BTC drop about 3k$ in a day? what the percentage actually it dropped? This was not normal? Just see the previous history of bitcoin then you may understand that drooping 3k$ / 5-6% In a day after continuously pumping from 30k$. Btw I don't know the exact reason but I can say it the reason could be any rumor or a correction before making new ATH.

michellee

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The price is up and down from $57k-$58k and that has happened many times but I am sure that the price will grow slowly and hopefully, that will be no need to wait for a long time. Maybe we will see something in the next week and if that really happens, we will be happy to see the price finally can back to $60k. We do not need to rush because we can accumulate more bitcoin at a price now, so our profit will be bigger when the price starts at the next rally.

justdimin

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Quote from: rhodelmabanal on October 13, 2021, 05:19:09 AM

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?.

But, today we have broken the $58k barrier but still not able to hold above that but tonight we can see bitcoin markets penetrating $60k levels which must be the another significant resistance in between a new ATH. There were lots of negative news from China but most of them are having alternates hence we could see bitcoin markets to be ignoring all those and might continue its journey toward $100k levels.

I read in my local news channel that at least 5 more governments may legalize bitcoin before end of next year which means a lots of bitcoiners to join the board. I guess just one or two governments decision would be more than enough to get bitcoin into $100k levels and let's see what are surprises are hidden in coming days.

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Quote from: rhodelmabanal on October 13, 2021, 05:19:09 AM

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?.

It is not a failure instead that is what we called starting up lol look at the price now, staying at 57-58k and the momentum is still there meaning at any moment the value will increase high ./
waiting for at least 60k before this Month end and another 10k before November ends means by December at least 90-100k is possible to reach.

Jating

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Quote from: NeuroticFish on October 14, 2021, 04:51:24 AM

Quote from: cafucafucafu on October 14, 2021, 04:37:35 AM

And now we're retesting the $60k barrier.

Actually we are still just under 58k. We went to 58500 and then back to lower values.
And I think that one reason is psychological and related to European traders: the current "barrier" is 50k EUR Wink

Let's give it a bit more time. We'll pass this too.

Yes, we have seen this kind of movement before, getting past the biggest resistance, but then followed by some sell-off. I think this was the case with $48k last September as well and if my memory serves me right, it took us like 3 or 4 times before we finally broke $48k and then reaches $52k.

So let's wait for it and let the market mature in the next couple of days. Just the regulars liquidating at $58k and then buying around $56k and wait for it to reach $63k or new all time high.

ultrloa

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Quote from: MiF on October 14, 2021, 05:42:03 AM

Bitcoin now is 57k$ and I think that price is high enough so it is more safe to say that the Bitcoin is now start to bullish again after the 3000$ drop last week. The important here is patience and the way we act on a situation like dropping. Because panic sellers always loss.

What other people think is when they think about bullish condition it will never go drop and they expect to gain more from it that's why they get dismay when sudden dump happen, instead of they earn it turns out that they are in break even that's why sometimes we need to keep our heads and secure the profits when it already showing to us since there's nothing wrong with doing that since we can buy back again once there's a correction happen.

Panic selling will always happen when the price start dumping and those people who easily get panic in short movement always lose their money.

MiF

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Bitcoin now is 57k$ and I think that price is high enough so it is more safe to say that the Bitcoin is now start to bullish again after the 3000$ drop last week. The important here is patience and the way we act on a situation like dropping. Because panic sellers always loss.

sirminesalot

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Quote from: rhodelmabanal on October 13, 2021, 05:19:09 AM

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?.

Nope i think it's just a normal movement and not caused by any news, the price is high and it made a correction.
If we look at the chart with monthly interval, the char is looking good and signing a positive way to going up again in the future. So i think we don't need to panic and sell our bitcoin for right now because the market is still good.

batang_bitcoin

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Quote from: rhodelmabanal on October 13, 2021, 05:19:09 AM

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before,

I saw it on binance spot a while ago that it has hit $58k. It's not a failure as it just stepped there. We need to be patient waiting for the time of it to be stable again at another price like $58k.

Quote from: rhodelmabanal on October 13, 2021, 05:19:09 AM

what was your opinion about this 3k$ dropped of btc price?.

Don't have to highlight that as there's more than that amount that bitcoin dropped within a day. If there's a significant drop then you expect the recovery of it is way better than the price drop.

NeuroticFish

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Quote from: cafucafucafu on October 14, 2021, 04:37:35 AM

And now we're retesting the $60k barrier.

Actually we are still just under 58k. We went to 58500 and then back to lower values.
And I think that one reason is psychological and related to European traders: the current "barrier" is 50k EUR Wink

Let's give it a bit more time. We'll pass this too.

cafucafucafu

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Quote from: rhodelmabanal on October 13, 2021, 05:19:09 AM

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?.

And now we're retesting the $60k barrier.

I don't think that negative news out of China has any bearing on price anymore.

But I agree that price movements have been very volatile as of late - perhaps this is a signal that the bull run is near its end as people are a bit more cautious in their bullish sentiments.

traderethereum

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Even if bitcoin fails to increased and dropped to the lower price, I am still sure that bitcoin price will rise and start to grow, even if that is only for a small amount and increase slowly.
In the end, we will see bitcoin price will be more than $60k and will hit the next ATH in the future.
So we need to have the patience to wait for the time for bitcoin price to rise and even if there is another news from China that saying bad to bitcoin, that does not affect the price in the future.
The price now is trying to back to $58k and we still have many times to see it will happen soon and will be back to $60k.

STT

legendary

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Its back to 58k now, fast recovery. It will matter if the fall is confirmed but so far the opposite happened. We can see any price short term but real prices that matter are patterns that build and develop. Generally a price has to register daily and weekly bars to matter and start having an impact that will drastically alter prices.

I did hear one trader advise caution in this area as we may see some indecision. These prices are just moving averages with the weekly average seeing price mark the recent lows, MA just can show some momentum not really support. I still think we can trade downwards but its not indicating as much so far. Perhaps losing 2 day and weekly average would then mean we go back to 50k. Price cant continually rise so it does tend to go in cycles.

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Quote from: TravelMug on October 13, 2021, 11:36:40 PM

And now that bitcoin reaches $58k, maybe we need to find out the reason that it went up to $3k? Lol, I"m just being sarcastic here. In any case, the next target we have is $60k, and it's another magic numbers so I will say that we will fomo on this price and will push it up to $63k.

And I guess bitcoin give us a clear message, we don't need to panic if there is a drop in prices like the OP is saying. Maybe just a sell-off with no cause whatsoever. And when the dust settles, the price will go back again just like today.

We don't need to panic indeed! Bitcoin is taking care of his business we are witnessing the strong market,

If happened that you do have good amount of money into this asset, better to stay put and let it move the way it putting things now.

Keep calm and be patience, the up and down is normal those who are selling are okay with the benefits

while those who are still holding still wanting for more, keep on the side where you really acknowledge the market run.

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