Bitcoin failed at $58,000 and dropped by more than $3K in a day. - page 4.

peter0425

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Quote from: rhodelmabanal on October 13, 2021, 04:19:09 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?.

after several hours this is how Bitcoin manage to increase and break that 58,000 again

https://coinmarketcap.com/currencies/bitcoin/

this shows how we must not take seriously the drop of price if we are dealing with bitcoin , also this is the strongest and safest coin so Just let it drop and keep your hold.

in the end of everything? it is increasing what will come to bitcoin and this has been proven for many years now specially when the Halving season comes effect .

TravelMug

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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.

adaseb

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The only reason the drop was only 5% is because there is almost no leverage in the markets. The move was mostly spot driven. If we had the same amount of leverage that day as we had in April it would of been a 20% drop instead of 5%. Only a few people got liquidated on that drop.

As Bitcoin goes higher and higher and is on everyone’s radar again, we will get more OI and more leverage and higher funding and future rates. And then whenever we get a pullback it will be a nasty one. You can see this anytime Bitcoin was breaking ATH after ATH, the late longers were the ones that got liquidated.

djgtr

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Quote from: Hippocrypto on October 13, 2021, 06:32:26 PM

Quote from: rhodelmabanal on October 13, 2021, 04:19:09 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 doesn't matter right now, we need to focus on the recent market changes because fluctuations really affects increase. Just like what happened recently, price now reached $57k above and are about to touch another potential best spikes. This is going to be more exciting and intense, if there's a subsequent drops I believed there's quick recovery that follows.

I agree on that 3k$ drop of Bitcoin price has no big effect on the market because we are now at the bullish movement and soon it will surely recover. There are a lot of negative news and it affects the price to fall down but I think it will not last long and there will always a recovery time just like what we experience before so I think we need to keep calm for good.

Hippocrypto

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Quote from: rhodelmabanal on October 13, 2021, 04:19:09 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 doesn't matter right now, we need to focus on the recent market changes because fluctuations really affects increase. Just like what happened recently, price now reached $57k above and are about to touch another potential best spikes. This is going to be more exciting and intense, if there's a subsequent drops I believed there's quick recovery that follows.

marine4u

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Quote from: rhodelmabanal on October 13, 2021, 04:19:09 AM

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users.

That's not true, as far as I remember correctly at the time bitcoin recovered at $58k, all related to China were almost removed from Huobi, Kucoin, Binance all took strict legal action against citizens China. I'm not sure the reason behind when we tried to break $58k was a bear market but it's no longer serious and under heavy sentiment. Current rise and fall is natural, it doesn't need to smooth to new ATH. Get ready to come back because I doubt its direction is above 60k$

Silberman

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Quote from: rhodelmabanal on October 13, 2021, 04:19:09 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 is a loss of a little bit more than 5% in a single day and while such movements will be incredibly high in the stock market at the same time that is nothing in the market of cryptocurrencies, and just to show this is true bitcoin is at 56k again and it may try another attack at that level during the next days, so just wait and let bitcoin works its magic, because sooner or later that level is going to fall as the demand for bitcoin increases worldwide as the economic prospects of most economies of the world go down and people look for ways to keep their wealth.

Weng simok

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Whale is only down 3.35% and is not a problem in the cryptocurrency market. many other markets are also going down with bitcoin, this is only influenced by negative rumors which are not so problematic. bitcoin will recover in a few hours or just a few days.

ice18

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Drop in $3k is just a normal days in bitcoin price so no need to panic sell, and China again has nothing to do with bitcoin price because Binance blocked them, they can use use dex exchanges even in leverage trading, wait for weekend and we can break the $60k again, agree?

Viscore

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Quote from: Coin_trader on October 13, 2021, 08:34:12 AM

Quote from: rahmatrf331 on October 13, 2021, 08:25:11 AM

Quote from: rhodelmabanal on October 13, 2021, 04:19:09 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?.

The decrease in bitcoin from $58k to $55k is still considered natural and has no effect. The $3k drop is only a few percent and it happens every week. Bitcoin, including a volatile market, often fluctuates in market prices, so this is nothing to worry about.

I agree with some minor comment, A 3K$ change is indeed small price change but it happens when it hits 58K which is the wall that can't be break multiple times, This means that price failed to break that certain wall and we might experience retest, The problem is when bulls lose confidence and power, The current price is near ATH which means that traders are very sensitive on any sudden price movement. A single FUD or price reject might cause a panic sell off. Its better to keep watching and be prepared. Being over confident is always leads to a loss in trading.

This must be nothing big, just a part of price correction. But if it's really caused by some restrictions from China, i guess we don't have the control to make it stop. Bitcoin is highly volatile so its not really new to us if the current price drops 3%-5% a day because there are times too that bitcoin suddenly starts surging by 5%-7% in a single day. If you want to invest in long term in bitcoin, then you should not be affected with the sudden price drop in the market as market crash will always expected to happen.

buwaytress

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Quote from: Jating on October 13, 2021, 06:26:41 AM

@buwaytress - yeah, it seems though that there is also a shift, usually weekends there's not much activity, but since the huge spike starting October, I noticed that the volume during weekends is above normal.

Yep! The volume is what's getting me amped up. That, and the 200MA rejuvenation. I know the latter's hardly as important as the former but I'm sure I'm not the only one psychologically psyched by that long term line, and having a lot of juice in volumes to back it up is going to really bolster momentum when (not if) the trigger arrives for a new ATH.

Coin_trader

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Quote from: rahmatrf331 on October 13, 2021, 08:25:11 AM

Quote from: rhodelmabanal on October 13, 2021, 04:19:09 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?.

The decrease in bitcoin from $58k to $55k is still considered natural and has no effect. The $3k drop is only a few percent and it happens every week. Bitcoin, including a volatile market, often fluctuates in market prices, so this is nothing to worry about.

I agree with some minor comment, A 3K$ change is indeed small price change but it happens when it hits 58K which is the wall that can't be break multiple times, This means that price failed to break that certain wall and we might experience retest, The problem is when bulls lose confidence and power, The current price is near ATH which means that traders are very sensitive on any sudden price movement. A single FUD or price reject might cause a panic sell off. Its better to keep watching and be prepared. Being over confident is always leads to a loss in trading.

DOH!

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Quote from: Yaunfitda on October 13, 2021, 07:16:35 AM

The China FUD is over though, I'm not seeing the effect on it as we have been immune to it. So I would say it is a normal drop, the price can't go on parabolic rise, it hit a snag $58k. Then let's wait and see another attempt to it this week or early next week.

Totally agree. We're having a drop in price and we're closer to a bear market, but I think its effect is completely natural, it's not as severe. In fact, we need to be more patient at this $50k and we clearly know where bitcoin is headed. I'm bullish on the whole of Q4 and now that's not a bad thing. MA200 is low but it will have big wick. Just waiting

rahmatrf331

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https://i.imgur.com/3fXQC4m.png

Quote from: rhodelmabanal on October 13, 2021, 04:19:09 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?.

The decrease in bitcoin from $58k to $55k is still considered natural and has no effect. The $3k drop is only a few percent and it happens every week. Bitcoin, including a volatile market, often fluctuates in market prices, so this is nothing to worry about.

Husires

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Quote from: rhodelmabanal on October 13, 2021, 04:19:09 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?.

Speaking using BTC/USD index using dollar price change is not accurate but the levels of change.
Bitcoin needed more than 6 years to reach first 1K, but now are changing with more than 1k in less than 6 hours.

Lots of expectations indicate that the price will be at $ 50,000 to $ 63,000 during this month, so all these changes seem to be normal and should be surprised.

Big effective changes will be:

return to 30K USD.
Break ATH 64k USD.

Yaunfitda

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Maybe we already reach the peak of this bull run at $58k, so some sell-off had happened.

The China FUD is over though, I'm not seeing the effect on it as we have been immune to it. So I would say it is a normal drop, the price can't go on parabolic rise, it hit a snag $58k. Then let's wait and see another attempt to it this week or early next week.

_Miracle

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Quote from: rhodelmabanal on October 13, 2021, 04:19:09 AM

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

I was thinking that some traders might be having a good time, tried to calculate the amount of times China has banned bitcoin, marveled at what a difference a year makes and wondered how long would it take for someone to say bitcoin is crashing ;-)

NeuroticFish

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Quote from: rhodelmabanal on October 13, 2021, 04:19:09 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?.

You seem to be here since 2017. You should know since then that a few % in price fluctuation means absolutely nothing.
Bringing China into the equation makes it look like a desperate attempt for FUD.

Keep in mind that less than one week ago there was a pretty big rise in bitcoin price. Almost 2 weeks days ago there was another one. It's not unusual that some traders may have decided it's time to sell/take profit.

cheezcarls

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No big deal. This is how crypto works. We see gains and drops as it’s subject to high volatility and unpredictability. I don’t mind about the drop though whether if it’s short or long term, because Bitcoin is here to stay and it will eventually rise in a surprise.

Jating

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Lol, Bitcoin failed to break $58k and then goes down $3k? Should we all be concern?

Checking at the price right now, it's about to move to $55k again, so we have bounce back already.

So my opinion on the $3k drop is that traders are just making money in the market by squeezing some profit, simply as that. I don't think that the Binance news has something to do with it.

@buwaytress - yeah, it seems though that there is also a shift, usually weekends there's not much activity, but since the huge spike starting October, I noticed that the volume during weekends is above normal.

Topic: Bitcoin failed at $58,000 and dropped by more than $3K in a day. - page 4. (Read 621 times)