Bitcoin is dumping, what's the possible reason?

KTChampions

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Quote from: Yamifoud on February 28, 2021, 06:22:34 PM

Quote from: KTChampions on February 28, 2021, 05:43:08 PM

The price of bitcoin is still very high and it is possible that the market is now looking for "fair price levels". Levels where there is no FOMO or FUD pressure. It seems to me that if the price of bitcoin stabilizes at any level in the range of 30-40 thousand, then it will be very good. Compared to the previous ATH, this is a big growth.

We can't stop FOMO and FUD's but people are learning already, they will ignore it by then.
I believe the market could able to sustain at its high price. Even the price will drop to $35k-$40k, that still at a high level and for me, still in the bullish. For the market showing an increase in the number of users and investors, the more it likely not to drop hard just like how the 2017 bullish season ends where it dumps straight.

I agree that the number of market participants and its volume is growing - this is indisputable. I am concerned that the number of transactions and the use of bitcoin as a means of payment is not growing. If you remember bitcoin was invented as a means of payment and not as a store of value, this is its basis.

Fatunad

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Quote from: pinggoki on March 01, 2021, 08:28:11 AM

There's so many possibilities why the suddenly bitcoin dumps is happening right now and the possible reasons is just because those big whales are currently controlling or manipulating the market in order for it to dumps and another thing is that the possible reason is they want to buy more bitcoin when the price dumps so that they will be able to have so much bitcoins that just one big whale can control the whole market. That was just my assumptions.

Market can be somewhat be affected or simply those whales can really influenced on what trend should the market to have but doesnt mean that they
would really be having the full control of it and for us small time investors or retail traders wont really make such impact but somehow we can really ride off with
the waves for us to take advantage of it. Thinking up for reasons on why the market behaves like this will surely be creating some mental stress because you
are looking for an answer that cant really be precisely answered by someone because no one can actually know on whats happening behind.

serjent05

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Quote from: danherbias07 on February 27, 2021, 11:49:42 PM

A lot of FUD lurking around.
Analysts and people trying hard to predict the market are all pessimistic.
I guess that can also affect the market a little.
Using data from history is their weapon right now but who knows, it could be a different March because now a lot of institutional investors are jumping in.
That could hold the value of bitcoin if ever they will not try sell.

FUD isn't just lurking around now, they were when BTC was surging and the moment they saw Bitcoin price goes down, they got the courage to go out in the open and preach their gospel of "BTC going to zero" or "BTC is doomed". But let us see how the BTC market will shame them again.

Anyway, it isn't a bad thing for the BTC market to have some dip in a bull run. This opens a window of opportunity to buy BTC at a lower rate. Besides, if we are a firm believer in BTC, we do not need to argue with FUDsters and prove them wrong. Let the market itself shame them Grin

.

Anyway price crash due to some reasons, mass shorting that the buy support cannot sustain, price manipulation, and many others.

pinggoki

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There's so many possibilities why the suddenly bitcoin dumps is happening right now and the possible reasons is just because those big whales are currently controlling or manipulating the market in order for it to dumps and another thing is that the possible reason is they want to buy more bitcoin when the price dumps so that they will be able to have so much bitcoins that just one big whale can control the whole market. That was just my assumptions.

Yamifoud

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Quote from: KTChampions on February 28, 2021, 05:43:08 PM

The price of bitcoin is still very high and it is possible that the market is now looking for "fair price levels". Levels where there is no FOMO or FUD pressure. It seems to me that if the price of bitcoin stabilizes at any level in the range of 30-40 thousand, then it will be very good. Compared to the previous ATH, this is a big growth.

We can't stop FOMO and FUD's but people are learning already, they will ignore it by then.
I believe the market could able to sustain at its high price. Even the price will drop to $35k-$40k, that still at a high level and for me, still in the bullish. For the market showing an increase in the number of users and investors, the more it likely not to drop hard just like how the 2017 bullish season ends where it dumps straight.

Ridwan Fauzi

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The decreasing price is not happen to bitcoin only but almost stock market also have the same way, their price are also decreasing. As we may know in several months bitcoin price movement has the same characteristic movement with stock market and we can see it.

Yeah Indeed, the weekly candle will give a bearish sign foe bitcoin price. The candle is red and closed the green candle from the previous week, but it is the weekly candle. We still have an opportunity to see bitcoin price still in the bull market, in fact in monthly candle we still in the bullish market. So, don't be afraid this is just a correction or tomperary we will bitcoin price pass $60.000 barrier.

KTChampions

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The price of bitcoin is still very high and it is possible that the market is now looking for "fair price levels". Levels where there is no FOMO or FUD pressure. It seems to me that if the price of bitcoin stabilizes at any level in the range of 30-40 thousand, then it will be very good. Compared to the previous ATH, this is a big growth.

batang_bitcoin

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Quote from: Hamphser on February 27, 2021, 04:12:39 PM

Quote from: batang_bitcoin on February 27, 2021, 03:51:35 PM

Quote from: Becky666 on February 27, 2021, 03:22:04 PM

Seriously? i thought this is more like a falling knife Grin

, don't ever try to catch such falling knife becasue they could be dangerous IMO. Joke apart, this dip seem to have another dip IMO and watching the happenings around this dip before buy will do more good than buy into it currently(though not an investment advise).

No more dips I guess. The correction has finally turned into a slow paced movement again for bitcoin. We're not used to this unless you're rushing about it. Looks stable and perfect this time and whatever the next outcome is, just put yourself into a mental state that you won't panic.
There's a lot of it that happened recently.

Easy to say but would really be hard to ignore in reality because we have seen so many times on how bitcoin did move after on a sideways movement on where we do thought that it was somewhat in the stabilized manner.

So its better to be cautious and wary rather than on becoming too confident just because you have seen that the price do able to withheld but doesnt mean that it can sustain forever but we are really hoping for that to happen.

Dumps? Common reason is sell off which is most likely on selling point by most people or simply been moved by whales.

I'm confident and I won't put pressure to myself just as the market always do. Just as you've said that it can't be sustained forever and the dip will go the same.
It won't stay forever and that's why I'm just putting myself into a positive manner and won't be affected by any bearish analysis about bitcoin. Dumps are normal and essential but this pump that bitcoin did and knowing from where it started is promising and won't give me that negative outlook the way things happen lately.

plr

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Quote from: lalabotax on February 27, 2021, 06:40:37 PM

Quote from: Sanitough on February 22, 2021, 08:00:54 AM

Huge dump happening, it could possibly dump below $50,000.

I have just watched a video of Bitcoin price prediction in March made by one of the experts in my country. He stated that March will be a red price month for Bitcoin, which means will be a big dump upcoming. The reason is from the data of the Bitcoin price movement each March from several years ago to the current year (2020). He added that the price of Bitcoin in the next month can drop quite big, it even can drop to $30,000. Surely it is not good news for people who plan to sell their Bitcoin in March.

I hope it's different now if we are going to believe about dump in a certain period of time, then we believe in people that create FUDS, we are still good at $45k, just like we are feel good when Bitcoin hit an all-time high, there will be people who will sell for profit, don't sell at a loss just because you are seeing people selling, the price will eventually recover if it falls to $30k it's not because people are losing trust, it's a buying opportunity for those who want to get it cheap.

adaseb

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The reason why March is a red month is most likely due to the tax season. Usually bitcoin has a good year except for 2014 and 2018. So people are usually doing their taxes in March for the prior year. Since you are taxed on trades and not whether you withdraw the funds or not it creates problem for new traders. People basically could of sold Bitcoin at a profit, and then bought it back cheaper and then it kept going lower and lower, so they were losing money but they still had to pay taxes for the prior year, whether they withdrew or not.

Eventually they get a total from their tax accountant and its a large amount and they got no choice but to sell their remaining crypto to pay this bill. Rather have little or no crypto left than have it drop further and you would need to basically borrow money to pay your taxes.

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Quote from: lalabotax on February 27, 2021, 06:40:37 PM

Quote from: Sanitough on February 22, 2021, 08:00:54 AM

Huge dump happening, it could possibly dump below $50,000.

I have just watched a video of Bitcoin price prediction in March made by one of the experts in my country. He stated that March will be a red price month for Bitcoin, which means will be a big dump upcoming. The reason is from the data of the Bitcoin price movement each March from several years ago to the current year (2020). He added that the price of Bitcoin in the next month can drop quite big, it even can drop to $30,000. Surely it is not good news for people who plan to sell their Bitcoin in March.

A lot of FUD lurking around.
Analysts and people trying hard to predict the market are all pessimistic.
I guess that can also affect the market a little.
Using data from history is their weapon right now but who knows, it could be a different March because now a lot of institutional investors are jumping in.
That could hold the value of bitcoin if ever they will not try sell.

lalabotax

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Quote from: Sanitough on February 22, 2021, 08:00:54 AM

Huge dump happening, it could possibly dump below $50,000.

I have just watched a video of Bitcoin price prediction in March made by one of the experts in my country. He stated that March will be a red price month for Bitcoin, which means will be a big dump upcoming. The reason is from the data of the Bitcoin price movement each March from several years ago to the current year (2020). He added that the price of Bitcoin in the next month can drop quite big, it even can drop to $30,000. Surely it is not good news for people who plan to sell their Bitcoin in March.

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Quote from: batang_bitcoin on February 27, 2021, 03:51:35 PM

Quote from: Becky666 on February 27, 2021, 03:22:04 PM

Seriously? i thought this is more like a falling knife Grin

, don't ever try to catch such falling knife becasue they could be dangerous IMO. Joke apart, this dip seem to have another dip IMO and watching the happenings around this dip before buy will do more good than buy into it currently(though not an investment advise).

No more dips I guess. The correction has finally turned into a slow paced movement again for bitcoin. We're not used to this unless you're rushing about it. Looks stable and perfect this time and whatever the next outcome is, just put yourself into a mental state that you won't panic.
There's a lot of it that happened recently.

Easy to say but would really be hard to ignore in reality because we have seen so many times on how bitcoin did move after on a sideways movement on where we do thought that it was somewhat in the stabilized manner.

So its better to be cautious and wary rather than on becoming too confident just because you have seen that the price do able to withheld but doesnt mean that it can sustain forever but we are really hoping for that to happen.

Dumps? Common reason is sell off which is most likely on selling point by most people or simply been moved by whales.

batang_bitcoin

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Quote from: Becky666 on February 27, 2021, 03:22:04 PM

Seriously? i thought this is more like a falling knife Grin

, don't ever try to catch such falling knife becasue they could be dangerous IMO. Joke apart, this dip seem to have another dip IMO and watching the happenings around this dip before buy will do more good than buy into it currently(though not an investment advise).

No more dips I guess. The correction has finally turned into a slow paced movement again for bitcoin. We're not used to this unless you're rushing about it. Looks stable and perfect this time and whatever the next outcome is, just put yourself into a mental state that you won't panic.
There's a lot of it that happened recently.

Becky666

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Quote from: FatFork on February 22, 2021, 09:27:24 AM

Everybody says "buy the dips, buy the dips!" Guess what? This is what a dip looks like, in case you didn't know! Cheesy

Seriously? i thought this is more like a falling knife Grin

, don't ever try to catch such falling knife becasue they could be dangerous IMO. Joke apart, this dip seem to have another dip IMO and watching the happenings around this dip before buy will do more good than buy into it currently(though not an investment advise).

FatFork

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Quote from: darewaller on February 26, 2021, 11:44:19 PM

Quote from: milewilda on February 24, 2021, 04:35:20 PM

-10k in price isnt something for people still on getting shocked on this one? If they have seen those past year experience about corrections like this then they wouldnt really be that on a panic but instead on taking it as an opportunity to buy more cheap coins. Dumping reason is always a question in mind but no one knows actually on what happened because there are lots of several
factors that could really be driving off the entire market into reds and as an ordinary trader then you should really know on how to go with the flow or really knows on how to take advantage on that situation.

Another thing that we are not really shocked is the fact that bitcoin could drop, like drop a lot, it could drop to 5k as well, it could be even lower, like I do not care how low it could become and I do not care, I am not saying it is impossible for bitcoin to drop low.

However so what if drops? Like let it be 5k who cares? I do not care if someone is scared and sells and loses money that's his fault and I do not care if he loses money not really my problem. Me? I would definitely just put my money in, wait some more, there is a bigger drop? I would go as far as taking out a loan if I have to and that would be the method I would basically go in even more if the price drops. All you have to do is wait, sometimes a day, sometimes a year, sometimes even more but eventually you get that money back one day.

That's a good point. We are trying to look through the trend and the big picture and our big picture seems to be a lot more positive than people trying to tell you here is the reason for the drop. Yes, it's a volatile investment. It's a very risky investment. We know that anything can happen at any time.
But we also know that Bitcoin is the fastest growing and the best performing investment in history. And if you don't try, you'll probably be left out in the cold as the whole thing turns around again.

darewaller

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Quote from: milewilda on February 24, 2021, 04:35:20 PM

-10k in price isnt something for people still on getting shocked on this one? If they have seen those past year experience about corrections like this then they wouldnt really be that on a panic but instead on taking it as an opportunity to buy more cheap coins. Dumping reason is always a question in mind but no one knows actually on what happened because there are lots of several
factors that could really be driving off the entire market into reds and as an ordinary trader then you should really know on how to go with the flow or really knows on how to take advantage on that situation.

Another thing that we are not really shocked is the fact that bitcoin could drop, like drop a lot, it could drop to 5k as well, it could be even lower, like I do not care how low it could become and I do not care, I am not saying it is impossible for bitcoin to drop low.

However so what if drops? Like let it be 5k who cares? I do not care if someone is scared and sells and loses money that's his fault and I do not care if he loses money not really my problem. Me? I would definitely just put my money in, wait some more, there is a bigger drop? I would go as far as taking out a loan if I have to and that would be the method I would basically go in even more if the price drops. All you have to do is wait, sometimes a day, sometimes a year, sometimes even more but eventually you get that money back one day.

Botnake

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Quote from: milewilda on February 24, 2021, 04:35:20 PM

-10k in price isnt something for people still on getting shocked on this one? If they have seen those past year experience about corrections like this then they wouldnt really be that on a panic
but instead on taking it as an opportunity to buy more cheap coins. Dumping reason is always a question in mind but no one knows actually on what happened because there are lots of several
factors that could really be driving off the entire market into reds and as an ordinary trader then you should really know on how to go with the flow or really knows on how
to take advantage on that situation.

Absolutely, there's nothing to panic because the crypto market will always thrive, correction is just so necessary due to high volatility and since bitcoin pump a lot of times, people get FOMO, so panic selling is just normal, some would lose money while some makes money, I think it's a normal thing.

milewilda

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-10k in price isnt something for people still on getting shocked on this one? If they have seen those past year experience about corrections like this then they wouldnt really be that on a panic
but instead on taking it as an opportunity to buy more cheap coins. Dumping reason is always a question in mind but no one knows actually on what happened because there are lots of several
factors that could really be driving off the entire market into reds and as an ordinary trader then you should really know on how to go with the flow or really knows on how
to take advantage on that situation.

sana54210

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Quote from: Lorence.xD on February 24, 2021, 04:24:47 AM

Quote from: onecall123 on February 23, 2021, 11:05:27 AM

You can't expect green constantly without any correction. We have experienced exceptionally growth, and this is what to be happened. This is crypto do you don’t expect it only goes one way.

There is also some rumors at whalealert that there is a big transaction going on and the dump will soon be happening. I don't really mind this dump, in my opinion, this isn't enough because some people still find the current price for them to buy so they can hodl expensive, I want this dump to go lower because I have a silly theory that the lower it goes down, the higher it will spring back up.

Dump already happened, the whalealerts were right and we have seen those dumps, and we are back to going up again, that is the point here, we are doing better than ever, I do not think that we are going to end up losing much money during this period because the drop happened and it was a correction and we are in a recovery phase right now.

Great thing about bitcoin is that it is volatile and that is sometimes makes us feel bad when it goes down but when it wants to go up, it goes up very fast as well and helps us. So at the end of the day whales could sell all they want but they can sell just once, after they sell and out of bitcoin, it is our turn to keep buying and going up, whales do not have that much power, they just can shoot their shot once here, in fiat world they have unlimited tries to get it right because if they fail they just get bailed out.

suzanne5223

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This is a serious dump in the price of the market and I dont think we should be bothered by it cause I believe we all know it will definitely happen sooner or later but what I don't understand is people complain when the market is a dump and feel happy when the market pump in price.
Having said that, I heard that Wall street are behind the dump in price and the best we should do is seized the opportunity the market present.

Kasabus

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I don't see any reason but I was happy to see the trend changing its course because I was thinking that this could also affect the huge fees but there is nothing had changed. The high fees still remain and even growing, I was wrong.

But anyway, it is really hard to say what will happen next or to say it was a normal scenario. We sometimes tell ourselves that we are wrong thinking that we are not able to reach $50k. The same way to think that it is impossible for the huge dump. It is everything that seems unpredictable and it guaranteed nothing either be a dump or a pump.

magneto

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Pretty normal considering the excess froth in the market.

I do believe that prices are somewhat inflated right now and the market action is dictated by mostly FOMO rather than any sort of logic or sense, but that doesn't mean that I don't believe the bull market will continue on further - it likely will given the average length of past bull markets acting as an anchor for market expectations, which becomes a self-fulfilling prophecy.

For long term bagholders this should barely concern you. These short term fluctuations do not improve BTC's fundamental usage case as a store of value whatsoever. For short term traders who are in the green, perhaps consider starting to deleverage while you're ahead.

Lorence.xD

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Quote from: onecall123 on February 23, 2021, 11:05:27 AM

You can't expect green constantly without any correction. We have experienced exceptionally growth, and this is what to be happened. This is crypto do you don’t expect it only goes one way.

There is also some rumors at whalealert that there is a big transaction going on and the dump will soon be happening. I don't really mind this dump, in my opinion, this isn't enough because some people still find the current price for them to buy so they can hodl expensive, I want this dump to go lower because I have a silly theory that the lower it goes down, the higher it will spring back up.

SquallLeonhart

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I think March could be a bad month but look at April, it is actually a quite good month, and we are going to live a great period thanks to that, plus in 2020 we didn't have just 25% loss for sure, in march price was at around 9k and reached as low as under 4k, that was more than 50% fall, maybe start of it and end of it might had something different but in the middle it was a huge fall. So, I believe march as always could be a bad month, but that will prepare us for the great month for April as you can see here.

Buy as much as you can during March month, find money somewhere and get in, because during April you are going to probably make it all back. Worst case situation? You will make it back in a year or two, and yes waiting that much would suck but you would still be in profit and that is a great deal for me, I am going to go in the more it goes down.

sgbett

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You are all so funny with your "tea-leaf reading explains price movement" have fun explaining tomorrow!

batang_bitcoin

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Quote from: Wolf Rainer on February 23, 2021, 12:02:45 AM

Classic march fever incoming.

Legit.
We're now going to have a comparison between last year's March and this year's upcoming March. If the same thing will happen for this year, then, what's more, to wait until the end of the year. It's necessary to happen so the skyrocketing would be the same as last year too.
That's an interesting chart for every year's March.

uneng

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Some people are saying this is the reason:

Lol, this Elon Musk hype is really getting absurd right now. These fanboys are full of blasphemy trying to turn the guy into a semi-god kind.
The investment Tesla did was great for bitcoin, but to say a tweet from Elon Musk is enough to drop a whole market is insane.

Oceat

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Quote from: onecall123 on February 23, 2021, 11:05:27 AM

You can't expect green constantly without any correction. We have experienced exceptionally growth, and this is what to be happened. This is crypto do you don’t expect it only goes one way.

Exactly! Bitcoin is surging straight to $58k this past few days but after that stop it then back to its current price when the pump happen. Due to the correction the price went down plus those weak hands are selling too that makes the market to decline fast as we have seen the price now it's back to $48k. Just like that, weak hands are dumping not knowing that the total volume of Bitcoin is still in 1T. This drop might continue till March or so and I think it's getting ready to pump big if large institutional investors is going to buy the dip.

onecall123

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You can't expect green constantly without any correction. We have experienced exceptionally growth, and this is what to be happened. This is crypto and you don’t expect it only goes one way.

Wilhelm

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Quote from: Wolf Rainer on February 23, 2021, 12:02:45 AM

Classic march fever incoming.

+1 merit. Interesting insight into yearly patterns

Can't wait for the 300-400%. That would make about $200k Cool

sgbett

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I would think the BTC correction was those in the know before the NYAG announcement

bryant.coleman

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Quote from: Wolf Rainer on February 23, 2021, 12:02:45 AM

Classic march fever incoming.

It is applicable for investment in stocks and mutual funds, and I assume that it may have some impact on the cryptocurrency market as well. People usually sell some of their stocks in March, since it is the last month of the financial year. They do this in order to keep capital gains low for the next year. In a few cases, investors book losses on some of their investments in order to keep the capital gains low for that particular year. In many of the countries gains from Bitcoin trading is regarded as capital gains and therefore this may be applicable in the Bitcoin sector as well.

davis196

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1.There bullish news about Tesla and Apple are gone.The large Bitcoin whales are pretty silent these days.
2.The support for a 60K USD price is gone,so most of the big traders decided to sell and cash out the profits.
3.The selling pressure caused some panic selling and probably an avalanche of automatic stop loss orders.
I don't know what will happen,but we have to get ready for a nosedive back to 30K USD or even lower.
The December-January Bitcoin price bubble is about to pop...Which isn't something bad.The price will return back to 50K USD by the end of 2021(if nothing bad happens to BTC).

Poker Player

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I agree with the other fellows who think this is a normal correction, period. The reason is we can't up forever without drawbacks. Some of them are going to be small and some other bigger but for me this is within what was to be expected.

MCobian

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What happens to Bitcoin now is just an normal correction, because correction is needed so that the next Bitcoin price increase is healthier. Now is
the right time if we want to buy Bitcoin at dips, so there's no need to panic seeing the current Bitcoin price drop. If we have money we can immediately
buy Bitcoin at the current price, which I think Bitcoin price is now quite low.

Moreover, all of us in this forum know that the price of Bitcoin is volatile, so it can rise suddenly and the price of Bitcoin also can fell suddenly. This is
not something to worry about, because the Bitcoin price may not continue to rise. Correction is required in advance, so I'm sure Bitcoin will recover
in the near future. We just need to be patient right now.

vintages

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Well now, its below the price of $50k and some people are pointing fingers at Elon Musk recent tweet. Full article here: https://www.google.com/amp/s/www.cnbc.com/amp/2021/02/22/bitcoin-btc-price-down-10percent-after-elon-musk-says-prices-seem-high.html

I can't simply agree or disagree to it, cause I believe other market behaviour could have affected it. Though its disliking how one man keeps shifting the direction of a universal coin. But in all, I am not worried cause I believe a market correction is needed.

Kelvinid

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Quote from: steampunkz on February 23, 2021, 12:19:43 AM

It is happening now, surely there are people who are panic selling their BTC because of the overbought, I'm guessing the price be down more to 45k USD to its resistance.

Shall we call this the end of the bull run already?

I guess this is the biggest dump of bitcoin so far, already down, at $45k and it keeps dumping.
Nice call OP, it seems like your post was timely and this is a real dump IMO.

Watching the dive here https://www.binance.com/en/trade/BTC_USDT

Lucius

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Quote from: thecodebear on February 22, 2021, 09:48:26 AM

Honestly I don't think slightly less terrible yields or slightly strong dollar would affect Bitcoin - nothing has changed about them macro environment. This is just a weak hands shakeout. A panic selling bear trap probably caused by some big players taking profit who can now buy back in lower. Likely since Bitcoin went from like $50k to $58k in like 3 days. Just a dip for smart investors to buy into.

It’s possible of course, obviously some can still very easily create a panic and start a sale like this, just so we don’t forget how volatile BTC is. However, I do not think that anything that happens with the US dollar should be completely ignored - nor with the stock market. If anyone thinks Elon Musk invested $1.5 billion in BTC because he likes it - then he’s completely wrong - because in his tweet he says :

Quote from: https://twitter.com/elonmusk/status/1362600676174557186

To be clear, I am *not* an investor, I am an engineer. I don’t even own any publicly traded stock besides Tesla.
However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere.
Bitcoin is almost as bs as fiat money. The key word is “almost”.

steampunkz

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It is happening now, surely there are people who are panic selling their BTC because of the overbought, I'm guessing the price be down more to 45k USD to its resistance.

adaseb

legendary

Activity: 3808

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Quote from: Wolf Rainer on February 23, 2021, 12:02:45 AM

Classic march fever incoming.

Maybe Taxes have something to do with March being a negative month for Bitcoin. It was positive in 2019 because 2018 was a bearish month. And 2013 was positive also but back then I don't think there would of been too much tax selling from 2012 loses. BTC had a good year that time but I don't think it made people super rich.

This is one thing which caused a huge crash in 2018 because people didn't realise how much they would owe in capital gains taxes. Basically every trade is taxable whether you withdraw or not. People probably assumed if they don't withdraw, they don't owe. However people made great gains, sell, made a taxable event, then bought something else, new tax year started, and that new alt ended up losing them money, so money was lost but taxes were still due on the 2017 gains. Hence people had to liquidate their BTC to pay for taxes.

Wexnident

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Activity: 2702

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Probably a correction? The hype of Tesla buying BTC has already passed and there's already been a quiet period where Bitcoin hasn't negatively reacted to the temporary pump that Tesla did, so I guess we're experiencing it now. Well, it's a silent opportunity imo since we're still quite in the bullish season. Traders would just have to choose the best opportunity to get in especially since it seems like panic selling is happening right now. Pretty regular scenario, especially ever since BTC entered the current year.

Wolf Rainer

legendary

Activity: 1960

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Classic march fever incoming.

btc_angela

hero member

Activity: 2660

Merit: 551

Yes, this is just a short term dump, but the good thing is that in a bullish cycle, even though we have seen dumps and correction, it will quickly rebounded just like what we have seen. It's not above $53k so nothing to worry about as whales and average joe's pick up the slack and scope cheaper bitcoin.

And it's a lost for those who have sold and panic, weak hands and you are going to lose here.

So the market is back on the bulls hand.

LogitechMouse

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Activity: 2576

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Just a normal short term correction maybe??
See the chart of Bitcoin on a 1-day chart and you will see how many buyers really want to buy Bitcoin.

It went on a huge dip and the lowest it reached is at the ~$47,000 price but the day ended and the price of it was at around ~$54,000. See how many did buy just at that dip. Can I say that the buyers are still in control of the market? I don't want to be optimistic by that much though because anything can still happen and we've seen this already. It dipped then recovered then days after it dipped again lower than its first dip.

wheelz1200

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Activity: 3752

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Quote from: Sanitough on February 22, 2021, 08:00:54 AM

Huge dump happening, it could possibly dump below $50,000.. What's your thoughts on what is happening now?

https://www.binance.com/en/trade/BTC_USDT

Is this is serious one or just a minor dump that could not affect the bullish market?

Why does everyone think that bitcoin will go up forever. Every time it has a big run there has been pullbacks and bear markets. I'm not saying this is the start of a bear market but it can drop a ton from here why not.

batang_bitcoin

hero member

Activity: 3080

Merit: 603

Maybe the BTC options are about to expire. I've just read it in the news from someone while browsing the web. It could be one reason why we've seen a dump. But settling with any reason, this is a very normal scenario whenever we're pumping a lot. And just as usual, the market had followed bitcoin again.
Here's the news: 63,100 BTC Options Expire on Friday, Feb. 26

fadhilz123

sr. member

Activity: 1288

Merit: 253

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I don't hear any bad news or Fud about Bitcoin.
Bitcoin can't always fly, need to rest before another jump. We will meet with market correction+panic sellers, so I think this is the reason behind it. I just want to know, is anyone here who can predict how deep Bitcoin will dumped?

adaseb

legendary

Activity: 3808

Merit: 1723

I was trading this session and the reason for this dump was that as price was slowly heading lower, the amount of leverage positions opened went up. You could tell because the funding rates were slightly going higher as price was decreasing, usually the opposite happens.

So what happened was basically people bought too high and as the price kept going lower and lower their stops were getting hit. And more and more positions kept opening up. Eventually a cascade of liquidations started happening and the icing on the cake was when the psychological $50 area broke, that's were most people put their stops and at that rate already tons of people, especially on leverage were underwater.

It was worse for ETH because that lost its value even further. Hence if someone had positions open in both, the ETH liquidation could of ended up trigging a sell order in BTC markets. And combine this with billions of contracts open, its what caused this huge dump.

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

it wouldn't be as surprising to see a brand new member say "Huge dump happening" as to see an old member who has been around since 2016 say it while the price only went down 6-7%.
haven't you really seen the 30%-40% drops we had in 2017 while price was rising like these days? or maybe you have forgotten all about it since it was a couple of years ago?

LUCKMCFLY

legendary

Activity: 2590

Merit: 1882

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Go apparently both those who were waiting for the correction has been given, it is likely to continue to decline unfortunately, when reviewing by tensorcharts.com we can see:

The volume is selling, they may be selling to cause panic, and leave the cheaper btc, this can become a great impulse for it to continue rising much more.
Now the most important thing would be to wait to see how it continues to develop, to have moderation in transactions.

peterpanda

full member

Activity: 562

Merit: 100

It is mostly for panic sell. We should hold for the increasing the price but we don't do it all the time. Besides, there is a small correction of bitcoin and for this reason, price is decreasing.

thecodebear

hero member

Activity: 2240

Merit: 848

Quote from: Lucius on February 22, 2021, 09:44:31 AM

Quote from: tokeweed on February 22, 2021, 08:41:32 AM

Edit: Where does Saylor buy BTC? Does he bid at the open market or does he buy via OTC?

He makes purchases through Coinbase, and of course it's OTC - because those who buy have an interest in not causing major market disruptions (they want to keep the price as low as possible).

For those who are wondering why and how low we will go this time, read the following article - I single out this part :

Quote from: https://www.coindesk.com/bitcoin-drops-5-as-analysts-as-say-rally-overstretched

Supporting the case for a price pullback are rising U.S. inflation-adjusted bond yields, as discussed last week.

The 30-year inflation-adjusted yield, or real yield, has turned positive for the first time since June 2020, and the 10-year real yield has risen to -0.80% from lows near -1.05% observed last month, according to data provided by the U.S. Treasury.

A continued rise in yields could push the U.S. dollar higher, putting selling pressure on equities and bitcoin. Stock markets are trading down at press time, with the S&P 500 futures nursing a 0.6% drop on the day

Honestly I don't think slightly less terrible yields or slightly strong dollar would affect Bitcoin - nothing has changed about them macro environment. This is just a weak hands shakeout. A panic selling bear trap probably caused by some big players taking profit who can now buy back in lower. Likely since Bitcoin went from like $50k to $58k in like 3 days. Just a dip for smart investors to buy into.

Lucius

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Quote from: tokeweed on February 22, 2021, 08:41:32 AM

Edit: Where does Saylor buy BTC? Does he bid at the open market or does he buy via OTC?

He makes purchases through Coinbase, and of course it's OTC - because those who buy have an interest in not causing major market disruptions (they want to keep the price as low as possible).

For those who are wondering why and how low we will go this time, read the following article - I single out this part :

Quote from: https://www.coindesk.com/bitcoin-drops-5-as-analysts-as-say-rally-overstretched

Supporting the case for a price pullback are rising U.S. inflation-adjusted bond yields, as discussed last week.

The 30-year inflation-adjusted yield, or real yield, has turned positive for the first time since June 2020, and the 10-year real yield has risen to -0.80% from lows near -1.05% observed last month, according to data provided by the U.S. Treasury.

A continued rise in yields could push the U.S. dollar higher, putting selling pressure on equities and bitcoin. Stock markets are trading down at press time, with the S&P 500 futures nursing a 0.6% drop on the day

Beparanf

hero member

Activity: 2954

Merit: 796

A simple price correction after a week of relentless pumping that turns to overbought. This is a healthy move for Bitcoin price development because it will close the gap on price so that it can grow again organically. If this didn't happened this week, I'm sure that worst will come to Bitcoin price because everyone is already enter a position leaving no space for reentry for new comer.

FatFork

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Everybody says "buy the dips, buy the dips!" Guess what? This is what a dip looks like, in case you didn't know! Cheesy

thecodebear

hero member

Activity: 2240

Merit: 848

Wow very sharp plunge! All I can think of is Musk said prices "seem high" over the weekend and business just opened so maybe institutions are selling today....if Musk really has that much sway haha.

I guess Microstrategy will be buying 1.05 billion this week though so Michael Saylor must be happy they can pick up bitcoin at a significant discount!

Since we just got out of a correction two weeks ago I doubt we're looking at a another correction this soon cuz that'd be crazy. Probably just a quick sharp bear trap - probably just a weak hands shake out!

tokeweed

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Quote from: Sanitough on February 22, 2021, 08:00:54 AM

Is this is serious one or just a minor dump that could not affect the bullish market?

Final shake out before the next buy up going to 60k USD and beyond imho. It’s gonna suck for some margin longs that’s gonna get liquidated in the process tho.

Edit: Where does Saylor buy BTC? Does he bid at the open market or does he buy via OTC?

goaldigger

sr. member

Activity: 2422

Merit: 357

Corrections and panic selling again, we might hit the peak for this bull trend and its time to reach the bottom again. This is a normal cycle on every market, we might see some pump again but if we failed to break those resistance, then soon we'll see the signal of a downtrend. If you want to take profit now then now is the best time, we don't know what will happen next, so I'd rather secure my profit now.

NeuroticFish

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For now it's back to the oh so scary levels from .. Friday.
I don't expect to get out of the current bullish trend, but I don't have a crystal ball, so I don't predict.
Put the charts to daily candles. I may not stop the current dump, but it may cure your current fears.

Sanitough

hero member

Activity: 2856

Merit: 674

Huge dump happening, it could possibly dump below $50,000.. What's your thoughts on what is happening now?

https://www.binance.com/en/trade/BTC_USDT

Is this is serious one or just a minor dump that could not affect the bullish market?

Topic: Bitcoin is dumping, what's the possible reason? (Read 491 times)