Topic: Bitcoin is going down day after day right now - page 2. (Read 488 times)

If you invest in bitcoin, don't monitor or watch the market over a period of a day, week or month. But look at the bitcoin market over a year or so, by doing something like that you won't feel nervous anymore, because if you look at the bitcoin market over a year, you will see bitcoin movements that have cycles like today. If you are a long-term or short-term bitcoin investor, you should do a good overall research and analysis of bitcoin. So that you are not always anxious and worried when bitcoin is experiencing a decline. And I suggest this kind of thing because I also experienced very high anxiety when I first started investing in bitcoin, because the feeling of anxiety is very disturbing and if it is excessive it can cause a decrease in the body's immune system, then it can make you sick. Therefore you have to learn more and analyze the ins and outs of bitcoin.

I guess these are the reasons.

1. It already hit the resistance which is the $30,000. Yes it went to as high as $31,000, but $30,000 is the psychological resistance as of the moment, and it already hit that price thus, many sold at that price, putting the price go down in the past few days.
2. Markets move in cycles. I guess we all know that markets move in cycles whether it's crypto, or stock market, or any other assets out there. It goes up, and it goes down, and it's what's happening with Bitcoin as well. Wait for it to go up again after this downward movement.

The support right now in the short term is the $28,000, and currently we are below that price so maybe we might see some downward pressure towards the price of Bitcoin. I also don't see any reason for Bitcoin to go  up right now unless either there will be some good news that will happen, or the bulls will regain control.

Nevertheless, there's no need to panic if you will ask me because movements like this happen all the time. We've also seen Bitcoin going down more than 15% in just a single day, so I guess there's no need to worry about with this sudden downwards movement. You didn't see it coming? I guess you will already know what to expect in the future because this kind of movement will happen again any time soon.

Btc was around 17k this year if I am not mistaking and now it's about 27k, and people are still complaining?
Well, that's the beauty of the market, your exit becomes somebody else entry and so the cycle continues.
You can't just expect the price to keep going up wards without any corrections. So, I don't see any problem with the current price. However, I hope the price goes higher because this affects other altcoins as well.

When bitcoin went from $15k to $30k, have you ever asked why? You can't expect bitcoin to continuously, vertically, go up to $60k, $100k without any correction. We should not be greedy and fearful in such an uncontrolled way. This is a financial market, and volatility is proof that it is a healthy market.
Instead of being scared when bitcoin drops in price, why not turn it into an opportunity, an opportunity to accumulate cheap bitcoins? If you can't buy bitcoin cheaply and when the price goes up, you won't get any benefit from it either.

Nobody can predict Bitcoin or the cryptocurrency market, but people can tell you why the price has dropped. For example, when some bad news comes out, Bitcoin prices drop due to panic from Bitcoin traders and people manipulating the market.

There is high hope for the Bitcoin price to rise soon because we are expecting halving next year and the price has yet to return to its previous ATH, and people expect BTC to reach nearly $100k during halving, so the price may begin to rise soon so that it can reach the target we are expecting.

This is a common manifestation of cryptocurrency price volatility. Bitcoin very rarely stands still in terms of price. Price drops of ten percent should not be paid attention at all. It is in ordinary markets that a ten percent drop is already causing panic. For the cryptocurrency market, this is the usual norm. Bitcoin may drop a little more in price, after which we will definitely see a certain increase.
But this year, one should hardly expect a big and sharp price rise. True, he often gives us unexpected surprises.

Would you personally accumulate BTC right now or would you wait?
The thing is I don't know which actions are driving the price.
Blackrock, the world's richest investors group, has invested in BTC around the 20k level if I recall it correctly

So what? Is this the first time you've seen Bitcoin lose value? Probably not; however, similar questions pop up every time this happens. You're probably not used to the market's volatility; it also occurred to me when I started accumulating, but I'm over it now. If you're interested in purchasing more, consider this an opportunity rather than an issue that is frustrating you. I personally don't buy Bitcoin myself because my income/budget are quite limited, but I'm happy every time there's a dip because I receive more Bitcoin from the signature campaign.

well, I think this is a normal thing. in fact, every day the price of bitcoin always goes up and down a few percent. wants and needs happen every day, then buying and selling will happen and cause the price of bitcoin to go up and down, even as you say. it is normal. besides that, the decline in bitcoin prices is also sometimes caused by FUD. However, it seems that the current decline still looks normal.
After all, if you look broadly, and pay attention to the development of the bitcoin price from the beginning of this year to the present, then you will see the chart is rising and recovering.

Currently, Bitcoin's price is still $27,845, which means its fall from $30k to that price is just 7.2%, not yet up to 10%. That's just a little dip; you can see the image below of the six major Bitcoin market dumps.



Bitcoin prices always rise and dip, with respect to economic news and others. I think Bitcoin might still drop to $25k before going up again, but I'm not sure about it.

The drop this time after touching $30k is quite normal. A drop to the $27500 price area would certainly give panic to those who bought at $30k.

If you are asking whether this decline will continue or not, it also depends on the state of the market and the state of the global economy.

On May 2-3, the Fed will hold an FOMC session discussing the interest rate hike which will be predicted to rise by 25 points.
This will certainly have an impact on the crypto market.

https://www.federalreserve.gov/newsevents/2023-may.htm

We can only wait for what decisions will be taken. But I think crypto will survive and the crypto rise will still continue and the nearest target will still pass the price of $ 31k. Once that resistance is passed crypto might reach $50k in a few months.
We should prepare for it, do some management, and have some spare money to buy again if Bitcoin is forced to continue to fall.

Read about the 200WMA. In the bear market price tends to stay close to it and this is around $25k right now. Used to be at 23 last year, so you can see it's constantly going up.
For the record, in 2019 when bitcoin was turning from bear into a bull market it was at $3k, and that's where the lows were. Expect us to keep revisiting it, until we get closer to the halving, but in a month or two it's going to be at 27k. Are you worried that traders who bought at 20k were selling at 30 to take profit? You can't expect the whole community to be holders and believers in bitcoin. Some people are here to have more fiat money, not bitcoin, but for every seller there's a buyer. What they see as an exit points others see as entry points.

Nice analysis. When you said bitcoin retest these levels, what level do you mean. Do you mean that bitcoin may touch $16k again and the reverse to upward trend. If not so, at what point do you think that bitcoin will revert to upward trend.

Moreso, I have seen were people are skeptical if bitcoin will move upwards from here or I will retrace, just like I asked above. But I personally do not think that a buy at this level is a bad decision.

This is just normal. As you can see, year-to-date bitcoin growth has been pretty good despite the bad news. As a natural process, the price cannot go up forever, so a price correction is needed. The fact that the price turns back after approaching the 30k zone is a good premise for being able to accumulate more, creating a premise for a new pump in the near future. I think the market will become busier by the end of this year after a long downtrend. Do not try to mind the market much; instead, what is needed at this time is to rest, relax, read a little news about the market, and most importantly, accumulate assets. Paying too much attention will only make you confused and excluded from this harsh market.

What did not you see coming? Did you actually expected the price to only go up? Even if the price at the end of the year was 50k, an unlikely possibility I know, it is not as if bitcoin will grow a few thousands of dollars each month in order to produce a straight line between the current price and 50k, there will be ups and downs and it is up to each trader to learn how to deal with those extreme movements of bitcoin, with holding our coins no matter what being a very popular strategy among bitcoin investors.

The cycle repeats again when the market is experiencing a small bull run often followed by a correction. before the correction to $ 27k in the near future a few days ago Bitcoin was corrected from $ 30k down to $ 29k and not long managed to recover to $ 30k. but now it's happening again where Bitcoin has fallen more than yesterday, but the good news is that now it's easier for us to do DCA and keep buying to add assets, don't worry too much about the price which might be correcting now.

Movement in one direction is not a fact about bitcoin, it's popularly known for moving in different directions. The movement of Bitcoin is genuinely unpredictable and volatile, so we should exercise caution because nobody wants to experience trading losses. Retracement is possible considering the bear season is still in effect. Everyone has a unique perspective on the Bitcoin chart; various people have different viewpoints. The bitcoin chart indicated that it will undoubtedly decline, but since there are significant zones of support and resistance, I'm expecting that it will retest these levels and change to an uptrend.

So are you going to buy Bitcoin now?  Well, it is a 10% discount today since it was $30k the other day.  If you keep on looking for a cheaper price that somehow BTC will never gonna visit then you will be missing big time.


I agree that this price movement is normal for the Bitcoin market.  We have seen more wild fluctuation than this, it is normal for people who bought at a cheaper price to cash out in every price increase interval, we also see that every time the price of Bitcoin goes down, more people are taking advantage of the window to reinvest.  So we shouldn't worry about this dip, it is normal and who knows, in just a matter of some days, we might see Bitcoin rallying again.

By now, everyone should just be aware that bitcoin moves cyclically. It moves in upwards and downwards direction. We should not expect bitcoin to move in just one direction (upwards) only.
When everyone comes to this understanding, we will surely appreciate the essence of correction of prices in bitcoin. If bitcoin does not retrace, it will not have enough strength to make another bullish movement.

No need to panic; definitely a part of its correction process. As we can observe its market price continuously increased from $15k early in january up until $31k. How low would it go? No one knows for sure so better manage the risk involved. You may set a stop loss if you are too worried or just let things be. There is a high tendency that the market price will again increase and the only things we should do are to be patient and firm with what is happening in this market. An investor could also take partial exist and wait for the 'bottom: to somewhat make their funds more efficient, problem in this case is to be left behind once a huge wave occurs in its value. So better be careful.