Topic: Bitcoin is going down...now at $7,654.85 - page 3. (Read 728 times)

While I have been expecting a drop in the price of bitcoin and many other cryptocurrencies when I consider that this happened this fast I begin to have doubts, for what I can see this seems like an attempt by those that control this market to make the weak hands to stop holding their coins by creating this flash crashes that make people very nervous about their holdings, if I'm right then most likely the price will recover during the next days.

Its part of a pattern of selling, if its fake its been elaborately done over some months now and lots of different exchanges.    The simplest answer is usually the most probable to be correct, people sell because the price is going lower then by self fulfilling the trend to continue.    At some point it balances out but for some period of time, people get weak hands and drop what they hold.    Market has to test peoples willingness to hold, its just how it works I guess and then its done on multiple time frames.  
   Eventually we start to get a consensus, not just day to day but the larger time frames people are willing to let their BTC go and surprisingly its for lower prices each time.   Eventually people are completely exasperated by this negativity and start to demand explanations or explore what is the driving force.    For me, the most simple force of all is just some fear that the price will go lower.   Its a mexican wave of sentiment and right now its a bit negative.   It can turn around, facebook or whoever doesn't really matter and there are positives out there for Bitcoin price but they are long term and it takes time.   13k was too far ahead of the curve imo
  
I'm already thinking it can go back to 8000, just swing right back the way it came but 7625 is the line for it to pass and hold and then its reversed that section of negative action as some start.

I think the issue is that the volume is spread over many exchanges, so you can push the price down on one exchange (if the order books are thin) that triggers the bots to sell on the other exchanges.

In other words none of the exchanges have DEEP markets that can absorb even modest selling. And they don't have decent market makers.

By contrast most stocks are traded on just one exchange, in order for there to be good liquidity.

Reading your post made me to check on cmc and behold price has further dropped to $7557. This is not really good at this moment. Maybe we just might have left $8k zone to going down to $7500-$7000.

This happens because there is a market estimated capitalization (this is when the average price for 1 bitcoin is multiplied by the number of circulating bitcoins) and the REAL capitalization - the price in purchase orders on the exchanges. Altcoins fall even faster due to the smaller support volume, Bitcoin is doing great.

Nope. It's a war against Libra. I haven't watched all of this hearing, but I watched all of the previous ones whenever it was a month or two ago. Bitcoin came out of it well. Libra sure as shit did not. Almost everyone there was well aware of the differences and Bitcoin was something to be nurtured, if warily, and Libra was to be killed with fire.

I see no reason why anyone would sell off based on today's hearing. From what I saw it was largely 'we fucking hate you, Mark' once again.

In my opinion, the potential for bitcoin to fall deeper is still very open. Its clear that bitcoin traders and holders are panicking, they start selling it on the market so that in a short time the price drops to -8.9% in less than 24 hours.
But to arrive at $6000 seems unlikely, there arent many factors that allow the price to go down to $6000 right now.

A whale ? Haha , good one. But this is not the case , its more likely a panic sell created among side traders and holders. It began the moment when Zuckerberg started the conference with the congress , coincidence ? Hmm I think not. A war against cryptocurrencies started again and we need to don't panic and don't sell and instead buy more if you can as this dip is not finished yet as personally I expect to see even lower prices but the bulls are present in this dip so don't get fooled by the bears "whales".

This is a strange explanation. The price also had a lot of attempts at crossing 7800 and that failed as well at least 3 times. There was the same exact reason for the price to go up as it was to go down.
I see this move as completely artificial. Made by a single manipulator and bots who followed him just like that move from 6000 down last year. We are heavily oversold and still somebody manages to push us even lower with one big sell order. Textbook manipulation.

No need to panic just because of the simple reason that the market is down right now, remember Cryptocurrency and Bitcoin are volatile in which it can change anytime. I think this is the good opportunity and don't need to panic, just buy or invest right now, then you can earn a lot when the bull run comes.

Everytime the price goes down people start worrying and panicking. It's a normal reaction because for most of them their money are in game. for those who already understand the cryptocurrency ecosystem and bitcoin movements, changes in price up and down charts are not a problem because we know there will always be a bounce someday. Bitcoin is a long term investment, just wait a few years and you will see the true potential of it.

Price is aiming for the $6000's.

although the drop is not that surprising but i don't see any reason why anybody could have anticipated it. of course you could have given it a little chance as price wasn't going up and attempts at breaking the resistance was failing but also at the same time attempts at breaking the buy support was also failing and it was strong considering it was tested a couple of times withoug breaking and there was no reason for the drop to happen at all.

Traded price is separate dynamic to underlying market, it is slightly surprising how markets move but we can trade any price in theory for a moment but also volume of that price traded matters as well.    Right now today the supply and demand has the market providing this particular price, the way I see it is every time line has a different price attached to it.



My earlier guess was target of about 7000 downwards and then right now 7625 is a level to get back above for some strength.  My perception as of late has been neutral to weakness in the price, we are taking the more negative path with a steeper incline but 9000 is possible still without too great a fight.

The market always over reacts, its like a bucking horse trying to get you to fall off.   Its not supposed to be easy I guess



Nothing is ever that simple though, the 200 DMA is rising still every day.   Most of 2019 has been positive, I expect some rally so even though its hard to see I guess 9000 is reasonable and hopefully I spot it beforehand

I do not think that the price of bitcoin will plunge freely like it is today. sometimes I see the price of bitcoin is still trying to stabilize at the price of $ 8000, and I think in the near future the price can reach $ 8500. however, after seeing coinmarketcap, it was very surprising to see prices that are now almost under $ 7500.

however this will make investors happy, I see a number of threads expecting bitcoin prices to fall, and it looks like they have already started placing orders. getting worse or not, we can only wait for this moment. I am also one of the people who hold bitcoin, and this is enough to make me pay attention to the market.

Because it's a bunch of bots and children all wandering helplessly looking for a solitary stranger with a large and twitching bulge in his trousers to latch on to and go home with. It only takes one to form a lead and then everyone else follows in rapid succession.

So, who is the culprit this time?
-Trump
-China
-SEC
-Bank of China
-Bakkt
-Binance
-Some Hack
-Brexit
-Unknown Whale
-CSW
-Grayscale (just found out a few minutes ago about them)
LE:
-Suckerberg testimony?


Yeah, it always amazes me how a market with a supposed 19 billion a day volume drops 8% with a few million dump.

I don't expect the price to go below the support at $7400+ which is presently holding the price and a possible rejection, the sudden plummet might be caused  by a massive sell by some whales of which no one has the capability of halting such a trade. Bitcoin price always dump or pump massively within a few period of time indicating it high volatility.

I guess because I'm not a chart analyzer, or even a watcher--that's why I'm surprised.  This is one hell of a plunge bitcoin took.  Yikes.

Me neither, though I figured bitcoin could break out of its range and go lower.  I just didn't expect it to go this low this fast, but that's bitcoin for ya.  It never ceases to surprise me what the price can do.  Not sure if more pain is ahead, but I'm not selling--I'm holding on to what I've got, because I'm sure the good times will come again.

The current conditions is for those who can handle the risk and have the nerve to play with the whales, this quick downfall can be backup by another big dive down, best to observe everything first before trying to scalp. It can be another trap from big whales club who wanted to create artificial trend and shake every weak holders hands.

If you have decent assets it would be much better to stay away from the exchange or looking with your balance in order not to be tempted selling with loses, instead, if you have spare money to invest buy additional if the market continue to fall.

I wasn't expecting $7475 right now. Though as I predicted earlier this month looks like Bitcoin failed to hold the price & now it looks like we're going below $7000 in few weeks. We might see another downtrend to below $6k but not sure if we test below $5k again or not. The market condition is not very good right now. I don't understand how could price crash $700 in just 30 Minutes. It looks like a group of people controlling the market. The volatility of the bitcoin market always scars off the real investors. I would avoid trading for now and move to a stable coin. Surprisingly Altcoin market looks good at this recent market.