the real question is whether you are day trading or investing. and also about whether you think bitcoin is going to continue to rise or stop here.
for most people it is investing long term and they know bitcoin is going to rise so $5800 was the bottom where they bought and are happy about it and they are also happy that they can buy more at at lower price.
look at it this way: $240 was also the bottom in 2015 and the support was holding for months then some FUD came along and manipulation got severe enough to cause a 40% drop. do you think those who were accumulating at $240 care today?!
for most people it is investing long term and they know bitcoin is going to rise so $5800 was the bottom where they bought and are happy about it and they are also happy that they can buy more at at lower price.
look at it this way: $240 was also the bottom in 2015 and the support was holding for months then some FUD came along and manipulation got severe enough to cause a 40% drop. do you think those who were accumulating at $240 care today?!
Agreed, long term investors obviously care less because their price targets are set years out. There's a pretty wide spectrum of Bitcoin investors between day traders and long term investors though. I'm sure many investors who bought above $6,000 are sour knowing they could have doubled their coins by waiting and some of them will sell into a larger rally so they can buy back lower. (Or they might sell if $3K breaks for the same reason)
A lot of investors are trying to maximize their coins long term and so they'll swing trade here and there. I've found this is especially true of smaller retail investors who can't afford to buy much initially.
