Topic: Why the sudden fall to $700s after stable $900s? (Read 2823 times)
Everyone trying to give an explanation, but I see that everyone has a different theory. Evidently, uncertainty reigns now and reveals the great weakness of bitcoin as a reliable method of store of value.
Theres something that we should all learn from this.
Now that China will be out of it with the things that are going on there now is the time to recover and get more than them in all the bad news that is falling on their side of putting so much into mining and their exchanges.
Now is the time to act and not quibble about how the price is going down but make good of it instead.
Now that China will be out of it with the things that are going on there now is the time to recover and get more than them in all the bad news that is falling on their side of putting so much into mining and their exchanges.
Now is the time to act and not quibble about how the price is going down but make good of it instead.
The reason, in my opinion, is more related to psychology. After the USD ATH was not broken, the more the price got down, the more the sentiment is going in the direction "the rally is over". For example, people that bought in the $400s, can still sell with decent profit. "Bad news" liike those from China help the shorters to make profit themselves and to exaggerate the downwards movements.
Maybe 5000 CNY is a turning point, maybe even the $720 area where the "medium term uptrend" would be broken. We'll see.
You are right - it was a bad sign that the USD ATH was not broken. It broke a pattern that we've had in the last eight years, where each surge in price burst through the previous ATH.
I wonder what this means for bitcoin's future now that pattern has been broken.
After reading of some comments I see that nobody really know the reasons of this sudden drop. Me also. But it's a nice time to buy bitcoin now to those who are ready to make some money on the price difference, cause of bitcoin is going to rise back.
Panic selling is the only reason why bitcoin goes down and down. When there is panic selling ,the next will be a sudden drop in the price of.bitcoin. this scenario is always common in bitcoin.
I think the Chinese incidence in the price movements are generally over-estimated.
That Chinese exchanges tend to have higher volumes than Western ones is largely due to the zero-fees policy. I don't doubt that there are a lot of Chinese Bitcoiners (above all, people related to the Chinese mining pools) but I doubt the relation between the Chinese trading volume and the USD trading volume is an indicator for the real distribution of Bitcoin users.
For example, at https://bitnodes.21.co China is on the 7th place (the first is the US, but even in Canada and the Netherlands there are more nodes than in China).
The reason, in my opinion, is more related to psychology. After the USD ATH was not broken, the more the price got down, the more the sentiment is going in the direction "the rally is over". For example, people that bought in the $400s, can still sell with decent profit. "Bad news" liike those from China help the shorters to make profit themselves and to exaggerate the downwards movements.
Maybe 5000 CNY is a turning point, maybe even the $720 area where the "medium term uptrend" would be broken. We'll see.
That Chinese exchanges tend to have higher volumes than Western ones is largely due to the zero-fees policy. I don't doubt that there are a lot of Chinese Bitcoiners (above all, people related to the Chinese mining pools) but I doubt the relation between the Chinese trading volume and the USD trading volume is an indicator for the real distribution of Bitcoin users.
For example, at https://bitnodes.21.co China is on the 7th place (the first is the US, but even in Canada and the Netherlands there are more nodes than in China).
The reason, in my opinion, is more related to psychology. After the USD ATH was not broken, the more the price got down, the more the sentiment is going in the direction "the rally is over". For example, people that bought in the $400s, can still sell with decent profit. "Bad news" liike those from China help the shorters to make profit themselves and to exaggerate the downwards movements.
Maybe 5000 CNY is a turning point, maybe even the $720 area where the "medium term uptrend" would be broken. We'll see.
It's all because of them damn Chinese Bitcoiners waking up at 5AM China local time on a Thursday and all choosing to sell off at the exact same time that caused the downturn. Luckily, a different sect of sane Chinese Bitcoiners later in the day saw value and purchased what their panicky brethrens sold off in the wee hours resulting in an uptick.
In case you've missed it, the Chinese government is now investigating the crypto exchanges in China for ... wait for it ... market manipulation.
In case you've missed it, the Chinese government is now investigating the crypto exchanges in China for ... wait for it ... market manipulation.
That was really not expected droop. Just this morning I was checking the price and it was like 910$. I was making prognoses just yesterday that we will never see such price as 500$. But after this sudden dip I am not sure. Well, it's good time to buy bitcoins now.
Just found this. It's a couple of hours old but it is some insight on what's going on in China.
https://www.bloomberg.com/news/articles/2017-01-11/bitcoin-price-slides-as-chinese-officials-inspect-local-exchange
https://www.bloomberg.com/news/articles/2017-01-11/bitcoin-price-slides-as-chinese-officials-inspect-local-exchange
Indeed interesting and maybe this could be part of the reason for big drop but isn't China always going in and out of banning/regulatory mode with Bitcoin? It will be interesting to see how they will attempt to regulate.
Just found this. It's a couple of hours old but it is some insight on what's going on in China.
https://www.bloomberg.com/news/articles/2017-01-11/bitcoin-price-slides-as-chinese-officials-inspect-local-exchange
https://www.bloomberg.com/news/articles/2017-01-11/bitcoin-price-slides-as-chinese-officials-inspect-local-exchange
Yep China is busy again, really hating it, every time there is this pump and dumping and we get stuck soon or later due to that.
You seems to get it wrong.
Chinese were buying expensive BTC at $1200 a week ago and now are selling at $700 to European and American whales. Chinese are the victim here. Instead Bitcoin would help them it steals their hard earned money.
The Problem is 1/3 of BTC Volume is from Chinese.
If we lost this support Bitcoin will Bounce in 200 to 300 Dollar Range
If we lost this support Bitcoin will Bounce in 200 to 300 Dollar Range
if sth like that happens 300 usd is a very optimistic price to guess imo
Yep China is busy again, really hating it, every time there is this pump and dumping and we get stuck soon or later due to that.
I just don't understand. It was almost like in an instant.
Was there some pretty bad news?
The volatility is very unpredictable right now.
Is this a downtrend or will it be back up?
Thanks
Was there some pretty bad news?
The volatility is very unpredictable right now.
Is this a downtrend or will it be back up?
Thanks
The price volatility is unpredictable since the beginning of bitcoin operation. Also bitcoin price doesn't established a stable price at $900. It just stays around that range but only for a few days only if you will summarize the weekly or monthly chart view.
If this is a downtrend or will it be back again to price increase doesn't have an accurate answer. Just take out those extras arrows and began targeting and purchasing those bitcoin at cheap rates to considered if you believe that price will back again and passed it's ATH.
No room for too much coffee when there is a sudden price rally whether to increase or decrease.
Its indeed china they are always pump and dumping it every time, its really annoying if I have to be honest.
It's the gamblers mentality.
Just think, if the coin was moving up in a slow controlled way, the chinese govt wouldn't have noticed because they have other things on their plate. It's the big sudden moves where it goes parabolic and is clearly a pump, and all the newspapers write excited articles about it, that then provokes them to start investigating.
Its indeed china they are always pump and dumping it every time, its really annoying if I have to be honest.
BTC 500$ here we come
The Problem is 1/3 of BTC Volume is from Chinese.
If we lost this support Bitcoin will Bounce in 200 to 300 Dollar Range
This is a sad reality for bitcoin: The one that holds the most volume governs how it rises and how much it falls. They can make it fall if the one pulling the strings decides to make a rule that will force all the ones that hold bitcoin and there are alot of microcosm in china to either fold or sell them. So it is literally in those individuals hands of what happens to the price. Whether it rises on any given day or if falls like it is now.If we lost this support Bitcoin will Bounce in 200 to 300 Dollar Range
Just how far it will fall is the question that is on everybodys minds.
It's once again no coincidence that the price has gone down after it went through a fantastic roller coaster. It's just a game that is being played, where you'll find a few very wealthy elite traders plus the exchange operators that end up with millions in profit time on time again. Stop feeding these whales. As long as this continues, these people will see that it works, and thus will repeat it over and over and over. Common sense is a very important factor beside market knowledge. People should cash out at prices over $1000 instead of buying. It would allow you to buy back at these prices...
the reason is only one word: PANIC
there is nothing going on. the news you keep hearing is an exaggerated versions of what is happening like bitstamp being inaccessible or China banning bitcoin,...
people these days are so fast on clicking sell than they are on using their brains/
there is nothing going on. the news you keep hearing is an exaggerated versions of what is happening like bitstamp being inaccessible or China banning bitcoin,...
people these days are so fast on clicking sell than they are on using their brains/
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