Bitcoin Forum

Hey guys,

It happened again today, BTC was worth $750+ for like 5 minutes. After that, the drop started again. Right now it's $735 for 1 BTC, does anyone have an explanation why this is happening? I doubt it's manipulation though.

Just some consolidation I would guess.

750-780 resistance is strong and the support and demand is very strong aswell

someone decided to sell some Bitcoin

nothing more

I did indeed notice that it never seems to get over $750 lately. Is the resistance basically that people are selling everything at $750?

High price invites producers to sell. And low price invites speculators to horde.

Idiots are scared when the price goes down a bit and panic sell, creating all those dips, which whales quickly buy taking profits. So it's always the same, idiots lossing money, while whales get more BTC and the overall price is still an uptrend since janaury 2015. We will be at 1000+ in 2017 for sure.

Let's hope it'll get there soon ;). Thanks for your answer.

That does not seem like anything out of the ordinary. Just somebody selling some coins, does not look like panic sale to me.

There is a lot of hype surrounding the dollar right now. A lot of people is speculating with a rise of the US. Donald Trump is actually giving people the hope of repeating the American dream. This is of course delusional and a mirage. Once reality kicks in, the doomed fiat currencies will keep their path towards destruction, and Bitcoin will explode to 5 figures.

First of all, not an American and not a Trump supporter (not rooting for Hillary Clinton either).
I think Donald Trump is actually going to do something good. His president-elect speech, the way he's changing his opinions right now (the one about global warming for example). I believe he can actually do good to America and possibly the entire world.

It's just an opinion/expectation of mine and no one knows for sure. We'll see what the future holds.

It is to do with people taking profits whenever they see a good price. The Federal reserve meets on Dec 13th and will almost certainly put up interest rates, strengthening the dollar. So it makes sense to take profits while you can.

$750 is some sort of a top for this year. It shows that there isn't really any incentive for large traders to push the price any higher. I think we should be happy with the fact that we're sitting above $700 instead of hoping for the price to go up even more.

True, so these are just normal sways I suppose. Nothing to be worried about.

That's just normal price fluctuation. Some people bought a bunch of bitcoins then some people sold a bunch. This isn't a huge fluctuation so there's no real reason for it. If a huge country's currency collapsed and bitcoin became their national currency then you would see a big spike in price and there would be an obvious reason for it.

Not everyone wants to hold, $750 is a good price for some people sell...

Also is more hard to see people buying big amounts for this price, so the price stay in 720-750 and that's it, not much to explain.

Yes. Also remember that the short-sellers come out when btc hits one of the TA lines, and $750 is one of them.

I guess holidays are coming? Some people might need to sell and use the money. And some can't wait to leave the train.

whenever the price changes are this small (for bitcoin $40 is still small change) it is considered normal changes. and it happens in all the other markets too. and the bigger they are (the more traders they have) these normal daily changes are smaller.
it can be sometimes manipulations, it can be demand, or it can even be because of timing for example it is the start of the business day in some country (US or China) when they begin trading.

For bitcoin this is a normal decrease of its price and I wouldn't worry too much about this, someone decided to sell some bitcoins and so the price went a little bit down, if you are trading regularly or very often and your bitcoin amounts is very large then you should worry about these changes as you can make profit.

It is just normal. This happens when a price hits a certain height and will trigger a sell order or two. THen that sell order will bring the bitcoin price back down especially if it is a large amount. It will happen again in the future if people reach a certain target.

That's also the impression that I have been getting at the time the price came close to the $750 levels. It may be a manipulation attempt to make people think like it is indeed the top, but we may very well end up sitting at the edge of seeing massive dumps taking the price down to sub $700 prices. I personally think the latter scenario is what we will be experiencing in the coming weeks. I am happy to have secured a good amount of profits around the $740 levels. I am prepared for a massive dump.


Nah, people cashing out due to holidays don't even make a dent in the price. It's either people cashing out profits as they believe the price is due for a serious correction, or whales try to shake off weak hands by turning the exchange rate into a roller coaster ride. Either way, dumps are inevitable.

I would not agree for that thoughs also, and i think the manipulators makes the price go down for now and buy again if the dump happens and another explanation is surely many people resold their btc since they got enough money from now or they want to use it for their own good,  but as of now the price downfall is expected and surely we can see another big up after the downfall of bitcoins.

Thanks for your answers everyone. Something I have to specifically look at is the meeting of the Fed on December 13th. Thanks for the person that mentioned that ;).

Here is some more on the Federal Reserve meeting:

http://www.bloomberg.com/news/articles/2016-11-16/fed-rate-hike-odds-approach-100-in-anticipation-of-trumpenomics

This is nothing to worry about. Just regular and usual volatility cycle. I wouldn't say this is manipulation, the difference is not that big and no other signs for this. The price will probably stay around these values for a while and then slightly go up probably with the begininig of next year. This is just my opinion.

When you find an obvious ceiling for the price like $750 its time to make some smart trades. Sell every time it gets just below the ceiling. Then buy back when it dips by $20-$30. You can do this a few times a week right now and make 10% or more on some obvious swings.

Just make sure your in coins and not fiat when the swing up to $800-$850 happens because it will be sudden. If your stuck in fiat when that happens you'll wish you had just held btc the whole time.

Bitcoin is extremely volatile.That's we call it the rollercoaster.It goes up and down, up and down.
And it doesn't need any specific reason or event for it to happen.
The Bitcoin market capitalization is extremely low with ~ $12bn.
So for some big players in this field it is no problem to create some bigger movements in no time.
And they do it!Because they want to make money.
So don't worry.For Bitcoin this is normal behaviour.

Just as sudden as the increase to $750? It was like $30 in an hour right?

The price fluctuation seems to be the natural happening depending upon the technology backing. The ongoing variation might be the factor for price stabilization. Soon can expect a big pump in price over the falling month as it is the last month of the year.

I think otherwise. There is some manipulation in here in my opinion.  We all know that in a few weeks the possibility of bitcoin price to increase is greater than it going down.  So to maximize the profit in this coming event, whales try to accumulate as much as they can before the price of bitcoin goes up. 



Or probably the opposite might happen.

Looks like we're trapped in some kind of loop with this price,I wonder how long it will take to break the barrier of 750$ and go up to 800$.It seems that the whales decided to play this game as long as possible,for someone who has a large amount of bitcoin for trading this is a true paradise.

As someone said, we can be happy to have all the time 700 + $,I hope it will not be some big dump or bad news in near future.Maybe some will not agree,but last two months are much more interesting than September or August :)

http://i63.tinypic.com/8wkwnq.jpg

buy how can they buy large amounts of Bitcoins and still make the prices fall?

seems contradictory

isn't newbise that buys and whales dump on them? whales buys just to make more naive users buys into their pump, then they dumb to get back and make profit, i think this is the reason you see those swings on the market

May I ask you where you got that chart?
Thanks in advance.

Yeah, we can't say for sure what makes the change in small range within $10-50, but if more than $50 and keep decline there is something happen for sure, so we just guess it's a normal fluctuate of bitcoin market. I have been look at the price and it seems to set the stable price at $730 for few days, so it's quite good for now and still waiting for another development and more bitcoin adoption.

$750 looks toppish to me at the moment. And that is technically very bad news. We have a double top formation on the charts painted now in 2016, with the second peak being a lower one. That looks very bearish. In case we start the correction, it may be significant. I see currently more potential for a down move rather than to go further up. There are still no fundamental arguments to sustain the price, all is based on the speculation (whales). And with whales you must count that sooner or later the price will be pushed down hardly.

For what I've see at this moment if theres a little dump surely the big pump well be follow and looks likes it really happens for those few days back but actually i cant predict if some good developments will be happen in future and all we need to do is to wait for something big movements for the price, and also adoption will just go and surely if many people would buy the price will surely kick up for his topest price at this upper year.

maybe when the price rose to $ 750, people who have many bitcoin bitcoin immediately sell them in large numbers, causing bitcoin price drop to $ 730 for 1 bitcoin. however, they again hold bitcoin they have when it happened. Well, maybe it will continue to happen until the price reaches $ 800 bitcoin

This also depends on the trading platform where you are looking those price changes/graph, if platform have really low volume than 10-15$ price change within few minutes or even few seconds is normal.

But in overall scenario, bitcoin price swings almost daily or even hourly because of very low marketcap it have than any other assets.

actually in the small exchanges with no volume the orderbook has a big gap and the smaller the exchange the bigger this gap is. which means for example right now that price is $737 on bitfinex on those exchanges it is 760 for buying and 700 for selling and it doesn't matter if the price goes to $750 on bitfinex or goes down to 710 on finex those small exchanges remain dormant.

If I may ask? what will you need the explanation for? Maybe to establish a trend and cash in on the next time that the trend will show itself?  For me I dont bother myself on the technicalities or the explanation on why its rising or falling maybe when I now have enough BTCs that actually matters or could make an influence then I would think otherwise for now, I dont care about the explanation and the anyone you will get will be based on person view and not the real explanation.

Its just normal and theres nothing to be shocked about regarding on bitcoins changing price. If bitcoins price tend to rise that means  traders and people do buy bitcoins and when the price falls down again this means they sell off their bitcoins thats just simple but i could really say that bitcoins price as of now wouldnt dump again below -700 because it has a good  support but im hoping that we could able to breakout on the resistance level in able to see the price of $800.

Don't call them idiots man, it's their choise to sell and buy bitcoins anytime.
So now what's about question, no one can to answer you 100% correctly but in most cases it's reason could be that in that day many bitcoins were sold, also when hype website's shut down, they sell all their profit. Selling high number of bitcoins = it's price rise, remind how it was in bitfinex's situation.

It is agreed that the current price action is very normal for the bitcoin at this stage. It is consolidating now.

Didn't anyone think that the market's irrationality is over and the price of BTC is now becoming more efficient and balanced? Maybe all the news, rumors and the economic need for BTC is reflected in the price right now. In short this is where BTC's price should be at.

I've been using BTC for a long time and I've never really interested my self in the economical standpoint of it (trading, price fluctuation, etc.). That's why I asked the community to provide me with some information. It's all about learning ;).

I can agree with that. I think if you realistically look at all the aspects that have been, and still are influencing the price, then anything between the $650-$700 levels is what I consider to be a fair price. So in that regard, the current price can be seen as a more than welcome bonus for most of the people here. I however think it won't last long as I expect the price to dive below $700 before the end of next week. My advice is to either keep holding, or secure profits right now (assuming you are a decent % in the green of course).

I'm planning on selling 1 BTC right now as that 1 BTC was bought during the $300 time. So I'm going to just take my profits and hope it won't rise much more. If it does, I still have BTC left in my wallet anyways.

Why would the price of btc dip so soon when lots of countries are complaining of fiat devaluation?

Looks like it is diving a bit right now

I think, according to previous messages, that it's going to stabilize around $700-730 right now.

THere are big change happening in the price of bitcoin sometimes the price of the bitcoin is always decreasing it because of the tradings happening bitcoin USD to bitcoin and there are some group of traders that they are dumping bitcoin to make profit too when the price of bitcoin increase again.

People buying less, people selling more means drop and the other side means a positive approach for bitcoins.
Demand and supply is one thing here, speculation and reality the other. The less the people sell, the more increase we will see in price.

Bitcoin is priced in dollars and the dollar has been strengthening since 2014. It makes sense to buy bitcoin if you live in a country whose currency is depreciating against the dollar, but bitcoin no longer makes sense for Americans, the mighty dollar is back.

People needed hot cash?
These kind of small drops are just some people who cannot stay in long position etc.
And dollar rise might be reason, too.

The price of bitcoin right now is just a normal fluctuate this is just like the same as last year it will continue to drop but not so much and i think we will experience of 690 or below.. then the price will go back to normal in december and january near end of the month the price will reduce again this is just my own analyze relying in old movement of the price before..

I think it's very stable and normal at this moment, we reach a good stable price really fast. And now, the goal is to reach to $1000 and stay stable on that price or a bit below, like $900 would be enough. BTC price was already more volatile than now. Even if the price is oscillating a bit more, there is nothing to worry, in the end the coin price will go up as we already saw many times ago.

the price of bitcoin right now is not so fast.. we are seeing slow price movement and gradually decrease and i think 1k value is too far to be happen there is no new adoption or good news about bitcoin.. and also we heard about new about paris 20 stores that accepting bitcoin but i do not seen any good result for bitcoin. maybe we will see the 1k value next year mid june..

Securing profits when you bought your coins at such low rates as you have, is always a good thing. The only thing is that you should never sell everything at once, but you seem to understand this more than well it seems. :)


You mean people are complaining, right? It's because the countries these people are from, have barely any importance that they can add to the market at current point. Other than that, a dip just below $700 is not that big of a deal considering the current price is still a little bit on the higher side.

If you can sell a coin and make $400 right now, thats a great deal of profit.
You can always buy back in if price starts to go up, and there is always the chance that price drops back to $700 or below and you can make $50 or so.
It all depends on your need for money, I guess.

Its just a normal behavior of bitcoin price. No one cant hold their bitcoin for a long time so they sell it. Thats why we see the price drops. But you will see the price will rise in just a couple of hours. Bitcoin is strong right now it will recover quickly and no need to worry about it because thats the way it is. Get use to it.

Or it could be just scalpers looking to take advantage of the psychological 750 wall. Buy at 725 and sell above 750 repeatedly. It has happened at least 5 times this month now. If you committed even 15% of your bank roll on each increment, you'd have made 20% profit or grown banroll by 3% from these waves.

Or equal to buying at 700 and selling at 840 approximately. Maybe not idiots after all?

You could be right. But there are many other plausible reasons and it all leads to an equilibrium in BTC's price. Wherever it goes, as long as the irrationality of the traders are gone, that is the correct price. Right now it's the correct price and it's stable with no crazy swings. The traders right now are rational.

As quoted its a normal happening of bitcoin, but as mentioned that bitcoin can never be hold long is unfair. When price grows without notifying users tend to sell bitcoins. This leads to added increase in price than the regular price increase. At the same it won't sustain long. Same is the reason for the ongoing price movement.

People are trading and traders are taking advantage of the swing in price.  So it is normal to see price increase and drops at the same time.  What isn't normal is if you see bitcoin price skyrocketed in a short span of time or get dumped and instantly lowering the price of bitcoin.  There sure is happening and some manipulation is obvious.  Else, 1 usd to 50 USD swing is normal in my opinion.

It's basically needs of traders where they going to get profit? In trading they need the bitcoin price decrease so they will able to buy another bitcoin again and then waiting for the price increase again. traders are the reason why the bitcoin price is unstable or someone try to manipulate the price of bitcoin other says china is going to manipulate bitcoin price.

Bitcoin has been subject to manipulation from the time it got its very first exchange listing. Exactly this is what is attracting the attention from people.

But what I have been noticing is that when the price is going up in a nice pace, that people are somewhat okay with it.

But as soon as the price drops a few bucks, people seem to panic and ask for reasons as to why the price has gone down, and how much further it will drop.

They apparently don't seem to realize that when the price can go up like $50 in a short time, that it can go down that much equally as quick. Rookies.

trend bitcoin price is now still up
so is several day later , bitcoin price is down only corection and concolidation price
and can up again until 20 december 2016, resistance price is 800dollar

It did, I never doubted it would

Haha, you guys are pretty good at predicting, I must admit that.

Speaking about the price in recent times, resistance occurs as soon as the price starts coming close to around the $750 level. From there the price will most likely start heading down towards $720 where after that we'll see the price climb back up to around current levels again. Not sure how you come up with resistance being at the $800 level...

Well it has been established that bitcoin market is almost always a manipulation, reason, when bitcoin is sitting idle in some prices, hype will come in, spreading news even if it was a few months ago and just adding more hype on it.  Then when price go up, they can then spread fake rumors and start to sell their own coin to their own buy wall.  People then follow.  They panic because it is a human nature, and they are not succesful in how to control their emotion yet.  Indeed they are  Rookies.  Else they will know how to read chart, how trend flows and they won't worry much when bitcoin price go down instead they will be happy because they will scoop alot cheaper bitcoin.

I agree that the current big resistance point is around $750. $800 is a bit ridiculous as we haven't come anywhere near it.