Bitcoin Forum

Markets Update: Bitcoin Sees Largest Dollar-Value Retracement in History
Between the 12th and 15th of June, bitcoin lost approximately 30% of it’s value, seeing the largest dollar-value retracement across 4 days in bitcoin’s history of approximately $900 – $950 USD on both USD market leading exchanges Bitstamp and Bitfinex.
The Past 7 Days Has Seen Bitcoin Experience Both Record-Breaking Price Gains, and Record-Breaking Price Losses



2017 has been an incredible year for bitcoins and cryptocurrency. Bitcoin’s price saw a 300% increase from the start of the year, and many altcoins have seen meteoric rises.

For bitcoin, it has been a year of records. The past 7 days has seen bitcoin experience both record-breaking price gains, and record-breaking price losses – with Bitstamp and Bitfinex dropping from approximately $3000 USD to test a low in the $2100 area.

From the break of bitcoin’s preceding $1200 all-time to the establishment of $3000 as the local top, bitcoin had seen a spike in price that reached the 2.68 Fibonacci extension area.
read more:https://news.bitcoin.com/markets-update-bitcoin-sees-largest-dollar-value-retracement-in-history/

It's all part of the market. Expect these price swings to increase in intensity as the price goes up further throughout the years. The higher the price goes, the weaker the overall buy support gets, and the more we'll see heavy fluctuations. Imagine how that will be when the price reaches the $10,000 level.

Overall buy support;

$1,000,000 will be enough to swallow 2000BTC at $500 per coin.
$1,000,000 will be enough to swallow 1000BTC at $1000 per coin.
$1,000,000 will be enough to swallow 500BTC at $2000 per coin.
$1,000,000 will be enough to swallow 400BTC at $2500 per coin. <- here we stand today.
$1,000,000 will be enough to swallow 100BTC at $10,000 per coin.

Whales keep accumulating coins, overall buy support gets weaker and weaker; result - whales become more influential than ever before. Example speaks for itself.

Retracement is a must to sustain a health market. Like any other markets, traders like retracement to reload their guns. In general, I think this is good, necessary, and normal for cryptocurrency on its early stage. We are all witnessing the history.