Bitcoin Forum

If $6,075.04 is not breached it will be a good opportunity to buy in on BTC and ALTs
This could be the magic number!

Good luck, but only invest what you can afford to lose ;)
Just some perspective: We are still >100% up compared to 12 months ago.

Imho we'll need some big selling panic first before prices will stabilize

The order book of Bitcoin at Bittrex looks pretty bad for USD. Only 29 BTC at $6000 and 55 BTC at $4650. Someone having lots of BTC could make it worth $0?

Edit: at Bittrex, people also trade with USDT. And there is also TrueUSD.

Means nothing really, those orders would stack up as it gets closer to the target, I see coins do this all the time, low orders, price dips, orders fill up.

The volume is very low and when bitcoin will fall more, the buy orders at $6000 will probably rise, you should look at also other exchanges.

In my opinion, I think we will break 6000$, volume is too low to make any bullish changes... and 13 & 8 EMA's are way too big resistances right now. Maybe there will be a small pump just to cool off the rsi levels and then break again

Forget about my comment. At Bittrex people trade more with USDT.

Binance is currently #1 for BTC/USDT, it's what I follow
To give an idea, I just watched a 107 BTC buy order go through in the 6430s

Or it could become another last support to the $6k rate. Right now it looks like we will be facing another jump down again asap. Remember this just try to divided our amounts.
But ethereum has been getting another decrease again. And i will try to expect the same soon.

It actually depends, if more and more people panic the price will surely crumble. The market cap has been decreasing this week, it has to change to help bitcoin price to recover somehow. Anything can happen, since the market acts in an unpredictable way.

Probably hit 5k tbh. Looking pretty bearish.

I think 5k is not possible in current dip may be next time we will expect this dip. Bitcoin is a transparent platform so everyone know the potential of this coin and big whales are investing this bearish market so this will raise again in future. Almost everyone understand this situation because it is best time to buy Bitcoin.

I think that bitcoin will drop to a level  $3k -very strong support on the monthly chart. it's summer now, which means that the assets will be sold from the stock exchanges and the market will falll down more.

If there will be next time, I would rather choose $5K dip at this fall since with every new crash lots of new people give up and sell their coins.

I think bitcoin will fall to 10 dollars , it looks like people lost interest since Warren Buffet called it a scam.

6,000 USD is the magic point where some whales will buy in again because they are speculating that we will see a double bottom and bounce again. The most new people already dumped their coins and we are ready for some new bounces. Everyone is in panic and this is always a good sign for me :D I made my best buys while the whole market was in panic!

Absolutely no chance it goes under 6k.  There is too much money invested in bitcoin mines and other infrastructure like atms, websites, etc.

this means nothing for now. you should check another exchanges too. here you can see all books ; http://data.bitcoinity.org/markets/books/USD

if btc suddenly rise to 7k- 8k than new orders will take place.

Someone having lots of BTC could make it worth $0? yes and no. first whats lots of btc ? 1k?5k?100k? if someone sell around 10k btc than price will go down and other will sell too so price will drop so quick. there are many stop loss orders too. that means 0 is not possible for now but if someone sell around 100k btc than yes this will kill all market .

10 dollars? just because of a warren buffet statement you are sure bitcoin will fall to 10 dollars? come on, if bitcoin is worth 10 dollars, then what about the other coins? not worth = dead.

Haha ... are you kidding me? You believe his words? why are you so ridiculous eating all of Warren Buffet's talk? If you believe Bitcoin will scam I think you are no longer here now. Bitcoin scam = all coins are also a scam.

more logical words @jackflag than Warren Buffet’s. lol

Damn , it's an extreme prediction lol , I could make a bet that there no more drop even 5k support broken , the market healthy enough now , as you said it might due summer time come and investors feel have to cash some assets, it could be due the crypto regulation massively applied and of course after the markeT sideways few weeks ago turned to a strong bearish until today .... The doubts on Bitcoin getting bigger but still Bitcoin too big for now to fall again to over 50%. Just wait for the momentum to buy at the dips.

The price of bitcoin is above $6300 now. Although I have some hesitations about its next prices, I believe that it can have a big rising after the ending of this bear season.

Cost of mining if I am correct in China is about $3500+- and we can go to that level. However, next levels could be $5k - very psychological price.
By the way, we saw miner in China been working for a loss previously for short period of time. However, in the longtime crypto community is growing, thus long-term price may grow quite a lot.

My technical analysis suggests that the true bottom will be $6,044.72. So no, the magical $6,075.04 mark will not hold  ;D

But in all seriousness- whether we've hit the bottom or not - most of the bear trend has ran its course. If BTC drops to 6k or holds at 6.3k, or falls into the 5k range- doesn't really matter. It will hit 19k and beyond again eventually, and I think the trend of everyone losing money is nearing its termination.

Recent post on /r/Bitcoin suggested that institutional investment is waiting to the point where miners are in danger of losing profitability. I imagine that some of the inefficient and higher electricity cost set ups are beginning to approach that point in time where they are gonna be dangerously close to mining at a loss. When we get to the point where hashrate stalls or even reverses due to the decreasing prices (which may be dangerously soon?) Things should begin to shape up for the better.

Here is the post https://www.reddit.com/r/Bitcoin/comments/8qfbwd/heres_what_institutional_investors_are_waiting_for/

Cruel fact is btc is still pricey compared to months ago, even with the downish trend, 5k is possible, or even 4k but rhats means many existing altcoin would die out of lack in values as well less adoption as more speculator would be rather than genuine users. I believe couple of FUDs btc would be back to 5k

We need to wait for more confirmations. If you look into the chart, btc price can still go lower and lower. My advise is Do not catch the falling knife it will surely hurt you.

in my opinion, The ideal price for bitcoin now is 5,000. but if we saw huge BUY volume on 6,000 price level that last for a week. then there is a chance that btc will bounce at that price.

Take a look at this analysis https://www.tradingview.com/chart/BTCUSD/mVUZLkaJ-OH-NOO-My-2014-Comparison-is-Alive-Reversal-at-4-888-7-USD/

Appears lke you anticipated it right, we are currently about 6,000 USD now. Perhaps we will begin to bob from here, in the event that we don't ricochet we will see 6k or possibly beneath that. Be that as it may, how about we pause and watch the graph!

The main thing is that the price of bitcoin would not fall below 6 k $. It would be like a disaster for many altcoins. I feel sorry for those investors who appeared in the crypto-currency world in December-January.

Just wondering where you got this number, with such a slow fall if it continues for another month, it may be lower. Summer is not a time when investments will increase and capitalization will return to its former level.

I think bitcoin has hold that level and I think it is now at the recovery face.  If all things been equal we should expect another little upwards movement towards $7,000 and $7500. I believe that we are at the time when it is hard to invest in cryptocurrencies but those that are able to invest now are going to get big profits in future.

I also saw this somewhere that if Bitcoin is able to resist breaking the $6000 line, then we're in for a bullish run but if it does the bearish continues for sometime more. Let's hope for the best anyways

 Yes it will keep holding on that price even the market still not fine nowadays. beecause that is the original bottom price and no one can break it to push bitcoin value into cheap . Which is indeed it's been how many attempts since the long bear season ended last few months and it always survive after it touch 6k value. . So for sure it will stay above  6k until the month of june end.

In short, no.

Correct, Bitcoin price with such a low can be used for buying and filling our bags for good profit in coming days. The price of Bitcoin is all time low for this year and this is the perfect time to invest and buy some and keep it for future profit. Bitcoin will rise its price probably within July to double from the current price and we can see double profit.

Magic number? or you just want to express that you really want bitcoin at that cheapest price?  ;D

Don't worry, the price seems to be in good recovery today. It was at the bottom of $6,200 and now it's moving up and has finally recovered quickly for this day.

As I'm posting this, the price is $6,501.

as far as I know bitcoin has not gone down to that price, currently the bitcoin price has started to rise again and reaches the price of $ 6500.
you should continue to monitor the market because the market is in a bad state right now.

Bitcoin tested the long-term floor around $6000 which is right at the bottom of the descending triangle visible on longer-term time frames. I believe this jump of BTC to $6500 to be a temporary one. Bitcoin is making lower highs which means it is ready to test $5800 level, next. The 100 SMA is below the longer-term 200 SMA which means that Bitcoin is most likely to break lower support levels instead of going back again to $8000. Market is expected to see more bloodshed in coming weeks.

In addition over half the miners are in China: This worries me because the Chinese Govt are capable of anything!

I have read this point of view also BUT the bottom line what can you believe. I think no one knows!
Also bad news can be published any tick of the clock!

Today price of the bitcoin is the good time to buy and not only bitcoin ofcoarse more altcoins who are the price decrease also because for sure once bitcoin price increase they will increase too so you can get more profit from bitcoin and altcoins. Depends to the coin maybe choose best altcoins for you right now because some of them even the price of the bitcoin increase they still duml they have that case.

It's not really that big of a deal. The Chinese government should be happy with such economical activity in their country, and they actually are since they haven't done anything fundamentally to get rid of mining. I do however expect a free will shift where scandinavian countries will eventually surpass China in that regard. They enjoy a stable and open minded government, renewable energy, are free to expand as they wish, etc.

Also don't forget that when Bitmain or China pulls something off, Bitcoin will fork guaranteed and deem all that hardware infrastructure worthless. What will they do with billions worth of hardware that can't do anything? You can't flood the BCash network with all that power since the price and the market isn't liquid enough.

There is possibility that it can hold because the current Bitcoin price is already reach $6,500 and keeps on rising. Although doubtful but still hoping that this will continue to keep on rising that it will reach the last year ATH again because there are lot of Bitcoin enthusiast that are waiting for this to happen but it seems that there are lot of obstacles that keeps on coming making Bitcoin always in difficult situation.

Yes we might find those price to be profitable enough in the future price increase as it increase also in demand. Hopefully those whales will make the price much more exciting if they'll be able to put up their assets in cryptocurrency. If that happens everybody will be grateful for that, but expect more fake news will happen in order to divert people's minds towards possible crash.

Well the price now seems gradually increasing which is from $6300 -$6500, so perhaps bitcoin will not hold on that value anymore because it's time for the progress again, which is rigth now is the right time to buy instead of worrying , because bitcoin showing sign that it will never decrease again on this circumstance.

The fact is that nothing is certain and in instances like this, we can even start getting to see a rapid drop than anticipated which makes it so hard to see any serious volume in the market with a lot of traders staying on the sideline and observing how events will be unfolding. The downtrend is still certain and nothing to show we are changing that trend. Anyone who is making any decision in this market right now is simply gambling.

I personally will like to get to see a confirmation, but you also have to understand that holding it now and bouncing from it, does not mean it is going to end up holding it afterwards as we can still definitely get the instances of retesting it and breaking it anyway. We cannot say anything is a good opportunity yet, until it is actually certain it is, but for now, anyone who is trying to trade the market should be careful unless you are trying to go the long term way.

You don't have a choice and you need to hold your bitcoin because if you sell your bitcoin you lose your capital. But other people are still sellingvtheir bitcoin because they did not want to lose more money. But best solution for that is the to hold your bitcoin.

I believe it could hold, at least $5,000 for me is the minimum support level
Dropping below than $5,000 indeed show a very lack of market confidence

Yes you are right, there's no need to worry about the market price even though it was decreasing because sooner it will just go back to its normal state and investing today will make you earn a huge amount of profit in the future.

Yes . Ofcourse it's a magic number.Now the price of bitcoin crossed 6600$ and most expected one.If you had brought 1 BTC at this rate , you will get nearly 600$ as a profit.Not even a diamond give this much profit for the investors.So what I had suggested the people to inverse in bitcoin at low value.

Those who decided to sell at this point,I had some advice.Why you people fail to think about the price raise in future.Bitcoin is not a centralized crypto currency to be handled by some one else .And they decided the price raise and fall.Finally the profit to you.Bitcoin is decentralized currency.

First of all, that level is unlikely to hold due to the amount of selling pressure that is currently in the bitcoin markets. So I don't think that you should expect that price to hold up for long, and wait until that level is tested before accumulating.

The prices are already incredibly cheap compared to the ATH of last year and I think that we're gradually entering a period where the smart money is actually going to go towards buying bitcoin.

Saying that only if bitcoin can hold $6k as support, will it be a good long term buy isn't true. I think that it's much better to dollar cost average and start buying chunks at a time now, since prices are already so low. Plus, if bitcoin does dip below $6k, it literally just means that you're able to get better prices for BTC.

But most of the time, when everyone thought that bitcoin is going on this price level, suddenly it will go opposite. That's why as you would here people here, most of the time, TA is not that reliable but a good gauge to at least see where it could possibly go. As far as the OP's question. If it hit $6000 or below, then everyone should not whine about it, but look at this golden opportunity to stack up and fatten your wallets. Although is has somewhat increase to $6500, it is still quite cheap so everyone with extra funds out there can pour their money on the market and at least see gains that no other investments can give you in the next 6 months or so.

To my current analysis, the key level is $6660 if we can close a daily candle above that, and got to roughly to $6900 that could be a potential big reverse of the trend. However, that is purely on my own analysis, not an advice