Bitcoin Forum

The Bitcoin price is currently down 0.67% on the day, trading at $11,673, according to Coin360. Looking at its weekly chart, the coin is up by about 17.27%.
https://cointelegraph.com/news/bitcoin-breaks-12-000-before-plunging-crypto-markets-turn-downward

It's just another day of bitcoin.

I think this should be on Speculation  (https://bitcointalk.org/index.php?board=57.0)section but reading the article content, it's way better for me at Trading Discussion (https://bitcointalk.org/index.php?board=8.0) since it can be considered as the reference for day traders.

We should expect to keep seeing this up and down trend as regards the the price of btc. The price will always rise, peak and fall only to rise again

Typical CoinTelegraph clickbait.

Dropping from $12k to $11.6k is not "plunging".

I'm going to wait and buy some $250 Bitcoins in 2020.

It is important to note that whenever it goes above $12000, it only stays for a short time and then falls again, it seems to me that $12000 is a zone where there is a lot of resistance, and after $12000 there is $13000.  which is also very difficult to overcome. in my opinion only if it breaks  $14000 and stay long above $14000 is we can dream of  $20,000 later this year. for those who believe it is possible to see the $20,000 later this year, every day we see that won't be such an easy task

There is large scale growth expected to take place over these days. As a part we've experienced a part of it. The fluctuation continues to take place within limits and today it has crossed $12000 and has come down once again. As stated in the above quote a price above $14000 seems to stand high to reach the $20000 barrier. Even in the mean there can be price fluctuations making the price go low to $10000, yet the probability is low.

it is not just a fall after reaching X, it is a rise and fall aka the sideways market where price keeps going down to $10k-ish and then rises back up to closer to $13k and then repeats again. we have been in this range for nearly 1.5 month now.
this type of trend is usually ended with a big breakout. so we don't need the $14k, it will happen by gaining a momentum next time we are headed for $13k and it just keeps going for about 30 to 50% before hitting the correction.

Well, it didn't take long because we were able to rise back to $12K and the current price now is very close to $12K.
There's nothing significant as it's just what we saw on a regular basis, the price volatility of bitcoin still exist and that makes the most exciting coin in the market.

bitcoin price movements are very fast. even if compared last week or month when the price of bitcoin was very low. at this time every day the price is unstable but at this time we cannot make any conclusions about the price of bitcoin because the price movement is not too significant. but rest assured. bitcoin will continue to rise in price

So it just tested $12,000 and people always take some profits when a price break a psychological barrier.  ::)  It would be interesting to see what Cointelegraph would write about when there is a 30% drop in the price, because that would most probably be called a total collapse. < calling a $400 price drop a plunge  ::) ::) ::) >

They have been around for many years and they should know the difference between a price plunging and the normal volatility that exist in the Bitcoin price movement.  ::)

Bitcoin unged downwards after hitting around $12,200 at coinbase.  The four hours charts were showing overbought and as a technical analysis trader, I have to sell off my trade at poloniex because the market would not have gone up more than that because of the technical setting. Bitcoin has been finding it very difficult to remain above $12,000 since it hit $3880 early July and that is because the volume can not sustain the price at that level.

I lol'd at plunging. That Cointelegraph article doesn't paint the entire picture though. This (https://www.coindesk.com/bitcoin-price-sees-steep-drop-after-rejection-above-12k) Coindesk article also noted a steep drop, but it was actually able to document a $1k-ish drop within a short period. It's not much in the grand scheme of things, but that's the kind of movement that would leave newbies shaking in their boots.

I am by no means saying that Coindesk is the paragon of crypto reporting, but what the hell is Cointelegraph doing? You can't say a drop is a plunge in your headline and clarify that it's a 0.67% drop on the day in your second sentence lmao.

And at that time the position of Bitcoin was on the resistance line and bounced back down. Indeed selling is the right step because in my opinion it is also unlikely that bitcoin will rise more than that. So now we wait until there is a new bitcoin signal, I will monitor in the support area and buy it again.

This can be a good news for traders, down 0.67% and earning 17.27% weekly. Let's see one year before we even lost a lot every day. This shows there are several reasons where the world is really interested in Cryptocurrency, even my neighbor a few years ago did not know Bitcoin and now he is a good trader.

This is not something new to Bitcoin, there are even more instance where a big drop happened. 6% drop is very small compared to previous price drop of Bitcoin. if there's a sudden increase of price in Bitcoin, expect a pull back or a market correction that will happen in just a few hours or perhaps days.

Yes, the article might be of help to traders to gain more insights regarding btc trading. But anyhow, this is just another day for bitcoin. Nothing special about this movement. But it is good to follow the btc trends especially if you are a holder of this coin.

$12,000 may not be the fixed price but it is rather the price that prevents Bitcoin to break the $13,000 resistance and so on. Prices are in a stable state this week and might prolong for a couple of weeks if there's no sudden news that would change the market situation. Anyway, it's just too early for it to change course IMO since we are just in the first week of August.

The lower overall volumes have surprisingly held the price pretty firmly around the $11.5k mark in the last couple of days.

People think it's bearish because the price keeps falling below $12k, but I find it super bullish that we see very strong support with relatively lower volumes. It might be an indication that bears are running out of coins to sell.

Currently it's waiting for a breakout, which I expect to happen before the weekend ends. If we break up $13k is what we can expect, where if we break down we might revisit sub $10k levels again.

In case of a sub $10k visit I would probably turn more bearish depending on whether we fall below the current local lows or not. I hope we don't, but if so anyway, I'll accumulate some more satoshis on the way down.

It's simply based on supply and demand that's what there are so many movements. $12000 is what we call a mental barrier right now, we have been attempting to break that barrier, but it looks like too much for investors.

So for now it will be critical, but the good thing is that we have been hovering and holding around $11,500-$11,900 for like a week now. Indicating that a break out is really imminent. So it could happen any time or at least before the end of the month.

This is the usual movement of bitcoin it drops and may surge up. The volatility exists as we observe in the market. We may possibly see bitcoin price reaches above 12k in the following days or months since price is slowly increasing.

That's still open, bitcoin dropping below $10,000 this month made a little panic but bitcoin is bullish that's why it was able to come back again.
Don't worry when it drops, it's just part of the market volatility and if we panic that's the time that we might loss. Volatility is a normal thing in the crypto space since it's less regulated compared to stocks and that's why people who loves to take a higher risk loves to trade here.

I'm certain that we will see that $12K soon, and I'm hoping that time it will continue to rise so the excitement that we once feel in the past will once again happen.

I will not worry about some dip if I were you, This is pretty normal for bitcoin because of volatility the breakthrough in every dip of bitcoin is pretty much OK in my opinion, I guess we just need to be ready for the ride for the price to make another all-time high the last time was $ 20,000 USD and now we can breach even $30,000 USD or even $40,000 USD even,

And this breakthrough is unstoppable even if some manipulation of whales and negative news it will still go beyond our expectation in my opinion, I guess the year 2023 can be very bright in the increasing value of bitcoin, It can be better for long trades and night traders to just chill for now.

You can't consider the market that makes or break the price to be decentralized when price discovery happens on centralized spot exchanges.

Volatility is just a side effect of very poor liquidity. If there was no volatility people wouldn't have the massive up swings they so much like. Bitcoin has done the same thing for over a decade without much improvement in terms of noticeably lower volatility. With that in mind, how likely do you think it is that Bitcoin will show similar market behavior in the next 5-10 years? I think it's very likely. :)

Agree with you. I also think that bitcoin is going to reach a new all time high. The last time bitcoin reached 20,000 dollar, the market was not green every day. The price should rise and fall several times before it reaches a new all time high.

We hit that price already but volatility is high and it drops again. We are dealing with this kind of scenario ever since, this is not new and stop panicking every time with bitcoin drops. In the next quartet, for sure $15k is the next level for short hodlers to panic. The slow progress with bitcoin is great, because of this bitcoin still dominate the market.

I think these small movements are not really "panic", we have seen the real panic when it was 20k and than it dropped like hell. Hence I think this was more like trend correction where the price went up as much as it could and than it dropped because there isn't enough money to make it go even higher. If the price reaches the peak and there isn't enough new money coming into the market than we can see it going down which happened here, its totally different than panic selling, that is usually like 25%+ drop very quickly all together, this wasn't like that.

Trend movements are expected because it went ups and downs between certain amounts the economy can handle and market does that until we do something HUGE like going under 8k or going above 13k and it will continue until that day comes.

It won't make any reason why we need to be in doing panic selling, the market seems to be naturally dumped sometimes and it turns back once in a while.
Living this trend never gives worries instead, it gives us chances to start over again and see the results in the coming days. 

If we fall hard again by 100% but it bounces back more than that and still profiting. Ain't no problem...

I would say that its part of the process, there are many beginners here and they fall for this big psychological issue - Panic Selling. I'm sure everyone here has experience that mentality to panic and liquidate asap because they heard someone telling them to sell otherwise they will lose everything.

But then again, this is crypto market, price fluctuates and when someone says the the price is going down, the opposite happen so I'm confident that if we ever goes down again, the price will bounce significantly higher that the last peak price.

20 days is more than enough for us to have some drastic movement in the price of bitcoin, I expect something to change for good also by the end of the month and not only the end of the month, but as we are gradually approaching the last quarter of the year, seems we are going to have a very full breed and blown bull run from late this year, I am seriously hoping and expecting bitcoin to break barrier of $15k.

If there is any bull that can push the price of bitcoin to $15k, I am so sure that it is that point that FOMO will pick up, because we cannot do without fomo, all the time we have had a very high bull run of bitcoin, it has almost been because of fomo, because there would be a lot of demand on bitcoin then because of the fear of missing out, leading to a powerful breakout.

Market has been on the downturn for a long time if you do not look at bitcoin prices.
People assume crypto is just bitcoin but its not and if you look at the past 5 months only thing that has been consistently going up is bitcoin.

It is great that at least bitcoin goes up, its better than everything going down, I would rather get bitcoin going up and all others going down over the possibility of everything including bitcoin going down.

However, just because bitcoin is up doesn't mean the market is doing well, its not, the total marketcap is not moving too much high and even going down on the days altcoins fall which means the total crypto market is on a downturn for the past year and a half. I hope we can switch that soon and realize that we need altcoins to go up to say crypto market is doing fine.

Many alts went up when compared against the dollar so most of the market has seen a recovery, however no other coin has grown more than bitcoin so when you compare alts against bitcoin it seems as if all the market has been going down, while some are complaining about this I find it to be necessary, there are too many coins that have no other purpose but to be speculative vehicles or attempts by the developers to make money, as such I am glad that bitcoin was the overall winner during this correction.

Most of altcoins have to find a real purpose of its existence other than being traded vs bitcoin and each others...
Cloning bitcoin movement everytime is just disgusting. I hope seeing ethereum or litecoin rising like 20-30% while bitcoin decrease by 10% for example...

Unfortunately, it looks like the market plummet in the last couple of days as the price goes on another downward spiral and approaching $10,000 again. Not a good indication if we wanted to get pass the mental barrier of $12,000 or $13,000.


Then we have to wait and see if bulls are going to defend the price for the next couple of weeks and see the price @15,000. Yes, we need FOMO, but we need some great or worthy news again to trigger the market and wait for people to get excited and re-invest again.

FOMO too early is not good.
You want gradual increase to $25k or later.... Only then you will need the FOMO to reach close to $100K.  8)

It really is a worrying sign, right now the recent history looks suspiciously like a bubble that have popped - double top ($13-14,000) followed by a failed breakout attempt ($12,000). Which is really strange, because halvening is so far ahead, logically it doesn't make any sense to have a bear market now. But it's Bitcoin, it always was very unpredictable, so the possibility of a bear market soon is also there.

If you’re gonna post every movement of bitcoin price I am sure you will have no time to spend in life but here in crypto because the volatility of bitcoin and other cryptocurrency is the reason why we can say that this is a healthy market
Never forget that we have been in this same situation over and over yet the value keeps in growing each year(not to count those bearish years).
Look at the market now and you’ll see another dumping is happening

I think the trends is tightening which means there has to be a bigger movement soon. For many of you out there who will read this and don't know how bitcoin price usually moves so drastically (not small ones, but huge HUGE ones) its usually goes between one price and another first, then a tighter gap like lets say first its 8-14 then 9-13 then 10-12 and when its too small to differ and nobody really wants to do buy and sell because of the small difference, it suddenly does a huge move, it goes up like crazy or goes down like crazy and that is how it all starts.

Without that tightening its usually unexpected stuff that we haven't foresonn like Craig Wright selling a bunch of coin and so forth. If there is nothing unexpected going on the best possibility is the trend closing and making a huge move, we are right around those days now.

Same thing happened once again, it wasn't over 12k if I remember correctly (maybe in some markets it did went beyond but as far as I know max we seen was 11.8k this time) and it went under 10k once again. We kinda have to realize that the price is stuck between 9k-12k levels and not reaching anything under 9 and nothing above 12 for a while now and looks like it will stay that way for a little more while.

I have no reason to understand why it is stuck here so I can't really know why it is not going up or down neither, if we knew the reason why its stuck we could have at least try to change that up and put an end to it. I really hope all of this same and same and same movements will eventually change it up and go really high one day otherwise it is really becoming like a stablecoin.

the reason is simple, this is how accumulation phases look like in any market. in bitcoin market this phase is sometimes a little bit longer than other bigger markets and also since bitcoin market is smaller the volatility during this period is more than other bigger markets.
otherwise everything else is exactly similar. we had the big rise that was the recovery from the undervalued price this year and now the market is getting ready for the bull run. to do that, price needs to stabilize here for some time during which day traders dominate the market while others fill their wallets with cheaper bitcoin before the price jumps beyond $15k.

You will see much of this but please never doubt. The bitcoin price will always go up.

Just testing how much followers I have. Looks like there is a lot.
2 is a lot for me haha. Goood night.
Guys, when there is a stalker you could feel it. Just a reminder.

What do you want to say OP?
we all know about the face that how the prixe fluctuates.
You can just consider it as a normal day.
BTC will again continue to rise when the market cap will increase.
Hope you get this.

Not so much strange if you look daily MACD. When daily MACD turn bearish then we have correction
Dangerous is now weekly MACD if that will turn bearish then we can have very deep correction .So it is something to watch

I don't like MACD that much. Bollinger bands I find interesting. They show trend changes better IMO.
We are still far away from the centerline on the 1w charts. But yes if we go below the centerline ($8800) we will go bearish.