Bitcoin Forum

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I haven't even seen BTC drop below $9,000 in the past 5 days or so. As a matter of fact, what I saw yesterday was BTC breaking $10,000 once again. I guess this $8,600 only happened in BitMEX.

But the more important point is that thanks to the 24/7 movement of the price of BTC cointelegraph will never run out of articles. 

I used to think the same, that the derivatives exchanges were beneficial for bitcoin. Now i think not so much. These derivative exchanges just create an investment market parallel to the bitcoin market, not in it. If the investment or exchange isn't hitting the blockchain, it's not influencing bitcoin. It's like a bunch of rich people that don't want to touch bitcoin have decided to make some side bets on its price...like a friday night parlour trick, entertainment on boys night out, etc.

At best, they give bitcoin more liquidity for sort of faster "price discovery". The thing that most people misunderstand is that institutional investors automatically means higher price, which is obviously not the case as things like shorting exists.

A bull trap is a sudden price increase in a downtrend. Like its bear counterpart, a bull trap gives a false sense of price reversal. In this case, a bull trap is designed to lure unsuspecting traders into opening long positions on an asset. After the trap phase, price continues downward and bulls become trapped. - Source : https://blog.liquid.com/what-is-a-cryptocurrency-bear-trap-and-bull-trap

A Bull trap are the only explanation for me for the last 24 hours.  ::)  Yesterday, the price seem to recover to above $10 000+ and people started buying again and then suddenly within a few minutes or hours it just flash crashed with 14%  ::)

We are quite used to Bitcoin's extreme volatility over the years and this is not something strange anymore, but this one took me by surprise.  :P

Someone hit the "take profit" button and cashed out. Either that or algo traders that had their limit orders executed

I feel the same thing. But the chart formation is good and it breaks the resistance at some point, there's just not enough volume to be confident about it. I didn't see it crash that much but it's not clear where we headed either. We might try to break the resistance again and if it fails then another bearish wave might come.

are you serious?i have checked exchanges and also coinmarketcap but none of them indicates this said
drop around $8,600.

and also we did not step the resistance of $10,500 so there are no chance of staying that position at
 any chance for now.
Like what i've said in my other post that at least we stays more than a week in 10k level then there
might be a chance of growing  even 12k or the Bull will literally
 starts that time.

I think that the biggest reason why we didn't see a bull run yet are shorts. Why would someone bother to pump the price if he can earn from a price fluctuation?

Possibly, but let's not forget that the market can also be manipulated without shorts, probably just quite harder through straight-off dumping on spot exchanges. While no one knows, in the end chances are it's just the lack of buyers that's why we haven't gotten back at least near the all-time-highs.

True. When BTC price was soaring at the end of 2017. TV news were full of Bitcoin. Even my grandmother asked me about it. Now Bitcoin is not that much present in the news so there is not that much new investors as there was back in the end of 2017.

It is completely bullshit as the price of BTCitcoin never went below $9400 let alone reaching these fake valuations. I knew there would be resistance breaching those levels and i have taken my positions and got back at $9500 seeing huge volumes in the buy wall, if the valuation ever went down i would be happy to enter at a lower valuation and that never happened.

Think twice before swallowing what these news sites say ;).

It is a fake article, the price never went below that. Do not trust what they say as most are click baits.

A great deal of the volumes in trading is made by automated trading bots. Price drops and increases can be triggered due to these bots as It happened yesterday. During this fall, investors had the opportunity to buy or sell. Even though it does not always give exact results, it is possible to invest more securely through various indicators, oscillators and human psychology. Another reason for the price volatility is leveraged trading. Apart from that, the price of Bitcoin last night waved between $9266 and $10380 at Binance. As mentioned in the article, BTC price dropped to $8600 on Bitmex and it means, whales who are backed by trading bots must have been caused this price volatility thanks to margin which allows the traders afford to open positions bigger than their capital.


Nope. It dropped to $8600 on BitMEX.

I only think about the rising of bitcoin price, and bitcoin already prove that yesterday although now, bitcoin price traded at $9,500 level, it will increase again in the other days. But I don't get it if bitcoin will go down and reach $8,600 because that will need big news or something like the exchanges has been a hacker for thousand bitcoin, then it might make the price will go down deeper. But as we know that bitcoin price can go to any price, even to the lowest price.

That's right. After plummeting from $10,160 to $9,475 within 2 hours Bitcoin was fluctuating around $9,500(and it's still there).

https://i.imgur.com/9JnndVy.png

I'm pleasantly surprised that we broke $10k, because I thought there were so many selling orders somewhere around $9,900 that we'll never get there. But it appeared that they were around $10,200(the previous temporary peak in February 2020).


Then maybe it stayed at this level for such a short time that it was a bit unprofessional to put it in the title?

I think at the time when I checked from cmc, I was surprised to see price above $10,000 and another check was another surprise, it came down to around 9,200. That was a huge volatility day. Trader's day  ;D for profit taking. Maybe there was some whale manipulation.

Wasn't 8,600 on more than one exchange, and all the aggregators I was on only showed 9400 at the worst -- I actually happened to be looking at it as everything crashed, yeah cause I was late to the post 10k move heh.

I think it's nothing complex. Critical resistance point was met, same place a lot of long orders would have put TP at.

This is more like unprofessional or click bait from cointelegraph rather than wrong information, because the information is true but only on BitMex. I have no idea why they only use information from BitMex, because Bitcoin is not from 1 exchange only... as we can know it here https://coinmarketcap.com/currencies/bitcoin/markets .

@OP you need to add "on BitMex" on your title, don't only copy-paste other people sites without research yourself. This can make misunderstanding to everyone if they didn't read carefully.

In which country are you on? since in year 2017 we didn't see any news regarding on bitcoins but the one I saw is the rampant scamming using this currency that's why many of our fellow country men that bitcoin is scam and bad investment way back 2017, But when the price soar high many doubts has been eliminated especially when news articles are scattering the latest movements of the bitcoin by that time.


$8600 still not possible to go since this figure is not deep as the current value touching up and maybe we can still see this numbers since the current state is not solid and might we are still hitting a bull trap.

My point exactly! Each time Bitcoin is in the news, it's because some crypto malware is infecting computers and it's authors are demanding ransom to be payed in Bitcoin. That puts bad image in public.
However, I'm sure once the price rises above ATH price of $19.000, Bitcoin will be in the news again, but this time as a positive news.

The usual "scary" 5 seconds paper loss nobody besides spot traders noticed (and possibly stop loss limiters), similar to the -99% drops ETH had a while ago on an exchange.

Bitcoin usually hits the news right before a big price drop - possibly due to the "sell the news" strategy. I'm not convinced the MSM is too happy to feature BTC on their TV with a positive underlying story. Much better & safer to apply FUD when you have a coin undergoing a massive bull run that'd obviously go wrong at some point.

Though cointelegraphs are websites that can be trusted, but this time the news tells lies. Based on my investigation, bitcoin yesterday
didn't drop to $ 8600. Possible cointelegraph to make click baits to attract readers, so that traffic websites they are crowded. Therefore
we as readers must be careful in reading articles, hopefully cointelegraph does not make fake news again. Moreover, based on my analysis,
it is impossible for bitcoin to fall below $ 9,000, because the price of support at $ 9400 is very strong. Possible in in the near future, bitcoin
will pump to priced at $ 10k.

Lets say that BitMex is not even an exchange, contracts and leverage rates cannot be taken as the price of BTCitcoin and they have a 100x leverage and  any glitch can take the price down. It is even possible that someone drunk messed up taking a position and we saw a flash crash  :P :D.

 
 

Bitmex is recently creating many problems for the traders and many people have started using different exchanges that are providing the same amount of leverage that Bitmex provides. A few months ago there was also a hack involving bitmex which is here:


I guess this is the downfall of Bitmex, I also have started using Binance for my trades now and I must say that exchange is really impressive in terms of user interface and pretty simple to use.

Actually leverage trades are the ones that are making these crazy price fluctuations of bitcoin in the market and many experts say that they are the reason behind the success of bitcoin in the first place.

I cant take cointelegraph seriously anymore, as they are considering Bitmex as a valid exchange.

Do people have a short memory? The price would have gone to zero two months ago if it wasnt for a "hardware failure" at Bitmex.

That's true, just by following the btc movement they will not run out of circulation with news.  ;D
And then inject potential contributing factors here and there and they have article for bitcoin.
Their writers will find some news affecting such sudden drop or rise, even if it is not really the reason of such price trend.
But yeah, at least they can keep their jobs and let the ball rolling for btc awareness.


People forget so many things.

I haven't seen it go down neither, the price was always above 9k actually it was always over $9.5k except few moments, never went below $9k though. The bitmex world is a bit different than rest of the world, when you are on bitmex there is this weird calculation based on who buys what and sells what to make the prices whatever, because the price there doesn't just reflect what is going on here in rest of the world, but it also affects the short and long futures as well, so if the price went down even further than all of the market that means there was some people who shorted bitcoin very very much and wanted the price to go down just on bitmex if they can in order to take all of long futures money, that sounds like the only reasonable explanation to bitmex having lower price than other places.

As usual on where these medial outlets would really publish out bullshit thing as long they can produce out even those headlines arent already in line anymore.

it is something thats not surprising anymore yet we have known already on how shitty they are and not all information are really that trust-able.

The bad thing here is that this do indeed mislead specially to those people who arent aware.


Actually doesnt forget but they dont even know that Bitmex wasnt an exchange and they do believe everything out on what they do able to read.  :D

The price is in hype for few hours but after that it back into normal like the price where it was before 48 hours so nothing to worry about it now.I saw that price increase but decided not to react to it.Yes missed the cashing out moment but not much to worry once it happened, its just everyday scenario in crypto market.

This price behavior is pretty normal,if you ask me.It happened several times before.
The Bitcoin price couldn't find resistance above 10K USD,so that's why many traders started to sell BTC and cashout their profits at 10K USD.Perhaps this caused some short term panic selling.That's why the prices dropped pretty fast to 8,6K USD,but now the price recovered back to 9,5K USD.
Bitcoin is doing just fine.Maybe the price might go above 11K USD at the end of June,or the beginning of July.
This happened last year,but past performance of the price doesn't mean anything.

Short futures and basically all futures and leverage trading, all kinds of things that is not "buy bitcoin, sell bitcoin" is just hurting the market. I do not understand how people can't see it. Having the "freedom" to do whatever you want is not freedom, if you have the freedom of killing someone, that doesn't mean the person you just murdered isn't dead, so when you have freedom to do something, and you take it, you have to realize there is consequences.

I get it, when you do something bad and there is horrible consequences but those consequences are not for you, it is for other people, you do not care. You just do something bad, gain something awesome, and others are in misery because of it, you go scott free without any problems. But that is not morality, that is not ethics, that is not good for the market in the long run.

I said that many times already, but some people in this forum just dont understand. They are jeopardizing not only bitcoin's future, but the future of all cryptocurrencies, when they preach freedom without consequences. I even got negative trust points for pointing out how harmful derivatives can be to the future of cryptocurrencies.

Thats why I'm applying a inverted DCA strategy, selling a bit of my stash every month, because I believe bitcoin's future is compromised by these degenerates, who think paper speculation will "legitimize" it.

I am sure you will have your time to cash out your bitcoin in the next increase so prepare yourself before the pump comes. The price is trying to increase again, and we already hit $9,000. Although the price now back to the lower price. But maybe the next week, the price will have a big chance to increase high because if at the end of this week, the price is not moving up or down too deep, the price will have the opportunity to grow.

Yep. And another important thing to remember about Bitcoin market is that with enough patience, at some point in the future, you will be happy about your not cashing out. :)