Bitcoin Forum

1.  Powell commented cryptocurrencies as "a speculative asset" which leaded to an adjustment in Bitcoin price but a rising trend in Gold

2. US President is considering spending $3 trillion on infrastructure in the States which draws investment capitals into the US stock market

Even there is an adjustment in the Bitcoin price these days but it is expected it will recover soon.

if so, that means there is a dump with a large amount of bitcoin, for example the American government did not tell the public that their assets were withdrawn in bitcoin. isn't it currently still a polemic about the existence of bitcoin in the country with the largest bitcoin users. maybe you can give me some references for us to read regarding their withdrawal statement from bitcoin.

Does a 10% pullback count as price drop these days? Really? :D

We reached a new ATH not even 2 weeks ago. The price is "dropping" because that's what markets do every now and then, there's not much else to it.

can the price go down to 40k?

It looks like a normal pullback to me, we have been trying to break $60k again, we have seen the price like 3 days ago going as high as $59k. But it rejected $60k, so the price obviously goes down because of the big wall of resistance. As for the comment of Powell, bitcoin has been considered a "speculative asset" already, nothing new to his argument.

Of course, nothing is easier than that - you need, say, a few thousand BTC to start a coordinated dump on 3-4 largest crypto exchanges, and an excellent PR manager who will at the same time spread the false story about how Tesla, MicroStrategy and some other companies sell their coins. Of course you can always find magic fairies to do it for you completely free of charge, if they are not busy with some important work ;D

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For those who don't know who Powel (Fed Chairman) is, it would be good to post a link when you already claim that he is the reason why the price of BTC today is only $55 000, and not $57 000 as was the case yesterday. Is this something new we haven't heard before?

https://www.cnbc.com/2021/03/22/cryptocurrencies-are-not-useful-stores-of-value-says-feds-powell.html


That is probably good news, another 3 trillion with all those trillions of helicopter money that have already been distributed in the past year. The US dollar should really strengthen after all these interventions ::)

I agree with the previous opinions that this is normal. Just a minor setback that was to be expected. For those of us who invest for the long term, all this does is yawn.

1. That doesn't even count as a reason why there's a bit of correction.

2. I don't also think that's enough reason why we've seen a drop.

Usually, the drops are really caused by most of us, the people of the market and don't think of it as something that you have to be disappointed in. They're normal drops and think how much gain we've made just for 3-4 months.

Good observation but You did not mentioned about the "Future Expirations"  ;D

Speculative asset won't hurt crypto market anymore because Bitcoiners already Knows this sentiment for years now.
Don't worry you are not the only one who's Praying for this drop , I even called this for Weeks now .

Well it already recovered , from 53,000 now Go up to 55k again , i think this is the stable coin for the rest of 1st quarter because changing course next quarter.

This is not some serious matter where everything is ruin in one day like what we have experience in 2018. This is something with no evidence and just some mere speculations. The price will likely go up again after this fallback. I think this is the best time for some people who have to wait for the right time to invest. Just wait for guys, the price will likely recover after this so don't mind trying to invest some funds that you can afford to lose.

Anyone is free to say their views on Bitcoin, but the reason Bitcoin has decreased in recent days is because of the price correction.  If the reason is due to Powell's comments or US policy, it may be influential but insignificant even if it is presented maybe only 1%.  And assets that are highly volatile, if it goes up and down is a natural thing.  It could be that tomorrow the price will be above 60k USD again.  Who knows, right?

No matter what they do, we can absolutely expect this kind of market behavior forever. If ever this could somewhat give some impact to the price but this not giving a huge effect. All the dumps and pumps that we experience can be happening all the time and even without this so-called price manipulation, we can't simply ignore this possibility.

Maybe it was right that some people get off from crypto and jump to the stock market drives the demand to slow but we find it also that they will come back soon and hype the market again. This gonna be the life cycle of crypto and any form of investment, and there is now way to change it.

I did not even think of the current decline in prices in the cryptocurrency market to be regarded as a fall, which causes alarm for someone. Throughout the day, I even see the price of bitcoin rising by almost a thousand dollars. This is a common correction and will happen over and over again periodically. It would not be very nice to see the price of bitcoin drop to $ 40,000, or even $ 30,000. However, this can still happen and it will also be almost normal for Bitcoin.

It can, but will it? Probably not since we had a new ATH. A pullback after a new high is a normal thing as long as it doesn't become a 50%.

Will we still be in a bull market if we drop to 40 thousand?
Yes we will because the bull market support is somewhere around 38 thousand. 40 is still a bull market.

a lot of random people are making statements about bitcoin. that doesn't mean they should affect bitcoin price at all.

this actually attracts some additional investment into bitcoin since fiat is a failing asset but bitcoin keeps rising (deflation versus inflation).

you are forgetting that there wasn't any major price drops but a small correction which isn't really that surprising and it doesn't need any reasons such as these.

Yes. The chances are there and that's what volatility can do to bitcoin. If the price can go down as much as $40k or even lower than that, we have a good news that bitcoin can also go as high as what we can imagine or more than $100k.

I also consider that even if bitcoin drops to $40k, that's still far from the past months prices.

In this article you can see 3 reasons why it could have occurred:

In this article you can see 3 reasons why it could have occurred:


https://i.imgur.com/3fIMWfk.png

Source: https://cointelegraph.com/news/3-reasons-why-btc-will-unlikely-trade-below-50-000-in-the-near-term (https://cointelegraph.com/news/3-reasons-why-btc-will-unlikely-trade-below-50-000-in-the-near-term)

Of course, now when this kind of eventualities occur, there is always a potential news or reason that is identified, but it is a matter of waiting and seeing how it continues to develop at this time, perhaps this is a pull back and the price reaches a few $ 60k, it's all in the possibilities.

These are common scenarios and still surprised that people still having those kind of questions in mind about these price drops.Its neither it is caused by news or events or just basically a selling point
or time which is currently happening at the moment.Come to think that we havent dipped yet on -$1000 which i do see this as a typical price decline not really those kind of severe -30%-40% in a
day where you can really have those questions in mind but arent these situations common? People shouldnt really get used to be surprised like this because its always been part of the market
to have this kind of volatility.

On the recent drop i had accumulated with this current price point which i can say that this is a solid support which would be hardly be break out but still unsure because the next support
would be on $47k.

Yes it seems there is tons of worry about there just because BTC went from $62K to $50K, that is only considered a 20% drop and people are panicking. And this leads me to believe 2 things

Most likely they bought near the top at $60K, I think when they saw $58.4K break, they assumed it would go to at least $65K and are stuck holding a bag. And another reason is that many people here are trading on high leverage using margin and future exchanges.

In the last 24 hours there was $2.4Billion dollars worth of long liqudiations which is a crazy amount since BTC didn't really have that much of a drop. Since we lost this much OI, it means that people were longing the top on high leverage.

Futures trades for March end tomorrow. From the chart below we can see
that about $50 was the target so a lot of traders needed the price to drop
in order for their trades to activate.

Source > https://app.laevitas.ch/dashboard/btc/deribit/options/activity

https://lh3.googleusercontent.com/-sLYjkr6g_tY/YF0Z_ODNxOI/AAAAAAAAAo4/6tMlU__3aBEKGGbnfLVyve0s0bIYp5uTwCNcBGAsYHQ/s1600/1616714234242110-0.png

This may also be temporary, in another article they say that the bullish streak of Bitcoin can end with a value of $90k and mention that it can be for the month of April.


https://i.imgur.com/1wrmR0u.png

Source: https://es.cointelegraph.com/news/bitcoin-bullish-race-will-end-and-analyst-points-out-date-for-bitcoin-to-be-worth-90-000 (https://es.cointelegraph.com/news/bitcoin-bullish-race-will-end-and-analyst-points-out-date-for-bitcoin-to-be-worth-90-000)

This article is very interesting, although it is in its original format in Spanish.
For now, Bitcoin is taking a slight recovery, this may all be a slight market correction and a pulback will come.

The current decline in bitcoin price is only temporary or only corrective, and many are predicting that the price of bitcoin has the potential to increase in the next month and I read some news about the current decline and the increase will occur again in early April and gradually.
in my opinion there is no need to worry, for the current situation it is enough to hold or take advantage of the decline in bitcoin by buying it.

It is possible that the price of bitcoin will surge further but April is too earlier for the rally, i am expecting the market to be in the bullish trend for the next few months and even now when there was a minor correction you could see the support filling up with investors readily accepting the coins. The graphs and charts will not provide you anything in situations like these as we are in uncharted territories and i find it hard to understand the direction even though i am in the market for a long time.

Its never been an easy thing no matter how experienced or veteran you are on this market.Predicting price movement isnt something that people could able to get precise words
on where the market would be heading on.On the sudden price correction we do have, is there any viable news or source on why it did happen?I have seen none and the price
had just really move something like this.Some do even thought that we might be heading even way more lower but checking out the current price then its
starts to climb up once again.Why people do worry that much? rather than on panicking then better to see this as a chance to buyback cheaper coin.

Indeed, the biggest exchange in the US coinbase revelead that bitcoin price have dropped arround $8 billion and this is indicate that the instutional investor are trying to sell their bitcoin.

It could be right, the point two can be made a reason why bitcoin trying to decrease. As we all already know that bitcoin is being discussed by most media and can attract a lot of people to invest in it.

Even, we can compare the bull run at this time with 2017 ago, bitcoin price was starting to decrease when 2018 was coming. But now, as you can see since 2021 came we haven't seen any sign that the price will drop like 2018 ago. So, I just predicting that the decrease price right now will just for a while, in the long term the bullish market still strong.

The current price correction isn't surprising anymore, you will see this all the time as we are in a volatile market.
A lot of reasons that could change the trend and we can't avoid this. Dumpers and weak hands will easily get affected but for those who actually understand the situation, it finds normal and have nothing to worry about.

We have once at the dip for more many times but we also recover just also in time.

I think those who dump bitcoin are either know what they are doing, or simply weak hands, that's it. Currently we have recovered some already, $55k is already a strong support, and I think that the dust has settled a bit, hmm, wonder if we are going to hit $60k again.

Yes, this dip is nothing of extraordinary, that if you are have been in the market for so long, we all know that this time will come and go.

If you were in 2017 bull market you knew that bitcoin corrected to 30-40% before moving up. In this bull season we are only getting 20-25% correction which shows that the demand of bitcoin is much high as compare to four years back.
I hope this small term correction is over soon and we may see 70,000$ soon.  :)

In my opinion, the Bitcoin price is not dropping because it is only 11% lower than the ATH price, the current Bitcoin price is just a correction.
So there is no need to worry, because I believe that in the next few weeks the Bitcoin price will return to a price of $ 60k. Now we just need
to be patient, or being able to buy more Bitcoin at the current price is pretty good too. The cause of the correction is usually a few whales
taking profit, or because Bitcoin is volatile, it is normal for a correction to occur.

There is a huge change after 2017 tragic learnings. Some say that what happens 4 years ago, it still the same story to see this time but it was wrong, totally different from what we speculated to happen instead, the demand keeps on high every day and this makes the trend staying high. We have a dump at close to $50k in the past few days but now, we are already at $54k. This implies that people are now motivated to do hold rather than being a panic seller in every time there is price correction.

I think that 70k will come. Back in the day the price was lower and so was the chance to lower it, if you sold 1 billion dollars worth of bitcoin you could have dropped it by half in a single day, all you had to do is put it all on 10 markets that was mostly used and sold it there all at the same time and you crash the market.

These days we have companies buying billions, it is not a big deal anymore. Sure if you sell a billion dollars it would still impact today, but that is not going to be the only thing, that is not going to be the game changer and it will be a correction but it will be covered.

Benefits of being over a trillion dollars market cap means that we could go up and do whatever we want and it is not going to change too much in our life. Of course it is not going to be that simple neither but it is not going to be too high anymore. So I think it is harder to drop it by a whale these days.

^ This was on the Coindesk article and explained it there about the reason for the recent dump.
https://www.coindesk.com/market-wrap-bitcoin-near-56k-flat-activity
It said that it could be because the U.S. Federal Reserve Chair Jerome Powell said, Cryptocurrency “not really useful stores of value” and that means it is included BTC. I don't know why there are too many influencer people that make the BTC price dump and pump through their words and don't know why people are listening to them, this is the same in Elon Musk's case.

I agree with you unless there is a market drop of over 20% that's a reason to cause panic and to check why the market is dropping, but right now a drop of 5% just like what happened this week has nothing to worry about because this is a normal price movement, it's been this way ever since.

I doubt that it is the main reason though, could be one factor though. But as I have said in the past, the bitcoin futures expiration has more of the effect, and since it is over for this month, just look at the price after it has matured, it bounce back already.

Same thing will happen next month, we will see a dip not higher than 30% and then eventually a healthy recovery to $70,000.

This only shows why we are still in a bull, the market is stepping one backward only to make two step forward, not really something to worry about, even if there are news about the dip, the market still has that momentum to get back and show better the next time, dip and correction is something we should always get used to.

Just a mere opinion coming from him. Is it really the reason why it dropped?? I don't think so.

With every rise, there is always a drop. We've seen Bitcoin reached $60,000 weeks ago and its normal for it to consolidate as investors are taking profit at that price. Nothing uncommon with this scenario since we know that in the end, Bitcoin will still recover what ever happens.

In other words, it is a small correction than what happened in the 2017 bull market, and we should not too worry. Eventually, we have more chances to buy more bitcoin before the price starts another rally. The correction will still come on the market, and with the high price now, the correction will happen many times in a month. You need to be careful and watch the market to see if you have a chance to buy or sell or only watch the price moves.

You are looking for the reason of why bitcoin price is doing a correction after the bull run. None can expect the price  rise everyday and never stop. I would say the reason is just doing some technical price corrections at 50K price level and get ready for higher levels to 70-75K or more. During this time market is giving out some discount to buy bitcoins.

Agreed, but I think the bitcoin price was recently dropped due to the market correction. the bitcoin price doesn't always go up, somethings it goes down. If you study the bitcoin or cryptocurrency market in general you would notice the market usually goes up and down from time to time. For me, I see nothing wrong with the bitcoin market going up and down all the time because that is how the market should work as it can't up or down all the time.

Just like others, I see nothing special why the Bitcoin price drop a little but just a correction and there's nothing to worry about it. You should know that the market doesn't forever go up there will be some down as well and I think that is what the markets healthy. Expect that after reaching a new ATH or pump as investors you will take that opportunity to make a profit causing supply to increase. Then buy it again, hold it and the price will surge once again, basically, it's all just a cycle.

More importantly the 3tn spent is actually 3tn borrowed, you cannot spend what you dont have so first the president or his administration must move to raise funds in order to spend it.   So the details are really relating to a weakening dollar and issuance of new currency once again, I dont see how that makes Bitcoin weaker in contrast even if spending is occuring its only via the good will of lenders.   Bitcoin isnt a leveraged or fractional currency and invariably looks better in contrast to weakening currency standards.

Is this really needed for us to make or say up some words anytime that bitcoin would make some price drop? Why we cant just accept that this is a normal movement of this market?
This wont be called a market if we wont be seeing price ups and downs.Its just really too tiring to read up something like these threads anytime theres a dip.Whats the reason?
No one really knows because there are lots of factors or viable reason which can really cause for the price to move neither go up or down.
So as a trader or investor then its understandable to do your best to ride off with these waves for you to make money.

Stop trying to attribute every single price movement to some underlying event.

Sometimes corrections simply happen because of chance. A position might be closed by a whale, which triggers some arbitrary TA signal, leading to an adjustment without any external shock.

The market is overwhelmingly bullish still, and these bearish episodes should be short lived so long as institutional investors continue to pile in from all directions.

Right, the only time that we should be worried is when the bitcoin prices plateau which is close to impossible but it is the most catastrophic because there is no trade happening in the market. And looking at the bright side, bitcoin going down is an opportunity for people to buy more bitcoin value out of their money and make a short term profit if the prices have gone up.

Bitcoin's price fluctuation is a normal situation as supply and demand are always determining factor. Speculation may not be stopped, but we know that institutional investor are the strongest proponent that price will not fall on a large scale. We can even see it dropping by up to 20% in one period, but the market will recover as soon as the trader panic subside. The FUD will affect people and a wave of panic will inevitably arise when they believe that news can affect the price. But in fact, bitcoin has been trusted and has great support and is getting stronger as a long-term investment asset.

the price fluctuation today though isn't very normal. it looks like they are pulling the price down. it's about to surprise me april fool!
somehow it's giving a chance to small investors who are buying the news. i thought my sell order is going to be filled if it reaches up to $60k and just when it's about to hit, the price dips again.

So what is the reasons Why bitcoin price increasing now? does these News reverse in happening?

and besides Biden is just Considering and not yet happening ..

The reason for the increase may be the news from PayPal for the adoption of bitcoin and other altcoins in there platform. Market could be reacting on that because you can expect activities on the platform.

Bitcoin adopters and enthusiasts are no longer listening to speech like that of Powell about bitcoin being a speculative asset. That was the past fud and business gurus like Warren Buffet have since let go the fud.

Why does a lot of people connect every news they see on the price movement of Bitcoin when it is honestly all about the market cycle for it. Bitcoin obviously has been in a bull run for a long time now and the price corrections we are seeing are mostly about profit taking, but instead of accepting that fact a lot of people will just connect everything just to make sense on a simple thing like this one. It is possible that there is a shift in market demand but the OP is reaching with his speculations without any proof that their capital is transferred to either gold or the stock market. I guess we have been influenced by the crypto media websites too much that we connect everything we see on the price movement of Bitcoin.

When USA president considers something, that gets priced in the markets, there is no way that we could only trade after he confirms it, that would be too late and we would not make any profit, you take the risk and invest accordingly considering he will do it, if he doesn't do it you will lose money but if he does it you will make a great profit, that's how the market works, the early bird gets the worm.

I believe the news from USA government barely changes anything unless it's from someone famous, Powell could be a powerful person but the reality is that we are not going to end up with something that would matter to crypto market, we know who he is and we know is in a powerful position, we just do not care about it at all. This is basically an increase and a decrease all independent from what Powell might say. Biden on  the other hand is president and what he says does matter.

Yeah, we are already not doing that bad, we have seen over 59k again today for example, this is just a correction and I do not get people who end up with a fear during even the smallest of corrections. We had this literally just a month ago, literally only two month ago, and we dropped from 40k to 30k and everyone was scared like it was a huge deal, that was about a 25% or so drop, and now we moved from 60k to 45k which was another 25% fall, that is literally a correction, what else are you expecting.

After that first one in January we moved higher, now after this one we are moving higher as well, there is really nothing that shocking here neither, because corrections always happens and there is nothing you can do about it. Obviously we will need to not panic and just focus on the recovery, buy when its low so you can profit, but drops will happen and we can't stop it.

Dont be surprised because it had been always the case or such situation where people do really likes to attach outer events that do happen presuming that it did really affect bitcoins price.
They would be seeking out something even if they cant just see something that could really be connected to it without even knowing or realizing that anytime the price could really
move without prior reason or simply its all random so better not to take these things too much or too far off because you cant determine on whats the actual reason.

The reason why Bitcoin drop or I think you should change the title "the reason in my opinion" why Bitcoin price drops recently.
For me is simple I don't care, I will keep holding my mine if dumped I will buy more, Simple im an investor, not a trader I have a target for long term, so fluctuations of price is not truly matter

Something I have learned in the Bitcoin market, and it is that many times the news of this style does not affect the price of Bitcoin much, unless it is a fundamental, but in the same way something very peculiar happened that after the statements of Powell the bitcoin began to fall, but I think it was by pure coincidence, currently bitcoin reached $ 59k and is about to go through that enormous resistance, we can also say that there is good news for China, and on the part of Paypal to integrate citizens Americans to spend in Bitcoin causes certain emotions in the market, and this can have a positive influence.

This is same sentiment i wanna ask mate , Why does people here in this market always throw the rocks for Bitcoin whenever there is a situation happens outside the market of crypto.
Awesome answer mate. Until now people don't realized that others are taking their profit so correction needed to happen But it doesn't mean that Each presidential proposition will keep the market shaken
Sad fact mate, That almost majority of us has being Riding in what Media will say and not what market is doing.