Bitcoin Forum

Anyone care to guess why we broke the all mighty $20K level on a weekend. Which also happens to actually be a long weekend.

Last night I got tons of whale alerts and lots of cryptos were deposited to many exchanges right at midnight. I found it very strange.

Woke up and $20K broke and it kept getting sold off and low of the day was $17.6K.

Why sell when liquidity is very low?
Maybe they know something and are selling because on Tuesday bad news will come?
Is it to force stop hunts? If so it would of broke $20K and reversed by now.

I'm positive this is some kind of attack on the price while it is weak. The huge amount of longs on bitfinex surely has something to do with it too. My suspician is that they are hedging their trades to avoid having to sell on the spot market which would drive the price up.

These aholes want blood I reckon.

Weekend has low liquidity which is why they did it now. Same for last weekend.

https://www.tradingview.com/symbols/BTCUSDLONGS/ (https://www.tradingview.com/symbols/BTCUSDLONGS/)

EDIT: I think a serious bounce will happen as those longs clear.

Bitcoin had falled to amlost $20000 like five days to weekend, it couldn't go beyond $20000 and 21000 or so. To be candid, I was thinking it is possible the price will not hold during weekend because it is normal that the price of bitcoin do fall most of the time (but not all the time and it can increase during weekend at times) during weekends. So whales can think about this and sell.

Whales has been depositing bitcoin into exchange before the price falled below $20000, this shouldn't be strange.

Bitcoin marketcap is still worth over $300 billion, the liquidity would have reduced but still very high.

Please, what would happen on Tuesday?

For now, bitcoin price is is not easy to predict, but who wants to buy can buy and hold for long time like 2 or 3 years from now to make profit.

I believe this is just a relief rally. People in social media are still bearish and global market doesn't look good also. Maybe it will reach $25k in the next few days to cause fomo and make them think market will be going up again then suddenly market will dump again. I'm still not convinced that we already hit the bottom few days ago, charts in higher timeframe doesn't show any sign of being bullish yet so I think we will still go down in the next coming weeks.

I think the cause of the drop in the price of bitcoin to $20k is because it is influenced by the world's economic conditions, where the geopolitical conditions of war and inflation are happening in the world. In addition, the cause of the decline in bitcoin prices is also influenced by the strengthening dollar.

I think this is simply the reality of capitulation. Those who weren't willing to wait for price to rebound, even as a dead cat bounce, so panic sold all the way down to $17.5K on low volume. The fact this level has been reclaimed so quickly is a positive sign, but also somewhat expected. I otherwise think the 200 Week MA failing to act as support on smaller time-frames would have been a contributing factor. The irony being that this Weekly MA is only relevant to the Weekly time-frame, so selling a break of this level before a close is somewhat senseless, as lacks any meaningful confirmation (a Weekly close).

I'd otherwise "guess" that the capitulation came from a long squeeze of an over-leveraged hedge fund or DeFi related leverage, as for some, or perhaps many, it would have been a stop loss. Even the mainstream media considered a break of the $20K level to be fatal for Bitcoin, but given price has recovered back above it within 24 hours, it was clearly nothing more than a fake-out (at least for now).

War's been going on for a long time already so I don't think that it's one of the causes in the dump because I feel like it's more to do with the global market on the slump so your first guess is probably the right one. I don't know much about the dollar strengthening, can anyone elaborate on that one.

Indeed, one of the reasons for the decline in bitcoin prices is unstable world economic conditions and the increase in interest rates by the Fed. As a result, when the crypto market crashes, the dollar actually rises. The strengthening of the dollar occurs when the Fed begins to tighten its monetary policy.

Talking for the drop in bitcoin price, you may be part of the very few numbers of people who don't know that bitcoin rises and falls. That the price of bitcoin is expected to drop after the halving bull. That normally after a bull, a correction is expected. That the saying that bitcoin is over priced in value and that the price peg for bitcoin is still below the current price.

Yeah, the effect should be short term, but the Fed rate hike is one of the most important reason that affected the market price. And then the fear of recession.

It's just the price is very cheap at weekends that's why buyers can't resist. Might be a simple explanation, but this is another opportunity, so regardless if the price present itself on weekend or not, investors are going to flock and bought it.

Too much bad news regarding the crypto market happens around that weekend. Especially around Celsius, Sol, TRX/USDD model, ETH stETH,... and fud from the internet and hola, we've got a recipe for BTC to hit as low as $17k.