Bitcoin Forum

As expected, the price dumped when the ETF got rejected because people expected it to dump, so panic selling ensued. Nothing out of the ordinary. But I didn't expect the price to stay at $1100+ so easy and so quick.

This shows us how powerful bitcoin is in 2017 compared to 2013. Bitcoin is indeed maturing, this now feels like a solid, serious thing.

It's a little too early to claim that victory, let's see what happens over the weekend and over the next week. While I'm hoping against it I think we'll see some bearish waves over the next few days, but doubt this is gonna be a trend reversal. I'm still expecting the bull run to resume, and a real rally sometime this year. We had a weak ass ATH of only 0.1% above previous ATH, or 1% if you count today lol... it could be a testament of bitcoin maturing but we are not in bubble territory so it doesn't make sense to me to reverse into a significant or extended bear market. If there are no significant dips and we stay around $1100-$1200, then wow, I think a mega rally is going to be a near reality

I feel that bitcoin held its own quite well, i really expected a dump all the way to $700 - 800 levels considering the volatility surrounding it, that it didn't, speaks to the maturity level of Bitcoin imo. Of course we have to wait for the weekend and see how it goes, but considering the general trend with Bitcoin and crypto-currencies in general, big news like this used to cause shock-waves and the results were immediate for all to see. I really hope we have moved past that stage and will see a stronger Bitcoin going forward. :)

Well I don't think that the ETF would have been good for bitcoin long term anyway.
I am surprised that the price hasn't really dumped though. It looks like the rejection was basically priced into the market.

A more worrying thing for Bitcoin is if you look at the reasoning of the SEC for the rejection. There are plenty are problems wih Bitcoin, and they don't get into he block size!

Well of course a bear sentiment can happen monday if the markets react that way, but I think it was better than expect. I expected it go keep going down in waves without no resistance on the way down, just small stops.

I think it's insane to considering selling now. What if there is indeed a mega rally ahead?

this is a prime case of come back in a week and see what happens. it's clear that a lot of people were expecting it to happen. maybe they're considering their options right now.

Price seems already recovering and trying to stay well above $1200 range by end of weekend. Next week we may see new bullish trend and i am expecting price to touch $1300 within next few weeks.

I was very surprised to see that most of the money I lost yesterday was recouped. Bitcoins have a lot stronger backing of people that don't care about the ETF. We're at the true value right now.

People also that if SEC will rejected the ETF the price will even go down to at leat $500 to $700. They feel like bitcoin is still heavily manipulated like days before where number of whales are few in numbers if I will based to my own thinking.

The recovery after the price crash doesn't take too much long meaning many set their buy walls at around $1,000 to take advantage of the expected price dip once the ETH have been dissapprove.

I still can't believe this is the worst or it. There must be a down trend in the near future, if not people are going to have to really reevaluate their charts and analysis's.

I can understand you in a way. But let's wait and see what's going to happen the next few days.This might not be over.
In terms of the of the drop ,that wasn't that bad as expected, and the quick bounce please keep in mind that there was an incredible short squeeze before, which closed lots of leveraged positions.
I have a bit the feeling somebody did this to prevent us from a massive drop after the ETF rejection. But that's just my personal opinion and could be totally bullshit. :D

interestingly, we are currently getting mega rallies in alts.
we shall see if any of them might challenge king bitcoin.
My expectation is that they will not get more than 30% of btc market cap.

It looks like the ETF denial was baked into the cake already.

True, the SEC was very clear about their reasons and I don't think this is something that could just change in the foreseeable future. 

To be honest, I'm quite surprised that seemingly a majority of people didn't realise this.  I think that it might even show a kind of facade of positivity that some Bitcoin users put up.  To truly support something, I think you need to recognise its downfalls, and I think it was fairly clear that the Bitcoin ETF would not comply with their conditions - this is something that a lot of people needed to accept.

I think Bitcoin is definitely looking up.  This was a major event which people really cared about, and there was still only a minor drop.  This could show that Bitcoin's days of extreme dumps are slowly coming to an end. 

The fact that the drop was minor could also have a darker side though: maybe so many people are hoarding Bitcoin because of its price increases that they just don't care about these events, expecting it to go up?  Many people aren't using Bitcoin as a currency when they buy it.  I think that's a bad thing because that limits Bitcoin to only an investment, which essentially means that it's nothing, just a giant collection of investors raising the price as far as it'll go without meaning anything.

Its kinda good that bitcoin is really holding its prices to 1100$+ after the ETF has been rejected by SEC. I think it is to early to say that it won't go down lower than that so let's see what really will happen in the next few weeks or days. When price ranges is still 1100$+, I think it really hold it in that price ranges and it really matured unlike 2013. At first I thought history would repeat itself but let's see, we can't jump to conclusions yet.

The price after etf is found quite interesting because experts put forth statement that price fall big if etf is rejected. Now even on rejection the price is quite stable and moving forward. This shows how strong bitcoin is, and believe the price increases high to overcome the past ATH.

i completely expected this.
it is pretty simple, ETF had no real effect whatsoever on bitcoin. and it was all hype. and what hype does is that if it comes true it temporarily pumps and then drops and it if doesn't come true it causes a temporary drop and then rises again. and the second thing happened here, as simple as that.

and it surprises me that even after this process happening a million times before, people still fall for it.

The Elliott Wave crowd are predicting an ABC correction down to $800 -$900. If price holds above $1000 they will have to go back to the charts and come up with an alternate wave count.

PBOC makes it different with the current situation, because there is no manipulation by the chinese exchange and i really like the PBOC had done its decision because it makes the price of bitcoin is really strong right now, and we can always increase more and more in the future. Good job for PBOC.  ;D

Its not what im expecting too after the decision. The price have recover fast and the price movement is calm now. Unlike this past few days its really shaky.

The price is just below $1200 at the moment. But I think it will continue rising when more people use it.

It really proved that bitcoin is really strong at the moment. I think if this happened way back history will repeat itself. But it hapoened now but still bitcoin is above 1100$ I expected it would dump below 1000$ but it didn't. Maybe the price now is the new floor maybe now well I guess it is to early to say that so lets just wait what will happen in the next few weeks.

i think there would be some major price drop in a next few months, for sure btc stays strong against etf news, but more negative to come and no signs for positive.

This just has shown that at the moment bitcoin is strong enough and resistant to such situation which is excellent and showin that bitcoin is becoming stronger and stronger and this is very important for future biger adoption and development. I don't agree with some predictions here saying that bitcoin price will drop significantly in the next few months.

Yes I thought that the price will dip big time, but I'm proven wrong. Although I still speculate that at least give bitcoin a few weeks to let the ETF euphoria stop. But it looks like the price will be stable at a range of $1100-$1200 and will continue to rise. Maybe there a silent investors out there who are pumping the price of bitcoin but this is good for the bitcoin ecosystem. We hope that the price will continue to rise up to the end of the year so that everybody will be happy and enjoy having invest in bitcoin in the first place.

Nah, a major drop in the coming months looks unlikely. ETF decision was the only major event that would had pumped btc or dumped it, but looks like a lot if people were expecting ETF to get disapproved and thus there was no big surprise dump after its disapproval.

In first days ETH decision didn't have impact on the bitcoin price, in any case this was good promotion for bitcoin, when people talk about it's get stacked in peoples mind. I don't expect price to drop at all, bitcoin is strong enough to hold this 1200 dollars. We need to look for the future independent from any government office or commission, I'm glad that bitcoin didn't suffer from their decision and that is good news, like I said one of the first task's for bitcoin will be to keep independence.

At this point there is nothing that might indicate a negative impact on the price, so I am not sure where you get that feeling for more negativity from. Positive signs are the fantastic sentiment and increased demand coming from people looking to escape the governmental system that they before Bitcoin could hardly escape from. If you don't see these things as massive plus points, then I am not sure what will....

Increasing concerns about tx cost and time and a lack of unity inside the community, so we are unable to take any steps to prevent a disaster.

It really surprise me too, i thought it will be under 1000$ when etf rejected the idea, but it still holding on above 1000$, it proves that people not too care about etf decision because they know that the price is in their hand, but we shall see and wait a little longer, see what would be the effect of etf rejection

Same here that i thought the price of bitcoin will decrease huge or below $1k value but i think many business people there are investing on bitcoin and more company are accepting bitcoin as payment processor and more merchant are accepting it even in local country like in brazil and paris that i heard they have some stores are accepting bitcoin as payment.. so ETF is not a problem if its rejected..

There was this analysis saying that BTC would go to 3600 if approved and back to sub 700 if not. LOL.

AMAZING relative strenght we are seeing here...

it means that the money has not left the exchanges but the selling was just temporary and it also means, the path to 2000+ is now open.

Look guys, the ETF did not exist, there was not a single cent of ETF money in the market when 1300 was hit. BTC can do it, without the ETF.  ;D

bitcoin price still good performance and bitcoin price back again over 1200 dollar
because bitcoin user community not affected about result SEC rejected proposal ETF, bitcoin user still use bitcoin

And it looks like it is stabilizing at 1,200 again. I really didn't think that bitcoins will ever be affected by that ETF if ever it gets denied. It will just comeback to the status quo when no ETF application was passed. The sudden drop was just because of, like what you said, people expected the drop and it did drop because of that. Though it raised back up when needed.

Well said.

I think that the main thing is that there is less hype, less speculation in 2017 than 2013, but rather an actual increase in the level of user engagement and community grew dramatically over the past years.

This pump was over a period of half a year, or even more. It has been growing at a steady pace, while the 2013 pump only lasted for a few days/weeks.

I wouldn't be surprised that bitcoin hits $1,500 even after the ETF declination.

Just proves that if something is intrinsically valuable, it will thrive.

I do really accept the fact that people are trusting in bitcoin and in my opinion there are several factors that the price recovered even after the rejected by SEC,one thing is that The Federal Open Market Committee might take a decision on hiking the interest rate and there are several other things happening in the real market and those news could be reflected in the price of bitcoin as there are more solid investors in bitcoin than in 2013.

i actually was expecting the $1100 to be the bottom price where it becomes stable, the dump even to below $1000 and to $900ish was easily possible but these dumps can never last more than a couple of minutes because despite orderbooks being thin, the people who put up those orders aren't thin. there is a lot of us :)

what i didn't expect was going back up to $1250 this soon. i was expecting stability on $1120 and then slowly rising up to $1200 and breaking it in a week to start working on $1300.
it seems like the buy support is much stronger than i thought. maybe ETF had its effect even with its rejection!

Already bitcoin price is bumping even after rejection of ETF news. Sometimes it may happen for the downfall, but again bitcoin can re-secure its position back into the market. Bitcoin price completely depends upon the demand and supply, bitcoin is moving its direction in the right direction until ETF accepts it.

The price seems to be surging irrespective of events surround it. Whether the Fed increases or decreases the interest rate, I don't think it will have an impact on Bitcoin. The people who modify their asset allocation based on the Fed's actions don't invest in Bitcoin.  :)

Probably what's powering the market now is true demand, that's why the price seems to be irrespective of current events. Hopefully this continues on for a few more months.  :D

If there was any indication that the price would drop off they should have gone down when the SEC rejected the ETF approval and even that news did not make any changes to the price and with that in mind why you think that there will be a correction in the next few months when i see that people are confident even to buy at this value as i see massive buy orders with every dip.

Hopefully this positive trend continues so prices bitcoin will continue to skyrocket, I think the most important is the price of the bitcoin can be stable and not easy to pump.

It is nothing special that Bitcoin after COIN ETF failed is not crashing. Traders matured to the point of not wavering at every single negative news.
Also there is another ETF in play - SolidX, SEC is now evaluating it and by March 30, 2017 they should either approve or disapprove it.
I am not sure about the specifics but SolidX said that they have some insurance method ready to implement, so investors would be covered in case of extreme loss.