Bitcoin Forum

Bitcoin has stabilized at $6,500, after rising to $6,700 on fiat-to-crypto exchanges and achieving $7,700 on Bitfinex.

Over the past 48 hours, the volume of Bitcoin has risen from $3.2 billion to $7 billion at its peak, but has since dropped to $4 billion. In a two-day period, BTC has shown a 25 percent increase in its daily trading volume, which can be considered as a positive indicator for the short-term trend of the digital asset.

Can Bitcoin Defend $6,000 Support Level?
The general sentiment regarding the mid-term price trend of Bitcoin is if BTC can successfully and comfortably defend the $6,000 support level in the weeks to come, then a large shakeout or a significant drop to the low $5,000 region is highly unlikely.

Based on the stability BTC has demonstrated since early August and the fact that the dominant cryptocurrency had not fallen below the $6,000 mark as the daily trading volume of the asset reached its yearly low, it has become more challenging for bears to bring down the value of BTC in the short-term.

Cryptocurrency trader Eric Thies stated that it is rare to find an asset that tests a major support level more than 20 times on a weekly chart. He emphasized that the only way BTC falls to the $5,000 region is if an unpredicted event occurs that negatively impacts the crypto market by a magnitude that exceeds the expectations of every investor in the market.

“My core reason on BTC bullishness is simple: Find me anywhere in any market where the floor held 20+ times on a weekly chart, only to break to the downside afterward. You’ll be looking for a while. The only way it happens on Bitcoin would be from an enormous black swan event.”

This article was published by Joseph Young in CCN and I deem it worth sharing. You can read more on
https://www.ccn.com/bitcoin-has-hit-the-bottom-why-it-is-unlikely-to-fall-below-6000/amp/

In cryptocurrency there is no pegged bottom or pegged maximum height the market is very volatile and all coin moves as to the regards of the market situations. A lot of predictions has already failed this year so it not black magic.

well, we have some options:

1- If the ETF's are approved, then we will see a great increase in prices and maybe we will not see the price of $ 6000

2 - If the ETF's are rejected, then we will see prices below $ 6000.

So the answer is in these two options

It will never go below $6,000 unless it does and then it will.

And if it does, but I'm not saying it will, I'll be the first one to tell you "I told you so!".

Why are you posting these articles here when there's a press section made specifically for them?

I think that price can fall below 6000 at any point because it relies on on the fundamental state of Bitcoin. If something bad happens and people get scared we'll face a dump never seen before. You could see what happened when there were rumors about tether. What if these rumors became facts? There would be a bump on Bitfinex and dump everywhere else.

For me Bitcoin has been able to stabilize above the $6000 mark and though there has been some instances of bad news regarding bitcoins, it is still around that value and I know it’s still going to be irrespective of what happens.

And yet it's been almost a year of a bearish market and the price never went below $6k. So why would everything change all of a sudden? The way I see it, the market is pretty stable between 6500 and 7500 with rare moves above our below these marks. It might be very hard to reach the next stage and never go below, say, $7k, but what could possible make the market leave the stable position and go down even more?
There've been a couple of ETF applications already which obviously got rejected. And yet we didn't see the second option becoming real. Why would another application rejection change that?

It's really not bad to predict what will be the outcome to the bitcoin price, the most important to me is that I can still keep my asset as they are.  For me, being wise is the best option as of the moment when the Bitcoin has these up's and down moment.

never say never in crypto.6000 is strong but noone say it cant broken.probably you are experienced than me but all i've learnd so far is everything is possible here.

Panic sellers got played by the whales and sold off their coins like idiots.  There are a lot of BIG investors and countries and getting in on bitcoin now.  We will not see bitcoin below 6k levels again.

Nothing fancy and that’s true, it happens like most possible with a huge propaganda pieces of machinery our competitors from mainstream and those against cryptocurrency. One and most obvious are the government like China and the financial profiles affected by it, the bankers.

We can’t also deny that bitcoin has been the favorite target by ICO/BCH(Roger Ver) within the market that is probably unworthy but does do make an impact to bitcoin in dumping season.

I also think that bitcoin can go to the level of 5 000 but it is unlikely.  It is very tight at 6000 and may begin to grow very soon .

I think ETF will reject Bitcoin again, and There is no possibility to accept crypto by the ETF! But I don't think Bitcoin price will not go under 6K USD! 6K is a strong zone for the bitcoin and BTC price is moving between 6K to 6800 for many days! We have seen several ETF rejections before and that time Bitcoin price was above of 6K USD! so this time BTC price will remain at 6K zone, not less.

At this time predictions never gives the suitable answers but we are all believing that it has hit the bottom which will also give hope to holders for better days ahead.

Your thoughts are limited, not right to link the price change only to the ETF's decision. According to your opinion if there is no decision, the price must be fixed to 6k which we all know is unlikely. I agree with you that the decision will leave a big impact on the price, but they do nothing except extend this decision.

I think the market is saturated this year, when investors do not continue to invest in bitcoin, they are waiting for its value to increase. That's why the bitcoin value is around $ 6000. This is the lowest price of bitcoin and it will not fall below this level. When the whale works again I believe the price of bitcoin will increase and reach new milestones.

It's too late in the year for Bitcoin to fall bellow 6k.. Smart investers already know that the upside move is extremely greater by year end..

Everytime Bitcoin rejects to go down below 6,000$ level it makes the imaginary support line become stronger which it has proven several times. Right now we are seeing BTC to go up more but the problem here is the price of BTC is going up with the volume still remaining the same, which only means not everyone in the market is participating and only some are trading, this makes the price rally go weak and the same thing can be said when the prices are going down, there is not enough people offloading their BTC to make it go down to that level. Not unless we have a big combination of a really bad news and panic selling, we won't see BTC go down below the 6,000$ level.

In this Cryptocurrencies market everything is possible, one day prices could shoot up, and in second day price could go very low, but I don't think it'll go under $6k for now. Of course panic sellers are ruining the market right now so it may break that wall. But there is very small chance of that.

I don't think there are that many panic sellers remaining in the market at this point. That also one reason why i agree that we probably have bottomed out already at 5.8k and it's more likely that we'll go for resistance rather than support.

Thank for sharing this important article with us and I was well informed after reading it. I have thought along this analysis before seeing bitcoin test $6,000 support level several times and each of the times bance back. I believe that we have the best opportunity to buy bitcoin now because I believe that big investors are watching this and they are waiting for a set up in other to invest and push the market upward.

what you say is only concerning the very short term fluctuations not the overall movement. for instance it is possible to see a drop but only a drop that lasts less than an hour not a drop that can actually last!
as for panic sellers, they are almost gone. if they were really "controlling" the market now then price shouldn't have been this stable in first place!

Yes i have been involved in this volatile crypto market from long time but i have never seen this kind of stability ever in the past and i feel this should be the upselling point for the bitcoin because the pump or dump it's very less in the value. I hope this will take bitcoin to the next level.

In the last 2014 bear market bitcoin price plunged from $1164 to $152 which was an 87% drop. In today's market that would mean a drop to $2500 - $3000 is possible on panic sellling from bad news. In the event of an unprecedented black swan event we could even see $1300.

you either haven't actually been involved in bitcoin for more than 1 year or you have never actually looked at the price before this because this stability phases are not that rare. they actually happen often in bitcoin.  the biggest one that i can remember which was also recent was the one we had in 2015 which lasted months at the bottom exactly like this before the rise began.

Any panic sellers were long removed, anyone panic selling now is someone who's circumstances have greatly changed but that will only be a very select handful of people. Support has remained solid for a number of months although of late there's not been such pressure on it, my guess is because people have realized it's a strong support and are not looking to accumulating before the next increase. The fact mining costs are so close to the price now is also probably helping sustain that support level.

Most obvious reason probably is that it is harder to get it under any price of 6k thanks to miners. If the miners are not making any profit than why would they mine, if they stop mining than how are we going to get more bitcoins and quicker transactions. People really do NEED miners and they need to sell it for a certain amount which at the moment is 6k for it.

Yes, couple years ago when the price was maybe 500 bucks the miners still mined but they have mined much easier and less difficulty, now the difficulty increased like hell which made mining insanely high and the fee got a lot smaller thanks to segwit and stuff like that so they are not making that much any more. Hence the price will not drop under 6k because the miners would not allow that to happen and stop selling which would make the balance higher for buyers who will get the price back to what miners want.

you are wrong and right at the same time!

what you say about miners and their profitability is very wrong because that is not how bitcoin works. difficulty is not something that rises on its own out of nowhere. it is a variable that is adjusted based on how many miners are mining bitcoin or more accurately how much hashrate is mining bitcoin. and different miners have different costs, in other words for some mining bitcoin is more profitable than others which makes it easier for them to have a bigger wiggle room! in case of price drop, nothing will change apart from difficulty being adjusted if miners leave.

but you are right because many investors believe in this false statement which means THEY make up a nice resistance near $6k. of course there are a lot of other reasons why there is a big resistance around $6k not just mining and costs. for example the smallest reason is the fact that it is 70% below the ATH!

Compared with the remarks made by these celebrities, I believe that everything I can see, everything that is happening, no more purchasing power, Bitcoin is still in difficulty!

 Don't worry it will never go down below $6000 because that's the current bottom price , wherein perhaps it will decrease but it will bouncing back for sure , as of now the price still on $6400 valued and probably it will stay stagnant again until year end IMO..

There ain't no black swan event coming unless it comes from within. Almost all fud had been laid of already except that regulations and ETF again which will happen I think next year? Maybe its time for bulls to rally. It will come of course although it may take more than a year, it may start to form gradually until they all buy back.

The more people believe this without sound foundation the more likely a free market will just test their ability to hold anyway.   Markets always want to flush out people and any orders sitting on books before then reversing back up again so I would guess more of a spike down before possibly establishing a positive trend.   

 We have more lines in the sand then canyon walls to define the meandering flow of BTC forwards

because bitmin who Supports miner
There are those who say that the crisis will come at the by 2019
the wall will never fall??!

if the ETF is rejected, it is likely that the price of bitcoin can fall back below $ 6k, but if the ETF is received the price of bitcoin can reach $ 25k.
the conclusion is that ETF determines everything.

Bitcoin has somewhat stabilized at 6000 dollars limit. It is expected to not fall below this if ETFs are approved.

Bitcoin has somewhat stabilized at 6000 dollars limit. It is expected to not fall below this if ETFs are approved.

You never know what will happen when its related to bitcoin. The market is highly volatile and a small hype can create a big storm. But recently it has somehow stabilized around 6500$.

lets wait etf and what will happend ; for me etf this years Rejected 100 percent
we can say the wall fall when price Getting close to 5200 usd for each btc


 

ETF rejections and delays are calculated in already. We were a point at which the speculation around the ETF was almost generating traders *free* money with how the market did what you and me were expecting it to do. Once your neighbour starts to figure out how things work in a market, they usually will no longer work.

Everything reaches a peak. Eventually when an ETF comes through the demand will shrink as well, and what happens the price either consolidates or drops. It's a one time event that you can't rely on endlessly, which is why actual use is the most powerful and near endless source of growth for Bitcoin. It's much better to focus on that than to hop from event to event just to sell the peak, but I'm probably one of the few thinking like that here. ::)

Indeed, it's similar to how traders were making free money basically on all the PBOC press releases in which they said they were banning assorted crypto exchanges and whatnot.

We had a period were it was rather obvious that a dip was going to happen, it was pretty ridiculous. Obviously these things don't last forever so the market stopped giving a fuck about the Chinese government:

https://pbs.twimg.com/media/C4Tc9FEXAAA7haD.jpg

As with everything else in markets, the shock factor is gone, same for ETFs rejections and anything else, so we may have bottomed and we are flat until the big meteor called halving to remind everyone that the supply is shrinking but there's bitcoin for everyone, it's just a function of price.

I'm pretty sure that we have seen this bearish trend and somewhat stable price in the past. As far as bitcoin miners not allowing the price to fall below $6000 because its not profitable, I'm not sure about that though, it has been a theory for the last couple of months.

The questions is, if miners are moving out of bitcoin, where are they shifting their hardware to? Bitcoin Cash? It doesn't makes sense at all as the money is still in Bitcoin market.

For ETF though, it might or might not break the $6000 in either way, but just like you guys, I'm tired of hearing about the news though, so let's just wait to see the actual impact specially the Van Eck/Solid X proposal.

Indeed hashrate is not going anywhere, in fact it just keeps going higher:

https://bitinfocharts.com/comparison/bitcoin-hashrate.html#log

We hit all time highs pretty often, that is not an issue. So if hashrate keeps going up eventually price will follow because it means bitcoin keeps getting increasingly secure and at some point it will be clear for market participants that we bottomed and current prices would be cheap.

I am mentally ready for further dips tho so if it happens it happens, but to me it looks like we'll keep going sideways for a while unless Bakkt fundamentals are strong enough to pump it.

and now it way down 6300+ and going to 6.2k, the 5.9k is very possible since we are on a decending triangle for a long time now, though i still believed in an upward trend less likely, really the deciding factor of this price is the fundamentals and the current events to breakout from this long consolidation phase

We will see what may happen with the recent trend that came after those falling prices after 4 months of analysis. Although it seems unpredicatable, but it doesn't stop many people following and monitoring graphical trends which will show them better changes in the next more days to come. This truly hits the bottom line, hopefully we can survive the struggles.

I think that the bottom of Bitcoin this time is this 6k figure and you will not see further decrease in price. Onwards, it will follow uptrend in my opinion but this is only my opinion so you should not think the same but only consider the price movement with the passage of time and act according to conditions.

Let us consider this current price is the bottom this year and now compare it with previous bottom prices so you will clearly see the difference that the current price is far better than previous bottoms.

I think bitcoin is not going to fall below $6,000 and the bearish trend is seem to come to an end.  We should expect the next bullish trend very soon and if you really what to make money now should be the right time to invest.  I don't think bitcoin will fall down further!

Being so sure about that is something that we will just have to let time decide. The market could still tend towards a different direction as it is now, but the thing here is that no matter what, we are all just hoping and being optimistic that being Q4 and for the fact that in the past we have always gotten to see an uptrend, we just hope we will get to see the same scenario play out this time around.

For what it is worth, the support has been tested several times with a big bounce and that has psychologically made that support stronger, so let's just hope we start an uptrend from here onward.

The longer BTC price's level stay at its current bottom price of $6k+, the higher its uptrend could happen within the current quarter of the year. So far, its performance, along with its volume is looking great to be ready for another trend reversal. This is an exciting time and perfect time to accumulate more BTC holdings.

Fallen below the 6000 USD that bitcoin has traded over  a month is unlikely to happen. The current price is all that traders will be willing to sell off their bitcoins hence demand is stalled by those who sought bitcoins to come down cheaper.

Yes there is no doubt that bitcoin has already hit the bottom and therefore I do not think that it will reduce anymore. I hope that now the time is that bitcoin is going to start increasing and most of the people are doing preparation and making strategies for bull run.

This is definitely a no way back period. When it goes under 4K rate, talking about (https://bestautosoapdispenser.com/) return to 6K is a non sense. Unless expecting a miracle to appear. For those who still believe, Santa to play crypto. Huh!