[2018-05-18]Newsflash: Bitcoin Price Drops Below $8,000 as Bears Twist the Knife

[Psicotico]

The bitcoin price sank below $8,000 on Thursday for the for the first time since mid-April, further erasing the progress that the flagship cryptocurrency had made over the previous month.

Bitcoin had traded near $8,300 for the majority of the day, but this support level began to falter heading into the early evening.

At approximately 20:42 ET, the bitcoin price dipped below the $8,000 mark on Bitfinex, ultimately extending as far down as $7,925 at 20:55. Bitcoin then made a brief recovery above $8,000, but the bears ultimately forced it back into sub-$8,000 territory shortly before 22:00 ET. Currently, bitcoin is valued at $7,991 on the exchange, representing a 24-hour decline of more than 4.5 percent.

Thursday marked the first time that bitcoin had traded below $8,000 since April 18, shortly after the market began a rally that ultimately carried bitcoin to $9,990 — but failed to push it past the psychologically-important $10,000 threshold.

Notably, the pullback came during the high-profile “Blockchain Week,” which Wall Street strategy firm Fundstrat had predicted would inject a bullish sentiment in the market.

https://www.ccn.com/newsflash-bitcoin-price-drops-below-8000/

[1Referee]

Bears? I don't see any.

People should just understand that there is NO incentive to increase beyond $9000, and from the looks we likely won't even be able to maintain $8000 for much longer. Anything near the $10,000 level not that long ago was a perfect short. My personal opinion that's based on the bottom development is that we will likely settle a new bottom in the coming weeks just below or over the $7000 level.

It all fits in the bottom stacking that's happening, which all indicate ~$500 growth increments.

~$5500
~$6000
~$6500
~$7000

We are booking some decent progress in the background while people keep talking about bears and other bs. Accept that the upper range of the market mirrors only the speculation in the market, and that's exactly where the up and down movements happen. Where people see a market in decline, I see growth. How so?