[2019-05-17] BTC's Biggest Intraday Price Drop for Over a Year

[CryptoBry]

Amid extremely overbought conditions, bitcoin has fallen by $1,702 – its biggest intraday price drop since January 2018.
The cryptocurrency market leader nosedived from the day’s opening price (UTC) of $7,880 to a seven day low of $6,178 on Bitstamp in the Asian trading hours.

The $1,702 drop is the highest since January 17, 2018, according to Bitstamp data. On that day, BTC had tumbled by $2,171 from the opening price of $11,393 only to recovery all the way back to $11,191 by UTC close. Bitcoin has recovered more than 50 percent since the low hit earlier today. However, just before press time, its price is still down around 8.2 percent on the day at $7,223.

Source: https://www.coindesk.com/bitcoin-suffers-biggest-intraday-price-drop-for-over-a-year

Bitcoin is now hovering in the $7,100 range and there is no sign yet that it is ready to move forward towards what it lost  just a day ago. Well, this is bitcoin one of the most volatile investment instrument on the market. Amidst this latest debacle, many are still looking forward for the continuation of the bull run as we have not yet reached the $10,000 yet.

How many days will our coin choose to relax and just swim around this level remains to be seen. Any predictions?

[5ensei]

Too many people are complaining about not buying bitcoin when the price is low, now they have the chance to get in the game. I don't expect the price to dip much further, they saw how fast it rose and it will happen again soon

[hugeblack]

You can’t call this "Biggest Intraday Price Drop" because it came after a rise of more than $ 2,000 in less than a week.
I do not remember seeing the price below $ 7,000 in the last few days but the price has recovered. $ 6700 is the minimum point of view but the market returned to what was happening in 2017 as any analysis is considered an unaccountable adventure.

[veleten]

You can’t call this "Biggest Intraday Price Drop" because it came after a rise of more than $ 2,000 in less than a week.
I do not remember seeing the price below $ 7,000 in the last few days but the price has recovered. $ 6700 is the minimum point of view but the market returned to what was happening in 2017 as any analysis is considered an unaccountable adventure.

I saw 6500$ and it must have been lower at Bitstamp since the orders for 5000 bitcoins were executed at a very low price
the price went down to 7100$ or so and then recovered to 7300$ and to 8000$ today
this wasn't a price drop per se but some sort of manipulation by an unknown whale who could afford to sell 5000 coins at once at a very low price

[BitHodler]

I saw 6500$ and it must have been lower at Bitstamp since the orders for 5000 bitcoins were executed at a very low price
the price went down to 7100$ or so and then recovered to 7300$ and to 8000$ today
this wasn't a price drop per se but some sort of manipulation by an unknown whale who could afford to sell 5000 coins at once at a very low price

It wasn't executed at a very low price. It was dumped in a way that the coins get sold at the best available price, which means that it could have bottomed out over $7000 with a thick order book, or around $5000 with a thin order book.

People keep saying it was manipulation, but none of them can explain why they believe it is manipulation other than the whale looking to suppress the price. Can you explain me why you think it's manipulation?

[milewilda]

I saw 6500$ and it must have been lower at Bitstamp since the orders for 5000 bitcoins were executed at a very low price
the price went down to 7100$ or so and then recovered to 7300$ and to 8000$ today
this wasn't a price drop per se but some sort of manipulation by an unknown whale who could afford to sell 5000 coins at once at a very low price

It wasn't executed at a very low price. It was dumped in a way that the coins get sold at the best available price, which means that it could have bottomed out over $7000 with a thick order book, or around $5000 with a thin order book.

People keep saying it was manipulation, but none of them can explain why they believe it is manipulation other than the whale looking to suppress the price. Can you explain me why you think it's manipulation?

Even me would able to say that it isnt a manipulation but just trying to suppress the price but eventually that didnt last long and for those who do able to buy on that point
did make some significant easy profits.If its intentional then why would be on those levels?