[2017-05-25] Bitcoin's Price Tumbles More Than $400 From New High

[sheld0n]

Bitcoin prices fell sharply today after setting a new all-time high above $2,700 on the CoinDesk Bitcoin Price Index (BPI).
The BPI hit a high of $2,791.70 today, data shows. Yet after beginning to dip around 15:00 UTC, that move became more pronounced after 16:00 UTC, including a more than $100 drop between 16:36 UTC and 16:54 UTC, BPI data shows, sliding from roughly $2,630 to $2,515, with a further drop below $2,400 over the next hour.

http://www.coindesk.com/bitcoins-price-tumbles-400-new-high/

In my opinion, this was the healthy correction urgently needed.

[richardsNY]

I have been talking about how badly we need a correction for days now. The price on Bitstamp peaked at $2760 today, and has now gone down to the $2250 level -- that's an impressive $500 discount. If this is a serious correction, then I do think that we'll dive below $2000 within 48 hours. Either way, this volatility is more than welcome due to the +$100 price swings. Today alone I have managed to make 20% in profits.

[Dmitry.Vastov]

That will drop more. Maybe we will see $2300 tonight. Now its on $2371 right now. That's was a nice price surge tho. I never expected that bitcoin could pump like that. $2700+ in just a night. Very impressive. I think it will drop more in the following days for correction. That's the time to buy more.

[TraderTimm]

Looks like a consolidation to me.

I'm not too surprised we had a retrace. We've had the tendency lately to "tap" the middle bollinger on the 4-Hour chart pretty regularly on our climb upward.

I expect some more wobbling as we work out the recent newbie-fear from the decline, so something between 2,300 - 2,500 before getting back to the program.

I don't see anything yet that says we're done with the bull move on the Daily, so I'm optimistic.

[kevinn669]

Looks like a consolidation to me.

I'm not too surprised we had a retrace. We've had the tendency lately to "tap" the middle bollinger on the 4-Hour chart pretty regularly on our climb upward.

I expect some more wobbling as we work out the recent newbie-fear from the decline, so something between 2,300 - 2,500 before getting back to the program.

I don't see anything yet that says we're done with the bull move on the Daily, so I'm optimistic.

Unfortunately, for more than a day the price has fluctuated, but it has a downward trend. But I also still have hope that bitcoin will start growing again on Monday

[South Park]

I have been talking about how badly we need a correction for days now. The price on Bitstamp peaked at $2760 today, and has now gone down to the $2250 level -- that's an impressive $500 discount. If this is a serious correction, then I do think that we'll dive below $2000 within 48 hours. Either way, this volatility is more than welcome due to the +$100 price swings. Today alone I have managed to make 20% in profits.

It seems your prediction was right now I’m seeing some sub 2000 prices, which in my opinion is not bad at all since, we all need to cash out and consolidate our profits before the next increase in price, so to me this correction is welcome, I just hope not many people bought on the hype, and bought at near the max levels that we reached.

[richardsNY]

It seems your prediction was right now I’m seeing some sub 2000 prices, which in my opinion is not bad at all since, we all need to cash out and consolidate our profits before the next increase in price, so to me this correction is welcome, I just hope not many people bought on the hype, and bought at near the max levels that we reached.

I am sure that there are plenty of people that have bought at the peak and just under that level. People buy at $2700 and see the price go down to $2500, and directly buy more. After that the price drops another $200, and people again buy more, etc. People buying at top levels do so because they think the market will easily increase further without any corrections taking the price down.... Surprise, surprise!

[TravelMug]

It seems your prediction was right now I’m seeing some sub 2000 prices, which in my opinion is not bad at all since, we all need to cash out and consolidate our profits before the next increase in price, so to me this correction is welcome, I just hope not many people bought on the hype, and bought at near the max levels that we reached.

I am sure that there are plenty of people that have bought at the peak and just under that level. People buy at $2700 and see the price go down to $2500, and directly buy more. After that the price drops another $200, and people again buy more, etc. People buying at top levels do so because they think the market will easily increase further without any corrections taking the price down.... Surprise, surprise!

Yes, I think a lot of investors bought when then price is at the top and waking up seeing the dip, I don't know what reaction they should have. But since the correction has happened now, I guess the only thing they can do is hold and hope it can peak at $2700 levels again to at least see a break even investment.

[TraderTimm]

The magnitude of the retrace has me thinking that there's a lot of "new money" sloshing around the Bitcoin ecosystem.

2,250 was my "line in the sand" but that got wiped on the last push through. I smell pure fear in that last leg down, which naturally translates to the rebound we've had -- trading above 2,200 as I speak.

We're working out of the slump with oscillations in the 2200 - 2300 area. While I don't think we have the same momentum that carried us to 2700+, its reasonable to think we'll start to fill in a bit higher after the panic has subsided. A lot of newbie traders out there that got spooked since this was their first decline.

Just another day in Bitcoin-land.

[veleten]

there are some huge arbitrage opportunities across the exchanges: Bitstamp is trading on average +120$ over BTC-E or Bitfinex
Japanese and Chinese exchanges are in the mid range of bitcoin prices
guess we will see some more see saw action for at least 3-4 days
the volumes are not as big as on Friday-Saturday but we see 2050-2200 ranges covered in a matter of hours if not minutes
the good thing it didn't drop below 1800$ as this verical rise suggested (usually drops slightly below the starting pump price)

[yakushev]

there are some huge arbitrage opportunities across the exchanges: Bitstamp is trading on average +120$ over BTC-E or Bitfinex
Japanese and Chinese exchanges are in the mid range of bitcoin prices
guess we will see some more see saw action for at least 3-4 days
the volumes are not as big as on Friday-Saturday but we see 2050-2200 ranges covered in a matter of hours if not minutes
the good thing it didn't drop below 1800$ as this verical rise suggested (usually drops slightly below the starting pump price)

Everything goes as many analysts have said. The price of bitcoin becomes predictable. Many talked about the adjustment. And it happened. People accepted it without panicking almost. Now we are waiting for the price increase to 3000 dollars

[killyou73]

I don't see how the price increase is justified, a slow and steady increase would have been better than going from 1500ish to just under 3000.

[Kprawn]

Some exchanges close over weekends, so we might see some "correction" on Monday. I hardly worry about trading over weekends in any way,

and spend most of my time enjoying friends at a local pub or hangout. There is a time to make money and a time to enjoy some of it, and mine

is over weekends.  .... Merchants might see some more action over weekends too, when people relax and spend some of the bitcoins they have

gained by trading in the week. Let's see what happens on Monday. 

[South Park]

It seems your prediction was right now I’m seeing some sub 2000 prices, which in my opinion is not bad at all since, we all need to cash out and consolidate our profits before the next increase in price, so to me this correction is welcome, I just hope not many people bought on the hype, and bought at near the max levels that we reached.

I am sure that there are plenty of people that have bought at the peak and just under that level. People buy at $2700 and see the price go down to $2500, and directly buy more. After that the price drops another $200, and people again buy more, etc. People buying at top levels do so because they think the market will easily increase further without any corrections taking the price down.... Surprise, surprise!

Yes, I think a lot of investors bought when then price is at the top and waking up seeing the dip, I don't know what reaction they should have. But since the correction has happened now, I guess the only thing they can do is hold and hope it can peak at $2700 levels again to at least see a break even investment.

The problem with that strategy is that it could take a lot of time for that to happen look how much time it took for bitcoin to go above the previous all time high, so those people have only two choices, to sell and accept the losses or wait for an undetermined amount of time to try to get profits, maybe they will not have to wait that much but it is impossible, to know at this point.

[BitFinnese]

From my point of view the dip in price is some kind of manipulation.  I do not find any negative news about bitcoin before the dip.  This might be one of the whales strategy to get some cheaper coins before bitcoin price increase to more than $3000.  It always happen that whenever bitcoin price takes some dip, weak hands will automatically panic sell thus pushing bitcoin price lower.  This is what whales want, do some fake dump and let sheep panic sell and trigger a domino effect.  Whale then catch those cheap btc for accumulation.

[veleten]

Some exchanges close over weekends, so we might see some "correction" on Monday. I hardly worry about trading over weekends in any way,

and spend most of my time enjoying friends at a local pub or hangout. There is a time to make money and a time to enjoy some of it, and mine

is over weekends.  .... Merchants might see some more action over weekends too, when people relax and spend some of the bitcoins they have

gained by trading in the week. Let's see what happens on Monday. 

I think most dumps and pumps happen during weekends,starting Friday
then we see corrections on Monday-Tuesday and level flat on Wednsday,Thursday
there are exceptions,but looks like a pattern to me
now we are at 2300 ish and testing 2400 as we speak
 

[kayeme]

Is this going to be another story from the past about how bitcoin "died"?  Everyone was talking about the bubble bursting and look how its already gone back up from its low and stabilized.

We will see another ATH very soon.

[MCS23]

Is this going to be another story from the past about how bitcoin "died"?  Everyone was talking about the bubble bursting and look how its already gone back up from its low and stabilized.

We will see another ATH very soon.

Nothing wrong will happen and Bitcoin will be very stable in the market despite some excitement of users and the impact of this on the price of pricing. Even recently I watched the ethereum this coin also go up slowly but surely.