[2017-06-12]Volatile day for bitcoin as it surges to $3,000 then retreats

[elite3000]

Bulls and bears continue to butt heads over the cryptocurrency

The question of how high bitcoin can fly looms large after the digital currency shot past $3,000 a bitcoin for the first time ever.

But Monday served as a reminder that volatility may be the rule, not the exception, as bulls and bears lock horns about the prospects for the rapidly ascending cryptocurrency.

Bitcoin BTCUSD, -5.81%  reached $3,018.66 before abruptly pulling back to around $2,808.35, according to CoinDesk. Bitcoin had surpassed that level for the first time on Sunday, though it only held that level for a while.

Coindesk noted prices fell $300 within minutes on Monday, from $2,980 to a daily low of $2,650, just hours after that $3,000 level was reached. BTC VIX, organizer of the bitcoin trading forum Whale Club, told CoinDesk that prices hitting a higher high on less volume and “waning momentum,” adding that it could be a sign of weaker prices ahead.


http://www.marketwatch.com/story/volatile-day-for-bitcoin-as-it-surges-to-3000-then-retreats-2017-06-12

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[btc_angela]

I hope the price really took off when it hit $3000. But now the market is crashing. Maybe due to people cashing it out because of the mental barrier that is $3000. So now its really a challenge for bitcoin to really touch $3000 then stay there for a time. Unlike what he see today, briefly touched it but then it came crashing hard.

[notthematrix]

[quote outauthor=btc_angela link=topic=1963371.msg19519902#msg19519902 date=1497293292]
I hope the price really took off when it hit $3000. But now the market is crashing. Maybe due to people cashing it out because of the mental barrier that is $3000. So now its really a challenge for bitcoin to really touch $3000 then stay there for a time. Unlike what he see today, briefly touched it but then it came crashing hard.
[/quote]
Just cashing out.
Remember btc is limited by design.
Unlike ether that do not have a hard limit!
https://forum.ethereum.org/discussion/46/total-supply-of-eth

[richardsNY]

It's funny how a lot people in the speculation section are going mad now the price is somewhat correcting. People don't realize that there is a large number of traders that need to cash out their profits. It's completely normal considering the significant increase that we have gone through. As soon as the majority of these traders are done unloading, the market will continue rushing up -- just have some patience.