A big old correction going on...

[Duzter]

I think the recent correct was around 400$ and it took suppor near 2300+ range and now it is back to #2600+ price and if the wave continues then tomorrow we can see the price of bitcoin going above 2700+ right now and if the movement support more then surely within 48 hrs we will see the bitcoin price moving above 3000+ price range with full support.

It seems to me that you depend on Bitcoin on the users themselves, because we know that the market reacts to supply and demand. Only in these variants we can see a good correction of the price for Bitcoin.

There is several corrective factors. One is that stated by you and apart from that scalability, blocksize, confirmation issues and several things were going on. So this might be a corrective time, because the past price fall itself mentioned to be happening for a correction.

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[alyssa85]

it seems like market loves $2500+ price so much better than anything else. and it is a pretty nice middle ground price too. it is exactly in the 50% way up to $3000 and has a lot of room to go down in case some whale decided it is time for FUD in a couple of weeks.

In a couple of weeks SegWit will be locked and activated shortly after.
So IF there should be more FUD to come, it has to come NOW!
Anything else makes no sense and won't have any major negative effect on the price.
Next time we will see FUD is when it is about the 2x hardfork attempt ( what is 8MB! by the way) by Shilbert Group and Jihan!

Don't forget China! There is always some sort of China FUD when the whales want to move prices.

[digaran]

Nope, there is no such a thing as correction in crypto, people just are busy pumping alts and they also need Bitcoin to be some what stable to determine the true price of alts in BTC volume, in other words, large whales are at work, just look at the charts they are all like a man with a boner up and green, top gear aiming for the moon's holes. lol
I don't know what is there to correct? you either buy or sell, crypto is not that big yet like traditional markets to have correction, anyways who is supposedly doing the correction? we don't have a central bank.

[jc89]

Just saying...

Where will it stop?

Somewhere down the road.

I think this is not a typical correction happening. the drops may be caused by some people who panic sell because they are scared about Bitcoin crashing due to the uncertain effect of the activation of Segwit. And include the fact that we are on a bear market. As for the current trend of Bitcoin, it is slowly recovering and I do not know if a drop will occur again. We are approaching Australia since it's only days before their formal acceptance of Bitcoin.

[BitHodler]

Don't forget China! There is always some sort of China FUD when the whales want to move prices.

China is no longer the important factor as they were before the regulations that have been put in action by the PBOC.

Chinese fud had a significant impact on the market back then, but right now it won't do much anymore. Right now all people focus on how things will play out before the 1st of August. Everything else is simply not important for now.

[richardsNY]

China is no longer the important factor as they were before the regulations that have been put in action by the PBOC.

In reality, they just fooled everyone into thinking they were really that important to Bitcoin -- it was one big theater show. It was insane how they were trolling the entire markets there with daily volumes of 2-4 million traded coins per exchange (referring to Huobi, OKCoin, BTCChina). I am glad that the market gets dominated by western exchanges again. Thank you PBOC.

[BitHodler]

China is no longer the important factor as they were before the regulations that have been put in action by the PBOC.

In reality, they just fooled everyone into thinking they were really that important to Bitcoin -- it was one big theater show. It was insane how they were trolling the entire markets there with daily volumes of 2-4 million traded coins per exchange (referring to Huobi, OKCoin, BTCChina). I am glad that the market gets dominated by western exchanges again. Thank you PBOC.

Whether it was a show or not, China basically ruled the market with iron fist for quite a long time.

I remember how everything was looking all right just before I went to bed, and as soon as I woke up in the morning, a big fat red candle took the price significantly down again due to certain Chinese related "news".

[deisik]

China is no longer the important factor as they were before the regulations that have been put in action by the PBOC.

In reality, they just fooled everyone into thinking they were really that important to Bitcoin -- it was one big theater show. It was insane how they were trolling the entire markets there with daily volumes of 2-4 million traded coins per exchange (referring to Huobi, OKCoin, BTCChina). I am glad that the market gets dominated by western exchanges again. Thank you PBOC.

I agree with that

In fact, this is what I wanted to write myself, namely, that they tricked us into thinking that they were somehow important with their insane volumes. To be honest, this is what I claimed myself back then giving the numbers of their daily trading volumes which had been by far exceeding those of the rest of the pack (Bitstamp, Btc-e, Bitfinex, to name a few). It turned out that their real volumes were a lot less (if not to say orders less). If things were like that with Bitcoin mining, China would be completely out the picture