Bitcoin Price Hits Record $5,000 Traders Initiate Sell-Off as Price Drops $400

[abdillahzidan]

Bitcoin price touched the $5,000 mark for the first time this week, confirming Max Keiser’s prediction that it would reach that milestone this week. However, this achievement triggered a sell-off, causing the bitcoin price to pull back to its early-week levels.

After finally breaking through the $4,500 wall earlier in the week, the bitcoin price began to soar. On September 1, bitcoin flew past $4,800, and by the morning of September 2, it appeared poised to challenge the $5,000 mark.

And that it did. Around 1:00 UTC, the bitcoin price leaped over $4,900 and continued to rise. At 2:00 UTC, bitcoin touched $5,000 on several exchanges–including OKCoin–although its CoinMarketCap average topped out at $4,975.

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[darkangel11]

Bitcoin price touched the $5,000 mark for the first time this week, confirming Max Keiser’s prediction that it would reach that milestone this week...

All major exchanges stayed below $5000.
Bitfinex 4970
Bitstamp 4979
Coinbase 4980

We are still below $5000, but it doesn't matter the price is inevitably going that way. No panic and no regrets, we'll get there soon enough.

[CryptoBry]

Bitcoin price touched the $5,000 mark for the first time this week, confirming Max Keiser’s prediction that it would reach that milestone this week. However, this achievement triggered a sell-off, causing the bitcoin price to pull back to its early-week levels.

After finally breaking through the $4,500 wall earlier in the week, the bitcoin price began to soar. On September 1, bitcoin flew past $4,800, and by the morning of September 2, it appeared poised to challenge the $5,000 mark.

And that it did. Around 1:00 UTC, the bitcoin price leaped over $4,900 and continued to rise. At 2:00 UTC, bitcoin touched $5,000 on several exchanges–including OKCoin–although its CoinMarketCap average topped out at $4,975.

Nothing to get surprised here. People have been expecting that soon Bitcoin can be able to breached the $5,000 level but after that there can be a big correction and it did happen actually. The big reason for the correction was the sell-off made by some whales for possible profit-taking...this same thing can happen in a stock market and it is a part also of the Bitcoin market much more so that there are now fund managers investing in Bitcoin.

[cpfreeplz]

Thanks for copy and pasting that for us OP. Google is hard for me.

It didn't reach $5000usd. It only did on irrelevant exchanges with inflated prices.

[Pearls Before Swine]

I hope the newbies to bitcoin get the message here, that bitcoin is not an asset that
just keeps going up in price; that corrections occur like this and that they are healthy
for the market overall.  And this little correction we're seeing right now isn't all that
bad.  A few hundred when bitcoin is at $4500 is nothing.  Recall that bitcoin dropped
to $1900 last month or so.  That was a hell of a drop.

So I'm OK with this.  When I get my hands on some cash, I'll be buying more.  I'm
hoping it stays a little lower until then.   

[CryptoBry]

I hope the newbies to bitcoin get the message here, that bitcoin is not an asset that
just keeps going up in price; that corrections occur like this and that they are healthy
for the market overall.  And this little correction we're seeing right now isn't all that
bad.  A few hundred when bitcoin is at $4500 is nothing.  Recall that bitcoin dropped
to $1900 last month or so.  That was a hell of a drop.

So I'm OK with this.  When I get my hands on some cash, I'll be buying more.  I'm
hoping it stays a little lower until then.   

I agree. Some people just never got the time to know the trading history of Bitcoin and how it can easily go up and go down. That is why it has one of the best volatility rates ever. And this is also why many are attracted to Bitcoin since the action is here. Soon it would be back to the almost $5,000 level and it can even go beyond.

[btcney]

Bitcoin price touched the $5,000 mark for the first time this week, confirming Max Keiser’s prediction that it would reach that milestone this week. However, this achievement triggered a sell-off, causing the bitcoin price to pull back to its early-week levels.

After finally breaking through the $4,500 wall earlier in the week, the bitcoin price began to soar. On September 1, bitcoin flew past $4,800, and by the morning of September 2, it appeared poised to challenge the $5,000 mark.

And that it did. Around 1:00 UTC, the bitcoin price leaped over $4,900 and continued to rise. At 2:00 UTC, bitcoin touched $5,000 on several exchanges–including OKCoin–although its CoinMarketCap average topped out at $4,975.

Actually bitcoin never even reached $5000 on coinmarketcap which compiles its bitcoin price from a range of exchanges with weighted averages. It might have hit $5000 on certain exchanges but it was like $40 below $5000 on other exchanges.

But yeah, the resistance is extremely strong so it seems.

The floor seems to be at $4500 right now which means we are in a state between $4500-5000. We may see a bull wave once again that carries btc over $5k, but this bubble eventually will pop. I think that this month we'll see btc top out at $5200 before next month we see something similar like today, absolute bloodbath.

[pooya87]

OP, do you actually have a point here that you are trying to make or are you just reporting what happened? you know that this is speculation board not "report-what-happened-today-board"!

~, this achievement triggered a sell-off, causing the bitcoin price to pull back to its early-week levels.
~

this is not a "sell-off" and it is not new. it is a correction that has been happening all along.
check out July 21, same correction
August 15 and August 17 again same corrections.

[Kyraishi]

Bitcoin price touched the $5,000 mark for the first time this week, confirming Max Keiser’s prediction that it would reach that milestone this week. However, this achievement triggered a sell-off, causing the bitcoin price to pull back to its early-week levels.

After finally breaking through the $4,500 wall earlier in the week, the bitcoin price began to soar. On September 1, bitcoin flew past $4,800, and by the morning of September 2, it appeared poised to challenge the $5,000 mark.

And that it did. Around 1:00 UTC, the bitcoin price leaped over $4,900 and continued to rise. At 2:00 UTC, bitcoin touched $5,000 on several exchanges–including OKCoin–although its CoinMarketCap average topped out at $4,975.

There seemed to be a lot of people that wanted to take their profits, and didn't believe that bitcoin was going to go up any further. I think that we are going to retry breaking the $5000 level very, very soon. Maybe even in the next week, since we have recovered so quickly.

Indeed, on coinmarketcap the price level never reached $5000. Only on a handful of exchanges.

Price is currently drifting around $4700, +-$50. The recovery has been quick, and this is why i think we will retry breaking that level once again. It could just continue to go in red, but i personally think that it is more likely we get at least close to $5000 once again.

[RoommateAgreement]

whenever there is a rise like this which is fast and it reaches a round number there is always some traders that take it as their cash out point and they sell as soon as they see the rise slowing down.

and when they do, the pani selling starts and you see the big drop in form of a big red OHLC bar on the charts. it is not a strange thing and it is not a "sell off" really. it is more like a normal market behaviour.

[Denker]

I hope the newbies to bitcoin get the message here, that bitcoin is not an asset that
just keeps going up in price; that corrections occur like this and that they are healthy
for the market overall.  And this little correction we're seeing right now isn't all that
bad.  A few hundred when bitcoin is at $4500 is nothing.  Recall that bitcoin dropped
to $1900 last month or so.  That was a hell of a drop.

So I'm OK with this.  When I get my hands on some cash, I'll be buying more.  I'm
hoping it stays a little lower until then.   

If Bitcoin only keeps moving up or not depends on the timeframe you are looking at it.
I mean look at the monthly chart, and log scale of course! Which may be interesting and relevant for longterm holders and investors. The corrections, dumps or bear phases are looking more like dips or consolidation there, opportunities to buy more Bitcoin for a cheaper price.

[Yuuto]

Bitcoin price touched the $5,000 mark for the first time this week, confirming Max Keiser’s prediction that it would reach that milestone this week. However, this achievement triggered a sell-off, causing the bitcoin price to pull back to its early-week levels.

After finally breaking through the $4,500 wall earlier in the week, the bitcoin price began to soar. On September 1, bitcoin flew past $4,800, and by the morning of September 2, it appeared poised to challenge the $5,000 mark.

And that it did. Around 1:00 UTC, the bitcoin price leaped over $4,900 and continued to rise. At 2:00 UTC, bitcoin touched $5,000 on several exchanges–including OKCoin–although its CoinMarketCap average topped out at $4,975.

I think that we can expect another all time high very very soon.

This correction has brought down the price, yes. But to be honest there are still quite a lot of people that are buying into bitcoin right now for whatever reason, and this is proven by the quick recovery of the price which is now back up to $4700 or so.

$5000 could easily broken by next week, or even in a few days seeing from the previous market activities.

Uncertain times though because after we break $5000, we have no idea where its going to go. It could end up correcting itself again, just like this time and leading to a big dump.

[jc89]

Bitcoin price touched the $5,000 mark for the first time this week, confirming Max Keiser’s prediction that it would reach that milestone this week...

All major exchanges stayed below $5000.
Bitfinex 4970
Bitstamp 4979
Coinbase 4980

We are still below $5000, but it doesn't matter the price is inevitably going that way. No panic and no regrets, we'll get there soon enough.

Agreed. We all have to hold and wait for that time. Btc may go down one of these days but I guess that once it went up again of course the only result will be the $5,000 mark breached.

Corrections are normal and yes, there's nothing to worry and panic about. We've been patient enough during the past especially when a massive decline happened last July. But look where we at now with just less than 2 months from the decline.

[Victorycoin]

whenever there is a rise like this which is fast and it reaches a round number there is always some traders that take it as their cash out point and they sell as soon as they see the rise slowing down.
and when they do, the pani selling starts and you see the big drop in form of a big red OHLC bar on the charts. it is not a strange thing and it is not a "sell off" really. it is more like a normal market behaviour.

It is called psychological level and in most cases whenever market price touches these levels, most traders intuitively take profit by closing a number of their open positions, which in turn leads to a drop in price. All the same, it's usually nothing to fret about, in trading, whenever a price level is tested, it becomes an indication that there is enough market pressure in the background to breach that price sooner than later.

[JohnBitCo]

Stabilized right after that it was just a brief shoot up, and It'll be right back there after no time at all. There's no reason to freak out about these things they're going to make it there they're going to come back down a little bit and I guarantee you that it'll be $10,000 or more by the end of the year.