[2017-09-22] Bitcoin Price Dives to $3,563 as Post-China Ban Hangover Continues

[affigne]

The bitcoin price took a dive on Friday, initiating speculation that the market’s post-China hangover is not going away anytime soon.

Bitcoin entered the week on an incline, quickly recovering from its September 15 flash crash below $3,000. Within two days of that low-point, the bitcoin price had stabilized above $3,500. By September 18, bitcoin had cracked the $4,000 barrier for the first time since the downturn. However, bitcoin found itself unable to advance past that mark, and on September 21 it began to lose its footing.

Early in the day, bitcoin was trading close to $3,900 on every major non-Chinese exchange. The bitcoin price entered a slight decline in the late morning hours but managed to hold above $3,850. At 14:30 ET, bitcoin took a steep downward turn, plunging below $3,600 before the end of the day.

Thursday morning, the bitcoin price experienced a slight bump, perhaps due to Litecoin creator Charlie Lee’s tweet that China will not ban bitcoin mining. However, that progress was short-lived, and the bitcoin price has fallen back to $3,563 at the time of writing.

It is not immediately clear what is driving the bitcoin price downwards. However, it is possible that sustained recovery from the recent downturn will not be so easily attained as early-week trading indicated. It is also possible that traders had not really priced in China’s ban on bitcoin exchanges, as some observers had previously suggested.

However, Charlie Lee has another theory. He argues that traders with deep pockets are propagating fear, uncertainty, and doubt to manipulate the bitcoin price:

    "The FUD is propagated by large manipulators trying to make money shorting. They know that China ban FUD works and cannot be proven wrong."

In any case, even if Lee is correct–it’s working. Bitcoin is down more than $350 for the day, and the wider markets have shed more than $10 billion.

https://www.cryptocoinsnews.com/bitcoin-price-dives-to-3563-as-post-china-ban-hangover-continues/

[Siren]

However, Charlie Lee has another theory. He argues that traders with deep pockets are propagating fear, uncertainty, and doubt to manipulate the bitcoin price:

We already know one of the big manipulators, Jamie Dimon. He has continue to attacked bitcoin at all sides and trying to get the price to go crash again so that JPMorgan will have a good buying position as shown from them purchasing and benefiting from the crash a week ago. I also agree that we still have the hangover from China news because they still have a week until the first local exchanges stop its operation. So expect dumping of coins and price going down till the end of September.

[Rahar02]

In every dip, we're looking for something or someone as scapegoat, and this time is China and Jamie Dimon
Then, bitcoin price could recover but still can't reach over $4000, but keep fluctuate and decline to $3600.
Who responsible for this down trend? Yes, they are whales manipulators who trying to shake the market, get easy and fast profits.
And the market always react to sell-off if bitcoin price seems fall too hard, as long as people do not believe in bitcoin and want to get profit by sell at the higher price and buy back at the dip, bitcoin price will remain like this.

[Theb]

In every dip, we're looking for something or someone as scapegoat, and this time is China and Jamie Dimon
Then, bitcoin price could recover but still can't reach over $4000, but keep fluctuate and decline to $3600.
Who responsible for this down trend? Yes, they are whales manipulators who trying to shake the market, get easy and fast profits.
And the market always react to sell-off if bitcoin price seems fall too hard, as long as people do not believe in bitcoin and want to get profit by sell at the higher price and buy back at the dip, bitcoin price will remain like this.

I think this is what people especially the big players of Bitcoin wants (Bad News) to start a profit taking for their part. Every time that there is a bad news like this one they will grab the opportunity to immediately sell of there loads, just like what happened to August 1 which everyone expected the price to fall which happened but it quickly climbed back up.

[7Kirito0]

whats happening right now is completely normal and predictable. we had a big pump, now we are going down fast as much as we raise. of course we are going to stable in a higher point, but thats completely aspectated by the tchenical point of view. Is this wave of bad news guilty? i dont think soo,but forsho its making the down move more agressive. but im kinda happy we are going down because everything now seens more "normal" than something that just continues to grow; as a trader the current movements are being quite pleasnt tought.

[Kemarit]

In every dip, we're looking for something or someone as scapegoat, and this time is China and Jamie Dimon
Then, bitcoin price could recover but still can't reach over $4000, but keep fluctuate and decline to $3600.
Who responsible for this down trend? Yes, they are whales manipulators who trying to shake the market, get easy and fast profits.
And the market always react to sell-off if bitcoin price seems fall too hard, as long as people do not believe in bitcoin and want to get profit by sell at the higher price and buy back at the dip, bitcoin price will remain like this.

If I may add, since bitcoin is based on speculation, we can't never really pinpoint the exact reasons why it is happening like that because of the speculative aspect of bitcoin. It maybe Dimon or someone else behind, but the thing is there are a lot of opportunistic investors who are going to grab every opportunity they find to get the good side of the bargain. So this cycle continues, once market reacts and price falls, others find it a good buying points for easy money in their pocket. So expect the unexpected in this kind of speculative market.