[2017-11-06] Bitcoin's Price Slips Below $7,000

[cybersofts]

Bitcoin's Price Slips Below $7,000

The price of bitcoin has slid below $7,000 just a day after climbing above the $7,600 level.

The turnaround represents a more than $400 decline amid today's trading, according to data from the CoinDesk Bitcoin Price Index (BPI). As previously reported, prices jumped to an all-new high yesterday before starting to pull back as Monday's trading got underway.

The tumble below $7,000 began around 18:58 UTC, according to the BPI, with the market slipping as low as $6,948.57.

At press time is trading at around $6,989.64, a decline of roughly 5.6 percent on the day.

Broader market data indicates that the fall in the price of bitcoin stands in contrast with market developments for other cryptocurrencies.

For example, per data from CoinMarketCap.com, the privacy-oriented cryptocurrency monero's price is up more than 13 percent in the last 24 hours. Ethereum, the second-largest cryptocurrency by market capitalization, has risen roughly 2.5 percent during the past day of trading.


Source: https://www.coindesk.com/bitcoins-price-slips-7000/

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[richardsNY]

Nothing special. If the market can go up hundreds of dollars in a very short period of time, it may also go down as much in a very short period of time. People are all fine when the price goes up, but when the price goes down like 10%, they suddenly think a correction will happen. From today's peak to bottom it's not even a 10% decline, which is the exact reason I don't see much relevance in a report about the market dipping below the $7000 level -- it's all part of the game we're in. It's probably the lack of interesting happenings that makes them report about small dips more frequently than they usually would. It only further degrades their quality and credibility, but that's something they don't care about as long as the ad revenue comes in.

[rjbtc2017]

This is just a normal mass cash out scenario. BTC is now back at $7136.43, and I think it is still on an uptrend movement, this kind of reports are producing FUD to some investors but also a good notification for other investors to buy Bitcoin while the price is still low. The decline is not even "a decline", reporters should be familiar with the mass cash out and sudden small dip when Bitcoin touched new highs, they should also include the other scenarios that after a dip, Bitcoin bounced back which mean there is no such "decline" just a ma cash out scenario.

[Qartersa]

This is what I have been fearing about. Although I have been extra cautious by investing in other cryptocurrencies before Bitcoins get its dip slip, I still hope its value would not reach rock bottom. Majority of my investments are here, and I am hopeful it never gets a level wherein it is a hard fall. You may say its fall will obviously follow its all-time rise, but as for me, the fall would not be the way others are contemplating. It will be a fall, definitely, but it will be tolerable. 

[xFiber]

This is what I have been fearing about. Although I have been extra cautious by investing in other cryptocurrencies before Bitcoins get its dip slip, I still hope its value would not reach rock bottom. Majority of my investments are here, and I am hopeful it never gets a level wherein it is a hard fall. You may say its fall will obviously follow its all-time rise, but as for me, the fall would not be the way others are contemplating. It will be a fall, definitely, but it will be tolerable. 

Honestly man, this is normal. If you check the weekly bitcoin chart you will see that we just hit the first red candle after 6 weeks of consecutive growth. That's nearly 2 months of rallying to the upside. It's not more than natural that the market is pulling back a bit after such an insane amount of growth. Don't get me wrong though it's very likely that the price will drop quite a bit somewhere before or after november 16th (probably to the low 5000s maybe even lower depending on the outcome of the fork).

[iamTom123]

This is just a normal mass cash out scenario. BTC is now back at $7136.43, and I think it is still on an uptrend movement, this kind of reports are producing FUD to some investors but also a good notification for other investors to buy Bitcoin while the price is still low. The decline is not even "a decline", reporters should be familiar with the mass cash out and sudden small dip when Bitcoin touched new highs, they should also include the other scenarios that after a dip, Bitcoin bounced back which mean there is no such "decline" just a ma cash out scenario.

Yes, this is just a natural movement for Bitcoin and nothing to worry about. I would be worrying if it would slash at least $1,000 from its current price and is done in some hours. People who are unfamiliar with Bitcoin might be taking a serious look at what can be the factors for such a big dip but for us who are already entrenched in Bitcoin we are just shrugging our shoulders and smile. I am hoping that soon all of us would have the same attitude as far as Bitcoin is concerned...after hitting some historical high there would always be people (especially those who are managing funds for others) who will take some profits just like what can also happen in stocks and maybe in forex. Now, with the coming of futures contracts we should even be expecting more volatility so what is happening right now is just the dry run.

[Reatim]

But it slip it back to $7100. But just what others have said, its just normal to see some price drop seeing that it like crazy week for bitcoin reaching new ATH so it was bound to happened that a correction is needed. But it's still experiencing wild swings, and now its just a shade above $7000 again. We are going to see such roller coaster price ride until such time that we got to segwit2x and then we going to see the 'real' price drop.

[Kingofbitcoin12345]

To be honest,, I will be shocked and be surprised that it won’t go down as demand and supply investments is always way like it.. This happened all time,, even in stable prices in stock market what more in unstable bitcoin market price.. I don’t know if this also a result from many uncertainties toward the new fork next week,, the Segwit2x this November 3rd week..

[Immakillya]

I think that's normal. Bitcoin is surging this past few weeks. It hits and recorded new all time highs many times. So, it's normal to see a dip. Besides it's the dip is too little to be worried. It's just taking a breath before it goes up again. Im predicting Bitcoin will surpass $8000 mark and will reach $9,000 at the end of this year. Anyway, that's the way it is. Bitcoin is volatile and so as the others cryptocurrencies. That's why diversification of portfolion is very important when investing. Don't put all your eggs in one basket. That's what they were saying.

[senin]

I believe that nothing significant has happened. The manifestation of the usual volatility of bitcoin. Now, only a day later, bitcoin has again risen to more than $ 7,300, so its usual fluctuation in price occurs. But the altcoins moved and started to rise in price, this is good news. But I see that the etherium has again dropped below $ 300 and stood at $ 298, where it has already been for a long time.

[chefpetroff]

Just a normal response to all the news about BTC climbing? People start to want to buy and others start to sell as they have grown inpatient.