BTC hit 10,000 – 11,000 $ and came back to 9,500$ in very short days, But why?

[rameshEl]

         As we all eager to see the BTC price, noticed that BTC hit 10,000 few days back and within one more day it hit 11,000 $. Then again it did not remain for at least 48 h and came down to ~9,500$. As traders, investors we all are very much interest about the way it behaves.

        I’ve seen lot of explanation about this and in my personal believe, it depends on the way of human mentality. We humans always think in terms of power of 10, even making our targets with it. The hypothesis is, people who are trading on BTC, who purchase them sometimes back might had targets to sell them as it exceeds the value of 10,000 $. However, after recent value increase, market might pump which leads to a higher supply and decreasing of value.
   
       Such variation can be seen even after recent 7,500$ hit also. Just a hypothesis, comments are welcome.   

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[DaMut]

they made a quick pump to make a confusion,
just look at it right now,i believe many people will speculate about downtrend.
many people set their goal and strategy at $10.000,that is why when we're reaching and surpassing that point a huge sell of happened.
they believed the price will not move higher from now on and slowly retracing back,
indeed the price drowned and even hit  as low as $9000 or even lower than that in some exchanges.
and then ? the price moving back to around $10.000,
when we're reaching $9000 a few days ago at the same time we heard about rumour about listing in some place at Q1 2018.
right now everything is unclear,all that i can see is the price showing a sign of retrace and moving upward.
but we can not believe it blindly because they can change it at anytime soon,
let see how far it will go until next week and make a conclusion after this upward movement.

[iamTom123]

As we all eager to see the BTC price, noticed that BTC hit 10,000 few days back and within one more day it hit 11,000 $. Then again it did not remain for at least 48 h and came down to ~9,500$. As traders, investors we all are very much interest about the way it behaves. I’ve seen lot of explanation about this and in my personal believe, it depends on the way of human mentality. We humans always think in terms of power of 10, even making our targets with it. The hypothesis is, people who are trading on BTC, who purchase them sometimes back might had targets to sell them as it exceeds the value of 10,000 $. However, after recent value increase, market might pump which leads to a higher supply and decreasing of value. Such variation can be seen even after recent 7,500$ hit also. Just a hypothesis, comments are welcome.  

Why? What is actually surprising to me is that many people in this forum can still be surprised with the volatile behavior of Bitcoin. One of the main reasons why Bitcoin slide after days in the running is that all of us have been expecting that it will experience some form of a correction. Because of this the market was eagerly looking for reasons valid or even invalid in order to retreat somewhat. Nothing really surprising if we have to study the history of Bitcoin since it started being traded in the open market. And I am sure this will never be the last as long as its high volatility is still present and there is no intervening factors that can one way or another control it. Maybe when the market can be expanded and there would be more big exchanges we can see its volatility lessen. For now, we have no choice but to enjoy the roller coaster ride.

[chiggz]

This is the reason why most people tell you to HODL the BTC and hope they see the real meaning of it now instead of panic selling. People start spreading fear about BTC 'crash' but it was obvious to happen since months back it was around $2000. Though BTC has gained more than 1000% this year, just because of a small, momentary drop, everyone complains because they’re not millionaires yet.

I get that many people just bought more when it was near $12,000 but that’s what you get when you buy near ATHs. Anyway it doesn’t matter because it’s definitely not going to stop below $20,000 or $30,000 or $50,000. But many just don’t understand that. They want all that money now.

Most of the the newbies aren't investors but gamblers. That's the difference. There are plenty of smart people who are sitting back with a bunch of fiat ready for the correction

[xianbits]

Though bitcoin gets more popular each day, I still think its price rise is abnormal. Those price fluctuations were unreasonable for me and that making me think for a very huge dump. So maybe, why is it happening now is that there are certain group/s of people behind this. Holding is a very good decision but buying, I think at this rate and at this moment may hurt us, soon..

[suvo05]

         As we all eager to see the BTC price, noticed that BTC hit 10,000 few days back and within one more day it hit 11,000 $. Then again it did not remain for at least 48 h and came down to ~9,500$. As traders, investors we all are very much interest about the way it behaves.

        I’ve seen lot of explanation about this and in my personal believe, it depends on the way of human mentality. We humans always think in terms of power of 10, even making our targets with it. The hypothesis is, people who are trading on BTC, who purchase them sometimes back might had targets to sell them as it exceeds the value of 10,000 $. However, after recent value increase, market might pump which leads to a higher supply and decreasing of value.
   
       Such variation can be seen even after recent 7,500$ hit also. Just a hypothesis, comments are welcome.   

I think it is quite normal for the bitcoin price. It does have a 500$ price gap between the highest and the lowest price almost everyday. Nothing to worry about this, and also it is now back to 9900$.

Though bitcoin gets more popular each day, I still think its price rise is abnormal. Those price fluctuations were unreasonable for me and that making me think for a very huge dump. So maybe, why is it happening now is that there are certain group/s of people behind this. Holding is a very good decision but buying, I think at this rate and at this moment may hurt us, soon..

Actually lot of people think that 10k$ is too soon and was quite unexpected.

[Laland]

This is the reason why most people tell you to HODL the BTC and hope they see the real meaning of it now instead of panic selling. People start spreading fear about BTC 'crash' but it was obvious to happen since months back it was around $2000. Though BTC has gained more than 1000% this year, just because of a small, momentary drop, everyone complains because they’re not millionaires yet.

I get that many people just bought more when it was near $12,000 but that’s what you get when you buy near ATHs. Anyway it doesn’t matter because it’s definitely not going to stop below $20,000 or $30,000 or $50,000. But many just don’t understand that. They want all that money now.

Most of the the newbies aren't investors but gamblers. That's the difference. There are plenty of smart people who are sitting back with a bunch of fiat ready for the correction

Up until now, i was thankful that i hodl some of bitcoin last month. It was a time where i got no money and i really needed but at least i have some huge profit if i will trade it today. I am still waiting for next this month to increase because i do think that theirs still a great price increase this days. I also invested in other altcoin just to be sure if their would be any price increase for them during Christmas.

[hahahafr]

It is obvious the reason of why it dumped a little bit. I was caused because a lot of whales decided to retirate from the market, and this made it expode by more than 17% less.

But now it is recovering, we are almost touching the previous all time high (11,500$) so we are so close.

This situation of panic buying is making me crazy, who knows how much it will last? This is very scary specially for those who have been trading for a while.

It is nice to see our balance going up, but i dont know, maybe it is very volatile at the moment, and see that it is only going up, is very strange.

[squatter]

The market will only become more volatile (in both directions) as this rally continues. The levels of hype, emotion and fear of loss among traders/investors are extremely high right now. The general rule is "the trend is your friend." The dumps will be bought until the parabolic fan is broken. Once the log trend breaks, look out below! For now, probabilities align with continuation onto new all-time highs.

It is obvious the reason of why it dumped a little bit. I was caused because a lot of whales decided to retirate from the market, and this made it expode by more than 17% less.

I think it's a bit more nuanced than that. There was a widespread expectation that $10,000 would be a major profit-taking level. I tend to be contrarian on widespread expectations. As I thought, we went significantly past the target to $11,500 before a correction occurred. Because of the bearish expectations at $10,000, many bears shorted or sold their BTC. The high volume wick at the top was these people buying back. After this high volume exchange, there was no one left to buy (short term).

The market was ripe for correction. But it looks to me like the dip got bought. I'm not expecting new lows at this point. But if we do, I'm in agreement with John Bollinger: $7,500 is the target.

[imadmirer]

I hope bitcoin will cross $13k by the dawn of the new year.

It has been in an upward trend over the past 4 months and lets us see how high it goes.

At the moment I am holding and not buying nor selling. The last time I bought was when it dipped for around 3300 before it again went up to 4k.

I feel at some point the price will become steady again for a few months.

[tunctioncloud]

It is the notion of support and psychological barrier. Many people put their sell orders at 10 000$, but on the other hand, it did not fall too much as there is a great support, and each second that passes without a crash secures a bit more the price.

[rameshEl]

I hope bitcoin will cross $13k by the dawn of the new year.

Seems it will happen before new year. It just hit 12,000$