Reason for bitcon fall

[Best80]

Despite Good news coming from bitcon this days, the fall still continue..... Can one help identify the reason for the fall?

[1714873544]

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[1714873544]

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[Zackgeno96]

Despite Good news coming from bitcon this days, the fall still continue..... Can one help identify the reason for the fall?

If we compare, then there are more negative news around the bitcoins than positive which affected the price and created uncertainty in the market . Below are few examples of negative news for your reference.

Recently china announced to complete crackdown on crypto exchanges;

https://technode.com/2018/02/05/china-ban-block-cryptocurrency-trading-at-home-abroad/

then they announced that banks should stop financing the crypto projects.

http://www.scmp.com/business/banking-finance/article/2129645/pboc-orders-banks-halt-banking-services-cryptocurrency

India announced to curb the illegal use of cryptocurrencies.

https://www.theregister.co.uk/2018/02/02/india_to_ban_cryptocurrency/

France and germany are also demanding to clampdown the cryptos.

http://www.telegraph.co.uk/technology/2018/02/09/france-germany-demand-bitcoin-clampdown/

[tegarp90]

many prediction from pros it will continue drops till 7k-6k, maybe after chinese new year it will back to the bull

[Jannn]

Can one help identify the reason for the fall?

Maybe the recently hacked crypto exchange (BITGRAIL) that hacker stole 170 million dollars news
or just a profit taking strategy by the whales so the Bitcoin and Altcoin price fall    , just my opinion

[Bayoe_noe]

besides because chinese new year, maybe many people are traumatized by the decrease of bitcoin price, maybe they prefer to wait for bitcoin price down again, then they will buy bitcoin. many causes of the rise and fall of bitcoin prices. but I think the bitcoin will not go down again to $ 6000...

[batang_bitcoin]

Despite Good news coming from bitcon this days, the fall still continue..... Can one help identify the reason for the fall?

As others are saying Chinese New year is about to come so there are beliefs that this is due to it and plenty of Chinese are cashing out just to spend it for that upcoming event. AFAIK, it's part of their belief and culture that every start of the year there should be plenty of money on their side, pocket just to make this whole year prosperous.

[Mr A]

Market recession is the main cause of fall in bitcoin price ...
And the other reason is hacking..

[KevinHD]

As far as I know, there are huge companies whom are onto crypto-tradingand those who circulates it had been hacked which cause a drastic downfall to Bitcoin price and exchange.

[aso118]

Despite Good news coming from bitcon this days, the fall still continue..... Can one help identify the reason for the fall?

You will have to go back more than 2 months and realize that it really wasn't a fall. December and January were outlier months, with the price shooting up from under $10k to $20k and then correcting violently. Other developments, like launch of futures and correction in equity markets also contributed to the drop. Now we are witnessing mostly sideways movement.

[BitcoinHodler]

Despite Good news coming from bitcon this days, the fall still continue..... Can one help identify the reason for the fall?

nobody can help you identify the reason because there was no "fall" as you said to have a reason.
price is currently at $8300 according to Bitsamp and the changes in the past 72 hours (3 days) are less than 7%. you can not call this "continuation of the fall"!!!

[Chandler32]

Despite Good news coming from bitcon this days, the fall still continue..... Can one help identify the reason for the fall?

nobody can help you identify the reason because there was no "fall" as you said to have a reason.
price is currently at $8300 according to Bitsamp and the changes in the past 72 hours (3 days) are less than 7%. you can not call this "continuation of the fall"!!!

It may continue to fall if it fails to break above $10k soon. It failed to break $9k so this is a bad sign for the bulls.

[nsasuiteb]

I don't try to realize the reasons behind fall or rise, I do only that  all of the people invested in cryptocurrencies now are going to get what they deserve probably in 2 years. Bitcoin will fall more, this is very clear I can't be optimistic about that.

[Bitcoinislife09]

Despite Good news coming from bitcon this days, the fall still continue..... Can one help identify the reason for the fall?

Obviously a lot of country are banning bitcoin and i guess this is the main reason why the bitcoin is market value is going down and for that reason negative new about bitcoin is also coming out that persuade a lot of holders to seel their bitcoin causing a panic selling and as it continue to goes down a lot of holders panic sell their bitcoin meaning as they sell their bitcoin the market will be dump more because of their and continue to a cycle thats why the bitcoin go down.

[Satish147]

Due to recent did news like China banned cryptocurrency entirely and Indias finance minister statement made in budget misinterpreted by the media and US Senate hearing.

All came at once. So Bitcoin reached its bottom on Feb 6th but renounced

[coinycoiny]

Everyone said it was because people had to spend money for xmas.

I said its cos the bubble burst.


Now people say its chinese new year.

I say its because the bubble burst.

[muzica0519]

Despite Good news coming from bitcon this days, the fall still continue..... Can one help identify the reason for the fall?

This fall is due to some hangover on some fake and FUD news spreading while newcomers doubt the credibility of bitcoin. We cannot blame those new investors because we did not fully understand the risk but in a long run they would probably believe in the things that blockchain can offer to the society.

[expertofexperts]

Despite Good news coming from bitcon this days, the fall still continue..... Can one help identify the reason for the fall?

India announced to curb the illegal use of cryptocurrencies.

https://www.theregister.co.uk/2018/02/02/india_to_ban_cryptocurrency/

Not sure of other countries, but i recently heard FM of Indian commenting on btc in some new channel. He said that it isnt made illegal yet and some agencies are still discussing on whether to proceed with it or not.. So there is no exact words that came out from India specially. They are still in same situation as they were before..

[Gontxi]

I have a strong suspicion, maybe this decline is due to chinese new year. yes, many chinese will convert it into local currency. yes just my opinion only.

[IsaiahAdam]

Despite Good news coming from bitcon this days, the fall still continue..... Can one help identify the reason for the fall?

No one knows for sure。 But I know that there is bad news about bitcoin in South Korea and China, and people are panicking about selling bitcoins and causing bitcoin to collapse.

[u9y42]

Despite Good news coming from bitcon this days, the fall still continue..... Can one help identify the reason for the fall?

nobody can help you identify the reason because there was no "fall" as you said to have a reason.
price is currently at $8300 according to Bitsamp and the changes in the past 72 hours (3 days) are less than 7%. you can not call this "continuation of the fall"!!!

It may continue to fall if it fails to break above $10k soon. It failed to break $9k so this is a bad sign for the bulls.

I tend to agree with BitcoinHodler here - I'm no TA expert but, as far as I can tell, there aren't that many red flags at the moment: sure, we're not going through these levels at the same (rocket propelled) speed we were going back in November / December; on the other hand, we seem to be forming consistent higher lows and higher highs on higher volume than before the $6k bottom (quite bullish, I think).

I would start getting concerned if we break the higher high / higher low pattern we're currently in though (anything above $7725 is still a higher low, and anything reaching above $9075 will be a higher high (Bitfinex prices)).