What's going on with the dump?

[batang_bitcoin]

Can anyone explain to me why there is a such a dump just now?

High price, high demand.
Low price, lower demand.
High supply, lesser price.
Low supply, higher price.
People buy, price increase.
People sell, price decrease.

I don't see any big reasons why this is happening. I thought we were on the up. I bought in very recently, so i'm starting to get a bit nervous. Trying to hold fast!

Don't get nervous and just grow up man. A market that keeps on moving up is a complete bubble without getting through some dips so you have to understand why this is happening.

[1713531287]

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[ngavanngo22]

Stop wasting your time to find out the reason why the price of Bitcoin is dumping, it's not worth and it only make you feel panic about this dump. IMO it's really normal cause the market dump and pump everyday in this crypto world and this dump feel like a signal the whole market is preparing for a big dump after the lunar new year holiday of Asian passed

[alyssa85]

It's just profit taking. It went quite fast from $9,000 to $11,000 and some traders have closed their positions and taken profits.

Bitcoin is always like this - it fluctuates like mad thanks to a mix of speculators and various bits of news that move the price.

[Bloomie]

Watch the price in terms of weeks or months rather than days. I don't think this is any indication of which way it's heading. The price can (and probably will) go back up soon.

[exstasie]

Hey,

Can anyone explain to me why there is a such a dump just now? I don't see any big reasons why this is happening. I thought we were on the up. I bought in very recently, so i'm starting to get a bit nervous. Trying to hold fast!

The bolded? That's why the market is dumping. To shake you out.

Even if the long term bottom is in (and I'm still not sure of that), bear traps are necessary to provide fuel to the rally. The $11,000s was a clear resistance level. Now let's see where support lies. We could be forming the right shoulder in an inverse H&S. Or we could be dropping to re-test the $8,000s.

Previous thoughts here:
https://bitcointalk.org/index.php?topic=2711461.msg30495953#msg30495953
https://bitcointalk.org/index.php?topic=2711461.msg30722727#msg30722727

[vintages]

You should not panic, the dumps or dips is just a normal process. The past few weeks dumps should have taught us a lot of things; 'learn to be patient and keep holding. If you are new to bitcoin investment, then go back and read about the history of bitcoin; there is always a possible dips here and there. If you feel you can't stand the pressure, then kindly sell off your coins because not everybody can hold.

[mrcash02]

The pump wasn't so solid as it looked at first impression, then the correction came really fast and here we are again at $10.000... Coincidentally the dump started when the chinese new year's holydays were ending, however I can't say with sure if there is any correlation between these two facts.

If the dump doesn't stop, then I think there is something bigger happening that is making traders and investors afraid to continue on the same rhythm.

[iv4n]

The pump wasn't so solid as it looked at first impression, then the correction came really fast and here we are again at $10.000... Coincidentally the dump started when the chinese new year's holydays were ending, however I can't say with sure if there is any correlation between these two facts.

If the dump doesn't stop, then I think there is something bigger happening that is making traders and investors afraid to continue on the same rhythm.

Rise wasn't solid because of the speed of that rise, from under 1000 to almost 20000 dollars in less then a year. Now there are few scenarios, most possible in my opinion is the one with bitcoin address full with bitcoins and couple big sales, thousands of bitcoins are sold from that address, that was the reason behind big drop, someone sold more then 10k bitcoins. Before this rise we all saw how someone bought 400 million dollars and push price over 10000 dollars, but just for short time.
When I consider everything what happened in past few months, 10k dollars for 1 bitcoin is not a bad price. We had a dip on 6k but I don't think we will see that again. Price is relatively stable and rise will come in future months. Big things doesn't happen fast, it needs time and this year just began.

[usam_coiner]

The pump wasn't so solid as it looked at first impression, then the correction came really fast and here we are again at $10.000... Coincidentally the dump started when the chinese new year's holydays were ending, however I can't say with sure if there is any correlation between these two facts.

If the dump doesn't stop, then I think there is something bigger happening that is making traders and investors afraid to continue on the same rhythm.

Rise wasn't solid because of the speed of that rise, from under 1000 to almost 20000 dollars in less then a year. Now there are few scenarios, most possible in my opinion is the one with bitcoin address full with bitcoins and couple big sales, thousands of bitcoins are sold from that address, that was the reason behind big drop, someone sold more then 10k bitcoins. Before this rise we all saw how someone bought 400 million dollars and push price over 10000 dollars, but just for short time.
When I consider everything what happened in past few months, 10k dollars for 1 bitcoin is not a bad price. We had a dip on 6k but I don't think we will see that again. Price is relatively stable and rise will come in future months. Big things doesn't happen fast, it needs time and this year just began.

Prices are just fluctuating in between 10k- 12k and when this barrier will be broken there will be high tide in the prices which will bless each and every investor so just wait and watch to see the charisma of bitcoin,

[cellard]

Im looking at the $9000-ish resistance that may be coming soon, and it will coincide with the 200 day moving average... honestly, if it doesn't hold, we are going to be going lower again, probably to retest the latest bottom, so maybe we'll have to hope for a double bottom at around $5900. Someone wants to see bitcoin going really cheap it seems, and all the idiots that panic sell as soon as they see a big red candle are going to keep pushing the inertia to either way.

Who knows, maybe we get to buy a couple of BTC on a single month again thanks to the idiots selling their coins for peanuts, so get some fiat ready.

[qwertyup23]

Hey,

Can anyone explain to me why there is a such a dump just now? I don't see any big reasons why this is happening. I thought we were on the up. I bought in very recently, so i'm starting to get a bit nervous. Trying to hold fast!

This is the normal behavior of bitcoin on the market. Expect prices to continuously fluctuate or at a constant level due to external factors, such as: country prohibitions, law implementations, large trading companies releasing news on NOT to invest into bitcoin, etc. About your investment, just take it slow. Bitcoin has been showing a constant price at the market as of the moment and take this as an opportunity to invest while prices are still low.

You should not panic, the dumps or dips is just a normal process. The past few weeks dumps should have taught us a lot of things; 'learn to be patient and keep holding. If you are new to bitcoin investment, then go back and read about the history of bitcoin; there is always a possible dips here and there. If you feel you can't stand the pressure, then kindly sell off your coins because not everybody can hold.

Like what I said, this particular phenomenon is typically normal in the cryptocurrency world. Expect prices to skyrocket at some point and also expect them to decrease significantly. In my opinion, take this as an opportunity to invest more in order to take advantage of the time. But if you still feel nervous about your investments, then just wait and let time do its magic.

[yonjitsu]

A correction might be taking place at this moment since bitcoin has stayed around 10,000$ only and seems it could hardly move up. I believe good thing is going to happen after all of this. I am never affected by this recent dip and if it will continue, i will wait for the last lowest price it could get and i will buy more.

[eann014]

MrBigHang, I bought in about $8800. It is a bit worrying. I'm not sure if i should be putting in a sell just before it hits that or not. I wouldn't want caught in a trap and sell, then a second later it reverses.

The best time to buy bitcoin is in dips, it is better if you buy bitcoin the last time bitcoin touch $6k, $8800 is still high for me to invest. Even if bitcoin pumps, we all don't know or sure if bitcoin will continue to pump up. There are times that just like this, after pumping it will drop again and we can't control bitcoin for it. No one exactly know what really happens but maybe it is better if you have more patience than to make panic selling.

[Ararbermas]

Hey,

Can anyone explain to me why there is a such a dump just now? I don't see any big reasons why this is happening. I thought we were on the up. I bought in very recently, so i'm starting to get a bit nervous. Trying to hold fast!

the price is not ready to pump mate and perhaps those 11k price we experience in last few days is just a testing and i think it take more weeks again before it pump due to some fake news nowadays spreading in asia which is one of the common reason why the price stock at 9k value.

[moneyangel]

MrBigHang, I bought in about $8800. It is a bit worrying. I'm not sure if i should be putting in a sell just before it hits that or not. I wouldn't want caught in a trap and sell, then a second later it reverses.

I don't see any reason why you will be in panic considering that you're still profitable by that numbers. You should strengthen you're emotions as you will not get panic if the price will go downfall. Hold could be your best strategy in this investment.

[radjie]

Hey,

Can anyone explain to me why there is a such a dump just now? I don't see any big reasons why this is happening. I thought we were on the up. I bought in very recently, so i'm starting to get a bit nervous. Trying to hold fast!

I think the Dump on bitcoin is a deliberate thing done by big players, they are able to sell bitcoin in large quantities, resulting in a very drastic price reduction. The value of bitcoin can be played by someone, especially by big players, it is aimed to gain greater profit.

[usam_coiner]

Hey,

Can anyone explain to me why there is a such a dump just now? I don't see any big reasons why this is happening. I thought we were on the up. I bought in very recently, so i'm starting to get a bit nervous. Trying to hold fast!

I think the Dump on bitcoin is a deliberate thing done by big players, they are able to sell bitcoin in large quantities, resulting in a very drastic price reduction. The value of bitcoin can be played by someone, especially by big players, it is aimed to gain greater profit.

so you are saying that those people are controlling bitcoin prices but i don't think so who will create a suffering state for other to earn for him self i think this is just because of people selling in panic and this should be avoided,

[sjefdeklerk]

Well let's face it, BTC doesn't scale so on-chain itself per definition can NEVER become a success. I mean, even after segwit, the maximum amount of transactions is only 14 per second worldwide (before segwit it was only 7: https://en.bitcoin.it/wiki/Maximum_transaction_rate). For a payment system to become a success, it should be at least 5000x more (VISA does 65.000 per second currently). So that's a HUGE problem.

Now, when people realized that BTC will never become a success with blockchain payments because of this limit, they figured that they needed to move transactions off the chain and invented Lightning Network. But that too is a horrible & stupid idea like I explained here: https://bitcointalk.org/index.php?topic=2792933.0

So BTC is a really nice idea in theory but just doesn't work in practice. That's why it's going to fail. And I think more and more people are starting to realize that. I mean look do you see any shops adopting BTC payments in the last few months? Quite the contrary, big shops like Steam have actually STOPPED using bitcoins (https://www.theverge.com/2017/12/6/16743220/valve-steam-bitcoin-game-store-payment-method-crypto-volatility), because of the scaling problems (and volatility). So that realization is kicking in slowly and will eventually lead to the death of BTC. It's like socialism, it may sound nice in theory but if you look at the practice (Venezuela) it just never works. If it doesn't work, eventually it will die. And that's what we're seeing now.

[Carlsen]

Bitcoin moves up, bitcoin moves down, that's just what crypto currencies do.
There does not need to be a reason behind those movements.

But what I find really interesting is the empty mempool!
I don't remember when I have seen the last time such an empty mempool and so low fees.
Looking at the block size, many are not even half full.

Do we have a weaker demand at the moment?

[sjefdeklerk]

Do we have a weaker demand at the moment?

Of course. Bitcoin usage is only a fraction of what it was before, that's why it's now much cheaper and faster. Currently 150k transactions/day vs almost 500k in december. We're now almost at the lowest amount of bitcoin usage since 12 months.