Will BTC break below the former low at $6,000

[alyssa85]

Probably not, it can only hit $6000s again and it seems it is going to do it. There is really no buy pressure, no one wants to buy bitcoin now 

There are actually a lot of buy orders around the $6000 point. Lots of people missed out the last time it hit $6000 and bounced, so have set up orders in advance. I don't think it will go below $6000 as a result.

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[Basmic]

Probably not, it can only hit $6000s again and it seems it is going to do it. There is really no buy pressure, no one wants to buy bitcoin now 

There are actually a lot of buy orders around the $6000 point. Lots of people missed out the last time it hit $6000 and bounced, so have set up orders in advance. I don't think it will go below $6000 as a result.

Such orders can easily be cancelled. It is not an indicator. It seems to me that food is about sale of a large quantity of coins MT.Gox had a devastating effect. Many people who believe that the decline in bitcoin prices was the result of such sales with horror expect sales of other coins. It seems to me that the whales hunt for these coins. They can really lower the price to a minimum to buy these coins cheaply.

[DeadCoin]

Probably not, it can only hit $6000s again and it seems it is going to do it. There is really no buy pressure, no one wants to buy bitcoin now 

you are wrong, exactly with this situation there will be many investors who buy, why? because they know, that this situation will provide benefits in the future. as I said in the previous thread, that the price will soon reach its peak. we all also know that the market will soon improve its performance. Every cloud has a silver lining!

Right. Its known that people do buy when the coin value is low. Obviously people are buying. Mt.Gox is selling out dozens of bitcoin and this is the reason behind this big drop. But you need to look at the other side as well. When they do sell, its bought on the other side. And this is the reason we could see a balance in price. I wish Mt.Gox should go out of bitcoins. Just see the trick here. When all are sold, the situation would be buy at the low price. The price would be certainly low. They would buy again for price and grow their fund. A good business trick. Need to learn from this.

[Zuilhsa]

The current price drop is due to mtgox selling huge amounts of bitcoins, it is hard to tell whether price touch $6000 or not but if it break below it, it takes long time to recover because if it happens people start panic selling which further cause price dropping.

[Greenkarki]

People are now ready to buy bitcoin as its price is very low. The reason for price drop now is due to Mt.Gox is selling out tons of bitcoin. This is also one of the business tactics. But this issue will be cleared soon .It is the time for buy bitcoin who missed before this price drop. No one can judge the crypto market, when the price drops and when the price booms.

[KrishaBitcoin]

People are now ready to buy bitcoin as its price is very low. The reason for price drop now is due to Mt.Gox is selling out tons of bitcoin. This is also one of the business tactics. But this issue will be cleared soon .It is the time for buy bitcoin who missed before this price drop. No one can judge the crypto market, when the price drops and when the price booms.

I just hope that this dip is really due to MT.Gox Bitcoin selling again that this is the last of it so that we could move forward again and trade friendly without hesitation as we all know that MT.Gox have some Bitcoins stocks left at their disposal in which they could still sell it anytime now affecting the market.

[timerland]

$6000 is going to see a lot of buyers.

I doubt that it's going to go as low as that, let alone below it.

Prices actually rebounded quite a bit back up to the $8k level today as soon as it got close to $7500. So there are definitely smart traders out there taking advantage of this dip by buying some BTC back in at a lower price right now.

So no, BTC will not break the former low simply because people are realizing that this volatility is quite normal and they're just waiting for it to recover instead of selling into the panic.