Sudden Price Drop! What's going on with the Market?

[magneto]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

There is indeed no major news.

This means to me that prices dropped most likely, and simply because of the resistance at the psychological $10k figure mark was too strong. Though it wasn't totally psychological, since we did test it a fair amount of times, and failed to breach it in any of these attempts.

I've been saying this for a while now, BTC has gone against the overall trend of the market back in April, and started this huge rally. That is normal, however, after these big rallies there will inevitably always be corrections, and that's what is happening right now.

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[Nahl]

i thought the price will passed through $10k this month but unfortunately the price was dropped again and regardless all of negative news i think the most influence cause bitcoin dropped since yesterday is mt.gox dumped bitcoin but i think the current range $8k is good to buy more bitcoin

[timerland]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

Warren Buffett and Bill Gates have indeed released some pretty negative comments towards bitcoin, and I think that it definitely has had some sort of negative effect on the value of BTC one way or another. But it's definitely not the only reason, or even the main reason.

The primary reason here is probably still just a completely normal correction, after BTC couldn't get past $10k.

The growth that we saw in those first few weeks of the rally was unsustainable, and a correction was expected to happen, and was just a matter of time. Even though prices are going down right now, don't panic sell. Instead, this is a great opportunity to load up on cheap coins.

[wildflower18]

Were waited for bitcoin to reach $10k but as the usual price sudden drops. It always happening bitcoin could'nt surpasse the $10k value. Bad news affecting this decline of price for this trend, however we could not say for now how much btc could go low rather our chance to buy some.

[1Referee]

According to some, some possible reasons behind the present bitcoin dump are: The korea exchange upbit fud; CME gap of 8550; whales accumulations closer to Concensus investors explosion and another Mt. Gox news on transfer of 8200 to another wallet. Whatever the reasons, bitcoin can always go back to higher price in the coming days.

According to some? Some isn't a source, and some doesn't know any more or less than what we know.

People for once need to stop with looking for reasons why something happened. Not that long ago with how the price was going down it was first due to South Korea, then China, then the SEC, then stricter Japanese regulations, then the social media ad ban, etc. It's all nonsense speculation based on nothing but just a silly assumption because the price was going down. It's going down for a reason, right? That's where people go wrong.

With current drop it's MtGox, the recent exchange hack, Warren Buffett. Smh.

[spartanrules]

From the point of view of technical analysis, this is a simple correction, which is natural for any market. From a fundamental point of view (IMHO), according to the schedule, this sharp decline in prices is the result of manipulation of large holders of Bitcoins.

[Tigorss]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

this is very confusing because in these few days the price is declining to this day and I have not received any reliable news for this matter. I just assume that some countries are making new regulations about bitcoin so that it has an effect on the price decline.

[LuffyD.Monkey]

just bitkoin reached a psychological mark of 10 thousand, now a little staggering. I think that by the summer the price will be about 13-15 thousand. And this is a great time to buy!

After some time there is something negative about bitcoin and it affect the price. Affect is always negative because people sell their holdings or do not buy more bitcoin so the price down. It happens many times in the history of bitcoin. But apart from all these opponents bitcoin made its place on the top of cryptocurrency market and it holds the highest market cap in the row.

[onebtcforlife]

i thought the price will passed through $10k this month but unfortunately the price was dropped again and regardless all of negative news i think the most influence cause bitcoin dropped since yesterday is mt.gox dumped bitcoin but i think the current range $8k is good to buy more bitcoin

Yes, you are right, still, there is a huge chance for people who want to buy the Bitcoin at this stage because there is huge chance Bitcoin can easily reach to $10k easily this time. Mt.Gox sold a lot of coins in the market and most of the people are panic about the market and Bitcoin price start decreasing in the market.

[Pursuer]

i thought the price will passed through $10k this month but unfortunately the price was dropped again and regardless all of negative news i think the most influence cause bitcoin dropped since yesterday is mt.gox dumped bitcoin but i think the current range $8k is good to buy more bitcoin

Yes, you are right, still, there is a huge chance for people who want to buy the Bitcoin at this stage because there is huge chance Bitcoin can easily reach to $10k easily this time. Mt.Gox sold a lot of coins in the market and most of the people are panic about the market and Bitcoin price start decreasing in the market.

every 6 months or sometimes 1 year we have a new hot subject for FUD which will then scare newbies and the market experiences big crashes. the MtGox coins are the new hot topic for FUD this year! and it will remain hot for some more time. there is no truth to it and it had never have any real effects on the price because these coins are absorbed by the market without anybody even noticing but when the FUD is being spread and the panic starts everyone else starts selling which causes the crash.

[TheQuin]

every 6 months or sometimes 1 year we have a new hot subject for FUD which will then scare newbies and the market experiences big crashes. the MtGox coins are the new hot topic for FUD this year! and it will remain hot for some more time. there is no truth to it and it had never have any real effects on the price because these coins are absorbed by the market without anybody even noticing but when the FUD is being spread and the panic starts everyone else starts selling which causes the crash.

The FUD this time was about moving 8000 BTC, we don't even know if they were sold. Yesterday in a period of less than an hour the price shot up from $8320 to $8820 on volume of over 8k on Bitfinex alone. People really do attribute far more importance to the Gox coins than they deserve.

[Btcschool]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

When there is such huge dip in the price without any price how one can guess anything about the future of that thing. May be the price fall more without any reason. Till this day as I noticed and observe bitcoin, it is the crypto for ordinary people. There are some whales that want to loot the hard earn money of people and they will never let you make profit from bitcoin investment.

[krauzzer02]

That price drop was really normal nowadays, 10k was never reached this month neither the last which is a strong resistance to get that price past, there are a lot of factors we have to consider, Normal corrections or trading activities, as you've said those statements from bill gates and buffet which was released recently and the Mt.gox wallet contain thousands of bitcoin being moved.

[okala]

The samething has happened today as the market has taken a very serious drop for the past few hours. Ethereum that was making significant progress has dropped significant this evening and I have not ley my hand on any information on why coins are dropping in prices.

[el kaka22]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

That would have been the biggest mistake of your life. Since you did not buy already on the breakout, normally you should have waited for a break above $10k even before buying. Moreover, if you are a trader who knows what he is doing, then you should have noticed the bearish divergence on the 1 hr chart as well to know that was a danger zone to be considering buying unless a breakout occurs.

All the above, anything can happen in a market at any time and that is the reason every trader do not usually do without their stop losses, so you just have to get used to it.

[LeGaulois]

97% of the top 100 coins listed on CCM are in red, so I would say it's not a bad sign. It's not like if Bitcoin decreased by 15% while all others coin increased by 10% the same days. The crypto market has always been like this, playing with people nerves.
I think I am ready to bet some bucks the next week the BTC value will come back near the $10k :p

[BitcoinPanther]

97% of the top 100 coins listed on CCM are in red, so I would say it's not a bad sign. It's not like if Bitcoin decreased by 15% while all others coin increased by 10% the same days. The crypto market has always been like this, playing with people nerves.
I think I am ready to bet some bucks the next week the BTC value will come back near the $10k :p

I strongly agree with you LeGaulois!

It is the crypto market as a whole that has been struggling.  If the alts are doing perfectly fine and bitcoin continues to drop, then it is a very bad sign.

And hey, i like your sunny disposition, keep it up!

[Lazada]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

The incident is a natural and common occurrence of cryptocurrency. It also happens to Bitcoin, this is what causes that Bitcoin is an investment that has a very high fluctuation rate. But behind it all actually we are given a very good chance, when we can take advantage of the conditions when the price increases and when prices decline then we will be able to get a profit margin. Believe each condition will definitely have its positive value. Believe me and do not worry because we all believe that the price of Bitcoin will increase and much better than before. We must be a part of success and that is the thing most awaited by us all.

[thecodebear]

Whats the reason for the price dump today? Gone from high 8000s earlier today to 8200 now.

[n0ne]

What's happening with the market is unpredictable and at present there is no specific reason for the price dump. Nothing has been found speculative in the negative manner. More and more good news were coming out helping with the growth. Maybe this could be a correction happening for a forward push.