BTC/USD dangerously close to $8,000, but HODLers never give up

[elemosho.crypto]

Bitcoin has lost nearly 6% over the recent 24 hours, crashing from  $8824 on Tuesday to a low of $8,103 early on Wednesday. Currently, the coin No. 1 is trading at $8,124, but the bullish momentum is gaining traction. Bitcoin is still by far the biggest coin out there with the market cap $139.6B, but its market dominance has shrunk significantly from over 85% in February to just 37%.

Full article is here : https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-analysis-btc-usd-dangerously-close-to-8-000-but-hodlers-never-give-up-201805160319

You valuable thoughts are much appreciated.

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[Mister_Success]

The fact that there are so many bullish signs and we're still falling in price worries me. If whales are manipulating the market and really have this much control, I'm wondering how Bitcoin will become stable enough for mass adoption in the near future.

Still hodling though. I'll sink with this ship if I have to.

[dothebeats]

It doesn't worry me one bit, considering that I'm in it for the long term. Also, market dominance, IMO, depends on how profitable a coin is up to a certain point. Obviously, people wouldn't want to trade against the heavy currents of a coin receiving lots of damage except for the shorters who, in the end loses against bitcoin. We're still in good shape even though we've lost a pretty good chunk of the price in the last 24 hours. Many suspect that it is the workings of the Gox trustee again but for now, there are no confirmed reason/s as to why there had been a slump in terms of price.

[pooya87]

~ Many suspect that it is the workings of the Gox trustee again but for now, there are no confirmed reason/s as to why there had been a slump in terms of price.

nah, the Mt Gox trustee has never been the reason for the drops. the FUD about it and the panic that follows however have been the reason for the drops. this time it caused the drop below $9k but it has been days since that FUD, now it is just the good old manipulation dumping to push the price down...

[thecodebear]

There are definitely whales trying to manipulate the price down that's for sure. On GDAX the past few days there are constantly big sell walls popping up to try to push the price lower.

But it's probably just people panic selling. They see the price drops some and they throw their coins away thinking a crash is coming. As for now we're still holding the low 8000s support. It's been a month since Bitcoin has been below 8000. The price has been hopping up and down all over the 8000s the past few days. Hopefully the next move is another pump overnight or tomorrow back to the high 8000s.

[zhekinsp]

Bitcoin has lost nearly 6% over the recent 24 hours, crashing from  $8824 on Tuesday to a low of $8,103 early on Wednesday. Currently, the coin No. 1 is trading at $8,124, but the bullish momentum is gaining traction. Bitcoin is still by far the biggest coin out there with the market cap $139.6B, but its market dominance has shrunk significantly from over 85% in February to just 37%.

Full article is here : https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-analysis-btc-usd-dangerously-close-to-8-000-but-hodlers-never-give-up-201805160319

You valuable thoughts are much appreciated.

I don't consider this as a serious price drop it is just 6%,anything under 15% is just a normal price swing of the bitcoin,so the price may again reach above $9K in a day or so,And I don't think that 85% dominance was just because of crazy rund at the end of 2017 but normally 40% is the dominance level of bitcoin after the numerous coins were introduced in CMC.

[gabmen]

The fact that there are so many bullish signs and we're still falling in price worries me. If whales are manipulating the market and really have this much control, I'm wondering how Bitcoin will become stable enough for mass adoption in the near future.

Still hodling though. I'll sink with this ship if I have to.

Well that's the point there. Several reasons why the market plunges and we may even get under 8k but that really doesn't count a lot for hodlers since we're all looking beyond what's currently happening. There's a possibility that it will crash but being in crypto for years now i'm taking the risk. And we also should only invest what we can afford to lose right?

[Tankdestroyer]

Bitcoin is still by far the biggest coin out there with the market cap $139.6B, but its market dominance has shrunk significantly from over 85% in February to just 37%.

It is normal for it to lose dominance now that knowledge about crypto have become widespread. People now are trying many different alts(and buying them up), then holding them with the hopes of earning more bitcoin and thus is the reason why we shouldn't be scared about it.

And we also should only invest what we can afford to lose right?

You are right. Those who will be scared will not see the true reason why BTC is losing dominance temporarily(because of many investors holding alts with the hopes of earning more btc).

[lumeire]

Bitcoin is still by far the biggest coin out there with the market cap $139.6B, but its market dominance has shrunk significantly from over 85% in February to just 37%.

It is normal for it to lose dominance now that knowledge about crypto have become widespread. People now are trying many different alts(and buying them up), then holding them with the hopes of earning more bitcoin and thus is the reason why we shouldn't be scared about it.

And we also should only invest what we can afford to lose right?

You are right. Those who will be scared will not see the true reason why BTC is losing dominance temporarily(because of many investors holding alts with the hopes of earning more btc).

I think it's just because people are diversifying more, knowing that crypto isn't entirely just about BTCBTCBTC, even if the majority of coins/tokens have their values tied up to bitcoin.

Well honestly at this point, it's kinda advisable to hold other tokens/coins with their own markets (not entirely tied to btc) rather than keeping your portfolio on solid BTCBTCBTC. Better safe than sorry.

[tomahawk9]

Bitcoin has lost nearly 6% over the recent 24 hours, crashing from  $8824 on Tuesday to a low of $8,103 early on Wednesday.

A 6% decrease in the price in one single day isn't a crash, it's just normal fluctuation, anyone who hass been involved with Bitcoin for more than 6 months or so should know this.

Bitcoin is still by far the biggest coin out there with the market cap $139.6B, but its market dominance has shrunk significantly from over 85% in February to just 37%.

Understandable. Everybody jumped into the Bitcoin bandwagon back in December/January during the bull run, altcoins were completely forgoten as people wanted to invest in BTC, after the price went down everyone started looking for a new coin to earn profits and so it began the altcoin cycle = capital flows back into alts, also, a bunch of shitcoins started showing up, others were pumped by hype/dreams and hopes, meaning that the altcoin market cap was bound to go up while the btc dominance was bound to go down. We might not see that 85% dominance again since people have realized how profitable the crypto market can be without going all-in on Bitcoin.

[jseverson]

Still hodling though. I'll sink with this ship if I have to.

Mad respect man. Lol.

But yeah, how is $8k a bad thing again? I don't think that's a bad support level in the least, considering we were stuck at sub-$7k levels for a while and people were predicting sub-$5k. Bitcoin is doing really well despite the overall bear market.

[UnDerDoG81]

Same scheme as with Fiat money. Richers getting richer. Those whales steal the money from new investors. If they do this pump and dump, bitcoin will not reach new ATH anytime soon.

[Rozita]

Panic sellers worry that the price fall again to 6800 which was the last dip. But I think selling the coins is the worst thing any one can do.
Bitcoin price rose to 19000. Then it was corrected. Now the price is rising again. But there are some small corrections before reaching a new all time high.

[fabiorem]

The Cartel want us to sell, but the system they offer in turn is a failure.

[bozo333]

Obviously, Bitcoin is close to 8250 USD but I trust this coin. It will never failed in anyway so we must hold for long term it will help to make big profit in next year. But most of the peoples are panic in situation so we must create the awareness of Bitcoin potential automatically again is growing fastly in the market.

[carlisle1]

It doesn't worry me one bit, considering that I'm in it for the long term. Also, market dominance, IMO, depends on how profitable a coin is up to a certain point. Obviously, people wouldn't want to trade against the heavy currents of a coin receiving lots of damage except for the shorters who, in the end loses against bitcoin. We're still in good shape even though we've lost a pretty good chunk of the price in the last 24 hours. Many suspect that it is the workings of the Gox trustee again but for now, there are no confirmed reason/s as to why there had been a slump in terms of price.

Yups we who holds bitcoin for long term dont even bothers even if price falls $6k again.
Those whos affected by this are the one that wanted quick cash,they buy today and claimed by night in short those dont believe in block chain instead they are here to make quick bucks ..

[St4yInTh3D4rk]

It doesn't worry me one bit, considering that I'm in it for the long term. Also, market dominance, IMO, depends on how profitable a coin is up to a certain point. Obviously, people wouldn't want to trade against the heavy currents of a coin receiving lots of damage except for the shorters who, in the end loses against bitcoin. We're still in good shape even though we've lost a pretty good chunk of the price in the last 24 hours. Many suspect that it is the workings of the Gox trustee again but for now, there are no confirmed reason/s as to why there had been a slump in terms of price.

Yups we who holds bitcoin for long term dont even bothers even if price falls $6k again.
Those whos affected by this are the one that wanted quick cash,they buy today and claimed by night in short those dont believe in block chain instead they are here to make quick bucks ..

Yes,if the price falls to $6K then it is a great chance to make quick money in short time because the price will again recover in few days like what happened in the previous incidents.And the people who are holding it for longers don't see the prices every five minutes it will make you panic just wait for the price to go to moon.

[European Central Bank]

The fact that there are so many bullish signs and we're still falling in price worries me. If whales are manipulating the market and really have this much control, I'm wondering how Bitcoin will become stable enough for mass adoption in the near future.

Still hodling though. I'll sink with this ship if I have to.

You're mixing up news with actual trading action.

There are no bullish signs in the markets anywhere. There's bullish developments but more often than not they mature far in the future or may not happen at all.

We just got through with the biggest bubble by a country mile. It's gonna take a long time to wind down and recharge before the next one.

[krauzzer02]

Normal manipulation, panic sellers, Correction and Fuds it's quite common if you are going to observe the cryptocurrency these past years, they are pushing the price down to accumulate cheap bitcoins from this sellers then we all going to see some price surge that's why we are not passing the 10k barrier, they want to put some walls to prevent the breakthrough, fluctuations always happen so prepare to see some bloodbaths these coming months.

[UnDerDoG81]

After Facebook and Google, now Bing bans Crypto Ads. Perfect FUD for bears to drop the price further.