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Question: The answer is people are selling, but who?
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Author Topic: What's causing BTC price to dip below $7? (Answer inside)  (Read 2567 times)
michaelmclees
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September 06, 2011, 12:29:22 PM
 #21

Less new people are buying btc.  Miners are always selling some.  People holding btc are noticing the slow decline and want to cut their losses or buy back for a better price later.

+1

the last part is exactly my case

& to add to the list are the thieves who've now finished washing the stolen Btc & have arranged safe enough ways to cash out in bulk & who also see the post Bitcon high dive

I agree.  There are 2 things. causing this decline.

1 - Fear - People see 3 days of fast drop and they say, I'll get out now and either stay out or double my BTC collection. 

2 - Bulk Sales from Single Sellers - The volume has been decent this time around.  My guess is, there are several people holding thousands of BTC.  They are looking for fast cash.  Every time a wall is put up, a bulk sale blasts through it.

They're going to feed on each other and the vast majority of us will wind up with more BTC because of it.  Who knows where it will stop?
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September 06, 2011, 01:20:14 PM
 #22

3 days in a row people can't add money to the exchanges to buy BTC. It's not surprising the price drops. I expect a nice rally this week.
Except it's tuesday, and the price keeps falling. That weekend excuse got old a long time ago. Traders have been aware of it for months, so the price goes up in the weekend about as often as it goes down.

Dwolla does not usually post funding to MtGox until the end of the day.

And I am guessing that a lot of people were not taking the time to put money into their accounts on the Friday before labor day weekend.


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