Oh My God, What Happened to Bitcoin?

[CRYPTO EVEREST]

Yesterday, Coinrail, a south Korean trading platform, suffered a cyber intrusion that caused bitcoin prices to fall. And the decline was the highest in three months. (about 50 percent).

For me, Cryptocurrency is an amazing thing, which has changed so quickly that we can only make a rough guess by K chart analysis.

https://twitter.com/Coinrail_Korea/status/1005650529773486080

Bitcoin has a strong short position and it is aiming to push prices down to a low of $6,000 in February 2018. As you can see from the picture, the bitcoin bearish signal is still strong.
Within a week or two, bitcoin prices could fall below $6,000, and over the next 48 hours the BTC could bounce back slightly to $7,000 to $7240, before falling further.

Only if the daily closing price is above the 10MA (at $7500) can the bearish be stopped.

https://cdn-images-1.medium.com/max/1400/1*_imsHEcoajsc_tK8z4fzeQ.png
Disclaimer: This article is not meant to constitute trading/investment advice. Please use extreme caution when trading any cryptocurrency.


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[1Referee]

What happened to Bitcoin? What happened to the people!

Charts show clear manipulation. The dumps reset the market to lower levels, where if you look closely, no dump means stability till the next dump.

Retail traders aren't selling; all dumps that you see right now are very likely meant to milk BitMex in combination with high leverage trades.

Chillax. You can start worrying when retail traders start massively dumping their coins.

[cydrix]

If you ask me bitcoin still has a good value  although it differs from people to people to when they started and getting to realize it is the starting point for them  then more than that was valuable or considered a god omen for bitcoinminded people and good investment but not so many understands that it was still a good value although they lose on it at the end of the bargain . It changed drastically since February up until now. However i don't judge people by their judgement cause i too is not that good when explaining all i can do is give you the positive thoughts that don't lose hope bitcoin will manage. Keeping this way of thinking may help the community from bad reviews, feedbacks and other kinds of negativity to scare people to sell or not even involve anymore because of that reason bitcoin falls down.

[BitHodler]

Charts show clear manipulation. The dumps reset the market to lower levels, where if you look closely, no dump means stability till the next dump.

Retail traders aren't selling; all dumps that you see right now are very likely meant to milk BitMex in combination with high leverage trades.

Something fishy is happening at BitMEX and I think they know that. They even have a research department providing analysis of everything related to crypto, but they refuse to research their own role in this market.

The lack of volatility is compensated by exploiting BitMEXs sleek tools. It's almost like free Bitcoin that whales are generating like this, which directly makes me wonder how deep BitMEXs coin reserves are.

How obvious do regulators need manipulation to be? Large sales followed up with gold like stability. If the market climbs up to $7000 it will stay there as long as these whales want it to stay there.

[Javi_Anibarro]

Charts show clear manipulation. The dumps reset the market to lower levels, where if you look closely, no dump means stability till the next dump.

Retail traders aren't selling; all dumps that you see right now are very likely meant to milk BitMex in combination with high leverage trades.

Something fishy is happening at BitMEX and I think they know that. They even have a research department providing analysis of everything related to crypto, but they refuse to research their own role in this market.

The lack of volatility is compensated by exploiting BitMEXs sleek tools. It's almost like free Bitcoin that whales are generating like this, which directly makes me wonder how deep BitMEXs coin reserves are.

How obvious do regulators need manipulation to be? Large sales followed up with gold like stability. If the market climbs up to $7000 it will stay there as long as these whales want it to stay there.

indeed Bitmex doing something shady for a while right now and many people already discussed that before on Telegram or even Twitter.
some people provided a few charts about their costumers position and Bitmex as a company made a choice based on the minority.
for example,
did you remember when Bitmex liquidated 1.000.000 contracts or even more a month ago  ? they did that because their Shorts are bigger than their Longs.
it's all pure bullshit right now

[Herbert2020]

Bitcoin has a strong short position and it is aiming to push prices down to a low of $6,000 in February 2018. As you can see from the picture, the bitcoin bearish signal is still strong.
Within a week or two, bitcoin prices could fall below $6,000, and over the next 48 hours the BTC could bounce back slightly to $7,000 to $7240, before falling further.

i completely disagree with this because you can not see this on any charts. you can draw all the lines you want but it still doesn't show it. the fact of the matter is this drop was another manipulation in a long line of manipulations to dump constantly on the market and keep pushing the price down. possibly because of the Futures contracts and the profit that they are making from those.
whether it is going to go lower or not depends on how much longer the manipulation can last and also how much longer the real money from the rest of the investors is going to stay out.

[bitcoin31]

Don't worry if the price decreasing becauss you will see the price pumping again. Maybe this is not the time of bitcoin but for sure they have time for the bitcoin and it will increase the price very high and you will get more profit. And you will say again oh my god what happen to bitcoin and that day the price is very high.

[adaseb]

What happened to Bitcoin? What happened to the people!

Charts show clear manipulation. The dumps reset the market to lower levels, where if you look closely, no dump means stability till the next dump.

Retail traders aren't selling; all dumps that you see right now are very likely meant to milk BitMex in combination with high leverage trades.

Chillax. You can start worrying when retail traders start massively dumping their coins.

The BitMex liquidations don't generally follow the spot market... its usually the other way around.

The way someone gets liquidated is based on the mark price not the Bitmex price.

Reason why there is so much liquidation on Bitmex every few hours is because people are greedy and they are betting with 50x or 100x which is never a good idea.

[sunanbonang]

how long do you know about bitcoin?
this is a common thing because bitcoin has a fluctuating nature, no need to panic bitcoin prices have started to rise again.

[Sony.UK]

Crypto fluctuation is every year happen in the market. But current fluctuation is unpredictable so no one is expect this year so everyone holding the bitcoin. Many peoples are still believe the bitcoin potential so demand is little increase in suddenly at the same way automatically market is green but this downtrend is move to forward soon.

[airdagon]

bitcoin is experiencing a prolonged correction and it seems like a sudden crash continues to overshadow the rate of bitcoin. I think it will be an advantage for new investors to immediately buy bitcoin, because I am sure that in early July the bull market will soon arrive and immediately reverse the current situation. bitcoin needs support and the market should keep pumping prices.

[mackenzied]

how long do you know about bitcoin?
this is a common thing because bitcoin has a fluctuating nature, no need to panic bitcoin prices have started to rise again.

And how long since you first heard about bitcoin? I'm seeing a young, uninformed guy talking about how bitcoin fluctuates. And I can not accept your comments, these fluctuations are very unusual, and it's going on continuously.

[Ngemmeng]

You do not have to worry, bitcoin is in good condition.
fluctuating that makes bitcoin prices unpredictable, you just need a little patience and calm down.

[fabiorem]

What happened to bitcoin? Well, it increased the difficult to mine.

The mining calculator shows a power cost of $1300 per year, to mine 0.087BTC. This gives us a figure of $15k per bitcoin. These are the power costs, how much money you will spend with electricity, to mine a single bitcoin.

So, you can see, this is the real value of bitcoin. To sell below that... well, its your call.

The problem is the people in the market. On one side, we have the Wall Street sharks, who only want quick profits with shorting, and on the other side, the stupid noobs, who keep crying like babies who are denied their toys, and make the market sentiment go bearish. I dont known which part is the most responsible for the market situation.

We live in dark, dangerous times.

[Eleven86]

Nothing to worry about current situation, if the price continusouly decrease means automatically the price will increase in future. The market still needs correction it cannot recover now. Its seems to be it will take some time to recover. Because big investors are hold the bitcoin and not ready to sell. Once the price becomes high the demand of bitcoin will be less. But use this chance to buy more bitcoins and save it for future.

[okala]

I think we should hold as this decline in price was as a result of hackers and cyber attack.  I am expecting another upwards price movement when the current issues is over and for bitcoin to remain strong all this issues will be coming down and we are to expect them to happen because of the decentralized nature of cryptocurrencies.

[weblouartisan]

Crypto fluctuation is every year happen in the market. But current fluctuation is unpredictable so no one is expect this year so everyone holding the bitcoin. Many peoples are still believe the bitcoin potential so demand is little increase in suddenly at the same way automatically market is green but this downtrend is move to forward soon.

The price today might go down but it already happened last year when china banned ico's in their country, you can always wait for the price to grow and most of the crypto analyst are expecting for cryptocurrency to grow its prices in december.

[Greenkarki]

Current correction is so long and bit shaky. The fluctuations is really unpredictable. But we need a Co. Please positive change now after almost half an year.  Though last year's growth trend was almost same, expect a complete growth henceforth. Too many negative news have caused bitcoin price fall at $6500. Hope this does not continue.

[Coffee135]

I heard that the US is already investigating fraud in the crypto-currency market. Most bets in glasses are bogus. They never participate in the auction. With their help, whales create panic in the market and manipulate prices. I doubt there's a legal responsibility for that, but maybe it'll scare speculators in the future and the market will become more honest.

[Karisma Black]

Can someone explain to me how bitmex can manipulate the market like this?
Is it because of the futures contracts?
Are there gonna be any regulations about that kind of things? Is that what the SEC is investigating about ?