what's dragging the bitcoin price down?

[Gabb]

Warren Buffett and Bill Gates, both billionaires' view of cryptocurrencies has an impact on retail investors. This might be the main reason behind it.

However, some market analysts have noticed that bitcoin price is correlated to the stock market. Analysts are starting to use Dow Jones as a predictor of how bitcoin price will move.

What's dragging the bitcoin price down?

How do you think?

Of course not, so far no direct correlation has been found between bitcoin and any other market, because unlike conventional markets that seem to obey with certain degree of certainty to certain economic cycles, bitcoin follows its own dynamics , much more influenced by the rumors and the psychological aspect of the markets.

In addition, the behavior that bitcoin has had in recent weeks seems quite stable, so I can't distinguish any type of overreaction in the market to recent rumors. Perhaps the market has already become accustomed to the constant attacks against bitcoin, and they have made it much more resilient.

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[Deubila]

There's always some fake news that is coming out and most of us believes to that news and most people influence that news so that most of us making panic selling that's why bitcoin price is dropping.

The number of unprofessional investors is too great. Lead to the (sell off) a lot. They participate as gamblers and want to get rich quick. Accompanying these are the bad guys taking advantage of the market to do something illegal. This leads to a large number of people who do not like the market. Supply and demand are not balanced.

[rickadone]

What's dragging the bitcoin price down?
How do you think?

I think it is beyond the dragging price thing, I think it is at a level where bitcoin is not kept under-priced and low by someone, I think it has been so long since the last big bull run that the price just got stuck here and instead of someone keeping it low it became more like someone needs to push it upwards.

Hence, instead of looking to blame whales for the price being so low and them keeping the bitcoin price low we should also check out how much transactions happens on exchanges and how little volume got and how the buy and sell is balanced and the price requires people to get in and buy in a rush for bitcoin to go up but no one buys like that anymore so it is kinda our fault instead of others.

[eekkaa]

usually the topic that makes bitcoin prices fall is from the topic of a ban from some governments in the country if there is a country that prohibits the circulation of bitcoin, the price will usually fall.

[munify]

The decline in bitcoin prices caused by negative news made the market full of panicked sellers. Be patient the market will increase gradually, and if you can hold it you will benefit.