And yet still, I RISE!!! (Bitcoin Price rises despite ETF denials)

[spyda5556]

What do you make of the bitcoin price resiliency despite ETF denials. Previously any FUD or even rumor of FUD would cause at least a mini panic sale. But now our "sails" are steady. Does this mean that bitcoin has matured to a new level? Does this mean there are factors in the crypto market that make bitcoin a desirable attraction even without ETF approvals? Share your thoughts.

[1713587601]

1713587601

[1713587601]

1713587601

[1713587601]

1713587601

[1713587601]

1713587601

[Anarchist]

The market had already been anticipating the decision for several days. Bitcoin Price rises where? Oh yes, 2% in the last 24h, marvelous.
Bitcoin doesn't need an ETF to mature. ETF hype is for newbies

[franky1]

bitcoin is not 100% spculation. it actually does have underlying value that people refuse to sell below,

even with bad news there is a limit/refusals to sell lower
and even without good news people will help move prices up

if you know the difference between VALUE and price. you will see that there is always a underlying value that sits near about $200 above the bottomline support.

the bottom line support is made up by the math of cost of mining and the psychological line people refuse to sell below
ignoring the ATH prices. .. if you just look at the yearly ATL and draw a line btween them. you see the bottom support.
then value sits a little above that as thats the "yay i mad some profit" part. usually its just a few % higher than bottomline(cost of obtaining).

whedrawing this line on price charts you would be surprised that it correlates with things like the cost of obtaining bitcoin(mining costs)
now with all the doom and gloom of social drama and public opinion the price wont go below the bottom line. because this is the line people refuse to sell for as its then selling at a loss.

now when there is not much more the price can go down by. even without positive news to hype the market. day traders can only make profit by having a prices that moves.. so if it cant go down by a few % as its already at the low.. the only way to have % movements is to go up.

but keep in mind the underlying bottom line over a period. because if the price moves too much over a certain level. that level is not sustainable (take december 2017 for instance) that was a 3x hype bubble price. and was not ever going to be sustainable. hens why it corrected down.

..
what you will notic though is eventually all those that bought below $6k would have set their limit as $6k+ or got out the community.
if a person buys a coin for $6k+. they set themselves the limit of happily selling for over $6k but nver under $6k. unless they are stupid or exiting at a loss.(small population are stupid/exiters) so once they are out. the new holder of that stupid decision has the coin and that then reinforces a minimum because 2 stupid traders in a row is far less chance of happening. so you notice the over all psychology of the community moves the price up as funds change hands. (this is the psychological buying coin cost of obtaining bottomline support)

then if you look at the mining costs that too increases over time too as the hashrate goes up. this too reinforces the minimum bottom. again they wont sell for a loss.(this is the mathmatical mining cost of obtaining bottomline)

so if a price is down near the bottom line. then day traders are going to want to shift the market to avoid it going stagnant so they can make their couple % per trade. so as i said they become incentivised to push prices up because they cant go down.

summary
so even without hype, without positive news, when prices are at the bottom (this months mining cost range is $5.7k-$8k dependant on hashrate)
the only way is up.

the only way prices can move to zero. is if EVERYONE sold at a loss (evryone is stupid. or bitcoin is broke). so unless bitcoin cryptography breaks. be confident with the ~$6k bottom line.

and feel free to do the math on mining costs to see where the bottomline zone is so that you can se if the PRICE is near or above VALUE

[pooya87]

because we are at the bottom. you can't go below the bottom, at least not without a massive manipulative effort and lots of money spent because that would be going against the whole market. this 9 ETF rejections were nothing, people aren't even caring about ETF anymore. at least not as much as before which makes it a much less effective news.

as for the "rise", there is no rise. price is still pretty much the same as before. unless we see a breakout above $7.5k with a strong force it is not a rise. and i'm afraid despite people not caring about ETF as much as before but they still are uncertain for the short term future of price so they are waiting. as soon as the last ETF is rejected, i am sure price will start rising back up again.

[Gozie51]

if a person buys a coin for $6k+. they set themselves the limit of happily selling for over $6k but nver under $6k. unless they are stupid or exiting at a loss.(small population are stupid/exiters) so once they are out. the new holder of that stupid decision has the coin and that then reinforces a minimum because 2 stupid traders in a row is far less chance of happening. so you notice the over all psychology of the community moves the price up as funds change hands. (this is the psychological buying coin cost of obtaining bottomline support)

I have also seen that $6,000 has come with a very strong block, making price to hover around it but people will dump more if that is broken not because they are "stupid " but because they have taken a business decision not to hodl till price gets to $5,000 before rising again.

[Roberttran]

I think we should not be interested in ETFs. Because the bitcoin in 2017 has reached the price of 20k $ / 1btc. without the dependence or decision of the ETF. All is just news to create FUD to dump the bitcoin price down. but bitcoin will increase in the future. I believe in bitcoin.

[JakenBake]

I think this is officially signalling the bottom.  When crypto gets what is perceived as bad news such as 9 ETF's getting shot down and nothing sells off you know your hitting a rock bottom floor.  I'm buying in with about 75% of my funds I have left. 

[Ava Duvall]

The market had already been anticipating the decision for several days. Bitcoin Price rises where? Oh yes, 2% in the last 24h, marvelous.
Bitcoin doesn't need an ETF to mature. ETF hype is for newbies

It is. but i think we still have a while to wait to hear the final decision.

[Getmon]

What do you make of the bitcoin price resiliency despite ETF denials. Previously any FUD or even rumor of FUD would cause at least a mini panic sale. But now our "sails" are steady. Does this mean that bitcoin has matured to a new level? Does this mean there are factors in the crypto market that make bitcoin a desirable attraction even without ETF approvals? Share your thoughts.

ETF is not the be-all and end-all of Bitcoin. I want to take you all back to the days when Bitcoin was considered an underground, even an illegal online, currency. There was skepticism all over and yet Bitcoin managed to grow so huge that such negative views were taken a second review and ended up discarded by a lot of antagonist, who eventually became Bitcoin supporters. Bitcoin does not depend on ETF. Wait for at least a month or two from now and you will realize that Bitcoin's growth does not really depend on the traditional institutions' nods.

[micher143]

What do you make of the bitcoin price resiliency despite ETF denials. Previously any FUD or even rumor of FUD would cause at least a mini panic sale. But now our "sails" are steady. Does this mean that bitcoin has matured to a new level? Does this mean there are factors in the crypto market that make bitcoin a desirable attraction even without ETF approvals? Share your thoughts.

Bitcoin prices ups and downs are typically normal because that's how this system flows. However, maybe  the EFT denials are not really affects to the value movements of btc because there's a facts that with of without that EFT it will resuming to perform in the cryptomarket. It can stand it with it's own system and the daily value of it maybe be much affected from the supply and demand. Bitcoin can rise and falls anytime and it's not depends in others.

[indayburakday012]

Because it is not the ETF that makes the bitcoin market price to go rise. It is the people who trusted and putted their money on cryptocurrency. There is no way that bitcoin could not get a market price increase because it is establish already around the world and there are many investors on it around the world plus add up the day traders and then take advantage on the bitcoin volality.

[Mr.grin]

I think ETFs are no longer a benchmark for current developments. well, we have to keep moving and developing from that. basically bitcoin can indeed develop and become better without it. yeah, but hopefully someday they will receive it.

[spazie]

Bitcoin is the first most popular crypto, in my opinion ETF do not make bitcoin collapse, so far there are a lot of news that wants to destroy but bitcoin remains strong.

[talkbitcoin]

what people have forgotten in the past couple of months is that ETF is a completely useless and irrelevant thing that can be added to this ecosystem. and it doesn't really do anything for bitcoin itself and eventually when it is added they will all realize that nothing has changed.
in a way it is similar to the Futures hype where people were thinking the mass adoption boom is going to happen if Futures start but never did.
in a couple of months when ETF is far behind us everyone will realize again that we never needed it.

[bungutko]

I believe that btc will continue to rise despite of the ETF issue which according to what I had read has been disapproved by the SEC. We all know volatility is a part of btc ecosystem which from time to time will recur and regain again. However, even if there are more FUD issues and negative remarks, still btc had manage to survive in the market and has not really affected a lot.

[cloudbleron18]

What do you make of the bitcoin price resiliency despite ETF denials. Previously any FUD or even rumor of FUD would cause at least a mini panic sale. But now our "sails" are steady. Does this mean that bitcoin has matured to a new level? Does this mean there are factors in the crypto market that make bitcoin a desirable attraction even without ETF approvals? Share your thoughts.

Yes!everybody is waiting for rising up.And I do believe that it will going to be done.lets just wait and trust on it.

[BitcoinHodler]

What do you make of the bitcoin price resiliency despite ETF denials. Previously any FUD or even rumor of FUD would cause at least a mini panic sale. But now our "sails" are steady. Does this mean that bitcoin has matured to a new level? Does this mean there are factors in the crypto market that make bitcoin a desirable attraction even without ETF approvals? Share your thoughts.

Yes!everybody is waiting for rising up.And I do believe that it will going to be done.lets just wait and trust on it.

not really. only those who aren't involved in the market are waiting for the price to rise. like newbies who have a tiny amount of bitcoin and want its value to rise up.
the rest, who are actually involved in the market like the traders or anybody else who wants to buy in is waiting for the risks to be lifted before they can invest. and that will happen with ETF rejection soon.