$7,400 to $6,950: Bitcoin Price Drops 2% Within30 Minutes in Crypto Market Bleed

[oksgvardukraine2018]

$7,400 to $6,950: Bitcoin Price Drops 2% Within 30 Minutes in Crypto Market Bleed
Within the past 30 minutes, the Bitcoin price has dropped by more than 2 percent from $7,400 to $6,950, pushing tokens and other major cryptocurrencies to record large losses.

Ethereum, Ripple, Bitcoin Cash, and EOS recorded 6 to 7 percent losses as Bitcoin failed to maintain momentum in the $7,400 range.



If Bitcoin manages to immediately rebound to the $7,200 to $7,300 range in the next 12 to 24 hours and finds some stability in the low $7,000 region, then it is possible for the dominant cryptocurrency to avoid a downtrend to mid-$6,000.

However, if BTC falls below the $7,000 support level, as seen in May and July, a drop to the low $6,000 is expected.

Two Outcomes: Major Breakout or Minor Drop
Edward Morra, a cryptocurrency trader and technical analyst, wrote earlier today that a correction is incoming for Bitcoin, unless it shows a trend reversal supported by a spike in volume.

“Bitcoin is coiling tighter and tighter, making everyone wonder what to expect, but I feel like correction is incoming (if not a reversal). However, we also need to understand that shorting here is being in the vanguard, as there are no clear confirmation of a trend change as of yet,” Morra explained.

Two outcomes were presented to Bitcoin on September 5: a major breakout above the $7,500 mark and a potential run to $8,000 or another correction below the $7,000 mark and testing mid-$6,000 once again.

Given the magnitude of the drop in the price of BTC in a short period of time relative to the stability the dominant cryptocurrency has demonstrated since August 6, it is highly likely that the Bitcoin price will test the mid-$6,000 region in the upcoming days.

As BTC falls, tokens and small market cap cryptocurrencies are expected to bleed out further, deleting their temporary gains throughout early September.

Against BTC, even well-performing tokens like ICON, WanChain, and Ontology have fallen by nearly 70 percent since early 2018 and in the next few weeks, tokens will struggle to find momentum against BTC and ETH pairs.
https://www.ccn.com/7400-to-6950-bitcoin-price-drops-2-within-30-minutes-in-crypto-market-bleed/

[lyfecoin]

Yes,this is the bitcoin trend from last few months.Bitcoin price is fluctuating between $6400 to $7400,cos most of the traders who buy at $6400 levels are selling at $7300+ levels and booking profits.I think the same trend will repeat now and future.May be the price will move again by third week of September depending on any positive ETF news by SEC

[SaeedKhan996]

Wasn't this price drop due to that whale that is connected to the silk road dumping 10,000 Bitcoin? I mean could that really reverse the entire market?

No, it's natural. Look at the Charts on 4H, there was a rising wedge and due to it, BTC Fell.

[BitNaija]

When are we going to see an end to this type of panic in the market? The expectation that bitcoin will rise up to $10,000 is the illusion creating this new FUD in the market.

[LimeFeline]

When are we going to see an end to this type of panic in the market? The expectation that bitcoin will rise up to $10,000 is the illusion creating this new FUD in the market.

Panic will end when people will finaly stop falling for stupid fake informations and stop selling their coins cheap. Stll a lot of people think that this is the end for cryptocurrencies.

[Gibreil]

When are we going to see an end to this type of panic in the market? The expectation that bitcoin will rise up to $10,000 is the illusion creating this new FUD in the market.

When the fear will eliminates to the eye of the people. If we will see the market movement, there is a slow movement to buying support. It just showed how people fear to invest more in cryptocurrency. As of now, we are not in bull run market because the barrier in 7500 dollars is hard to break specially if the support are too slow.

[LimePleasant]

Yes,this is the bitcoin trend from last few months.Bitcoin price is fluctuating between $6400 to $7400,cos most of the traders who buy at $6400 levels are selling at $7300+ levels and booking profits.I think the same trend will repeat now and future.May be the price will move again by third week of September depending on any positive ETF news by SEC

This is an illusion sold to weak hands that we need ETF's for the Bitcoin to grow again. We didn't need it before and don't need it in the future. Mass adoption is the most important thing.

[Daniel91]

It's nothing strange or unusual really.
Such things happen in any kind of market, stock market, Forex, crypto market etc.
There are many manipulations in markets by ''big players''.
With rumors and bad news they can influence average, small players to sell funds quickly in fear to loose a lot money.
To many emotions are involved in the market, unfortunately. 

[odolvlobo]

$7,400 to $6,950: Bitcoin Price Drops 2% Within 30 Minutes in Crypto Market Bleed
Within the past 30 minutes, the Bitcoin price has dropped by more than 2 percent from $7,400 to $6,950, pushing tokens and other major cryptocurrencies to record large losses.

Somebody is mathematically challenged. That's 6% drop, not a 2% drop.

[Ilegendph]

Looking at the percentage, I believe its quite normal and nothing to worry about. But if the drop only happens in seconds then I will start to think that there is market manipulation occurring or something bad news is spreading.

[bbnt81]

This is why we always talk about manipulation in crypto world.
It is not that everyone not being aware of it, but that we cannot do anything about it. It takes 2 weeks to move to that price, at 30 minutes to drop back down.
Whales are not a myth, really. it is just sad.

[Kprawn]

So, if the whale dropped the $1 Billion dollar worth of bitcoins, we would surely see a bigger drop due to the trigger affect of that

mini dump? The market can surely not drop that much, just in anticipation that the whale will drop all those coins in one drop? I

remember back in the day, when one whale dumped a huge amount of coins and we had to chip away at that wall. I think we

chewed through that wall in one day.   It was fun, but with the Bitcoin price this high, it might take a little longer now.  

[Victorik]

I think the sudden drop is not far from the whales who are back to manipulate the market for their personal gain. whatever happens, one should hold his position and not fall for this day manipulation. I believe the market will continue to consolidate.

[xIIImaL]

Bitcoin price is unstable that we know completely and if you see this dump as a useful one for you. Go to any trading sites and make your investment accordingly and make money out of it. I see the last few minutes bitcoin price seems increasing little in the price chart again.

If you believe the worth of the bitcoin will be go to its peak value invest you will be profitable. Then you do not have faith means you may be simple.
Nothing waits for you. For example if you have invested 0.1 btc at the minute of the bitcoin falls now you may made 0.005 BTC as your profit. Please wisely think and move on it.

[blackhawkeye1912]

There must be a valid reason for this sharp fall. Based on one article, it is about the unconfirmed news that U.S. investment bank will not going to continue its plan of opening desks for cryptocurrency. Because of these investors think twice on their investment. But, this is just a speculation. The truth is, cryptocurrencies are volatile.

[NeuroticFish]

Bitcoin price, although unstable, was already back to 7000 +/- 10$ before they finished writing the article.
Maybe it's a last attempt before the bears going to hibernate, but it should not destabilise the trend...

[BitcoinNewbie15]

So, if the whale dropped the $1 Billion dollar worth of bitcoins, we would surely see a bigger drop due to the trigger affect of that

mini dump? The market can surely not drop that much, just in anticipation that the whale will drop all those coins in one drop?

There would have definitely been a much larger drop. I don't really think that those coins moving had anything to do with this price drop. Maybe it had to do with the Bitwise ETF? Did the SEC reject that already?

I remember back in the day, when one whale dumped a huge amount of coins and we had to chip away at that wall. I think we

chewed through that wall in one day.   It was fun, but with the Bitcoin price this high, it might take a little longer now.  

Are you talking about the legendary whale bear? Lol I remember that day. A huge 30,000 BTC sell wall popped up on Bitstamp at $300. That was fun to watch. I bet whoever sold those coins are really kicking themselves now!

[Dondont]

seeing unusual activities in this market is really not good for health. just look, when BTC was on its way up, there were obstacles that made this crypto even more hated, especially by those who would study crypto and also in ETF monitoring sessions. If this continues to run without anyone trying to stop it, crypto can also end

[royalcrypt]

It's very troubling that how easily the bears can wipe out 2 weeks worth of gains. A patient trader can simply wait for the weekly chart to play out. Someone waiting for a break to a higher high on weekly has been waiting all of 2018 as we just are not seeing that occur which continues to leave us bearish overall on the market.

[hatshepsut93]

This is why we always talk about manipulation in crypto world.
It is not that everyone not being aware of it, but that we cannot do anything about it. It takes 2 weeks to move to that price, at 30 minutes to drop back down.
Whales are not a myth, really. it is just sad.

Just because the price moved a lot in short period, it doesn't mean that there was a manipulation or it's solely the work of whales. If you don't have any solid proofs, then don't make such statements like they are facts.

The market is full of traders, and traders can be both bullish and bearish, especially in short term. Sure, such movement can't come out of nothing, maybe some big hands started it, or maybe there are some rumors that we haven't heard yet, but it's the thousands of individual traders who cause the price moves.