[2018-12-03] Bitcoin Price Drops to $3,801 as Breakout Attempt Fails

[Lmaooo]

The bitcoin price dropped as far as $3,801 on Monday after an attempted breakout failed to thrust the flagship cryptocurrency back across the $4,500 level.

CCN technical analyst Yashu Gola reported yesterday that BTC/USD was flirting with a breakout but stressed that a price floor would not be confirmed until the index experienced a sustained consolidation period above $4,500.



BTC/USD | Coinbase

Unfortunately, that bounce did not occur, and this afternoon the bitcoin price fell below $4,000, which triggered further selling all the way down to $3,801 on Coinbase — its lowest point since Nov. 28. As of the time of writing, BTC/USD was holding at $3,825.

Stay tuned for detailed bitcoin price analysis, and click here to track the real-time BTC/USD exchange rate.

CCN | https://www.ccn.com/newsflash-bitcoin-price-drops-to-3801-as-breakout-attempt-fails/

[hugeblack]

As long as there are lots of Hardforks, shit-coins, and tokens will not see further gains soon. Centralization and manipulation we are starting to apply to cryptocurrencies.
Also, the heavy reliance on stablecoins "BTC/USDT" in exchange is something scary and may prompt further price manipulation in the future.
It does not take much to break above $ 45,000.

[Kemarit]

Well the price is fluctuating and now its below $3800. Obviously, the break out attempt failed again and I'm not surprised if the price will go on fluctuating between $3700-$4000 up to the end of the year. It will continue to bleed and I don't think that charts will help us at this point. And I also doesn't see a scenario that we can break the $4300 barrier, it will try though but the volume is too thin and there's no catalyst. But if you're for the long haul, this is a buying zone for everyone.

[BitHodler]

Also, the heavy reliance on stablecoins "BTC/USDT" in exchange is something scary and may prompt further price manipulation in the future.

I'm not a fan of stablecoins either, but despite the hate going towards them, especially USDT, they are doing their job exceptionally well. In fact, these tokens are one of the few tokens/coins with an actual utility.

USDT generates more volume than the tokens it has in circulation, and that on a daily basis. If that isn't a damn good utility in action, then I don't know what is. The fud wasn't enough to have its value tank further.

Bitfinex recently added a USDT/USD pair. I never expected them to list that pair, but they finally did it, and it will help them buy up sub $1 tokens and avoid paying $1 to people for coins they bought a few % lower.

[1Referee]

Bitfinex recently added a USDT/USD pair. I never expected them to list that pair, but they finally did it, and it will help them buy up sub $1 tokens and avoid paying $1 to people for coins they bought a few % lower.

Smart action. Switching from bank to bank usually comes with a % fee, and they did it more than once, meaning that they won't be able to buy all the tokens back in case everyone tries to get rid of them at the same time. I'm pretty certain they have also sent crypto to various exchanges to buy back as many tokens as possible during the times crypto prices against USDT were inflated.

The more fud there is brewing around them and their shitty token the more advantages it offers for Bitfinex to buy them at discount rates.

[rodskee]

Do not expect price increase this year
I believe there nothing any price increase until the year end
2018 is hardfork corrction for the meantime we need to wait the next year bitcoin stable again