[2019-05-17] Bitcoin Crashes After Analysts Called For A Pullback

[CryptoBry]

Volatility is back, that’s for sure. In the past 20 minutes, Bitcoin (BTC) has slipped at $7,800, wicking to $6,600 on Bitstamp as a result. It is rumored that this sell-off was a result of a massive sell order placed on Bitstamp, as made evident by the fact that during this dump, there has been an over $500 gap between its price, and that seen on BitMEX, Coinbase, and other major exchanges.

As of the time of writing, the crypto asset is trading at $7,100, and continues to move minute-to-minute, implying immense volatility.

This has only been corroborated that there have been colossal sell walls seen on Bitstamp, hinting that there is one entity or group of traders, likely based in Asia, that are looking to suppress the price. In fact, one commentator on Twitter quipped that such a move was catalyzed to try and liquidate BitMEX longs, which have been stacking up as Bitcoin has held around $8,000 for days on end.

Source: https://www.newsbtc.com/2019/05/17/bitcoin-crashes-10-to-7000-as-analysts-called-for-a-pullback/

Bitcoin is now trading around $7,300+ after it reached more than $8,000 a day ago marking yet another very volatile day for the king of crypto. Just a single but huge transaction was the trigger for the current plummet though there had been already some warnings from analysts that this is coming and it did happen. I am taking this as a needed correction, letting the market to take some breath and gather some more strength for the next upswing battle.

Do you see this as just another normal hallmark in bitcoin trading or is a warning us that maybe the bull run can be limited this time?

[Kakmakr]

I am not following the whole MtGox "refund" thingy, but I know those idiots are dumping coins on exchanges, when the price goes up. Can someone check to see if the MtGox coins moved on the Bitcoin addresses that are known to be in the possession of these MtGox trustees?

I would not be amazed if the trustees dropped more coins onto the open market and not onto OTC platforms. They could care less about the influence that it might have on the price, they just want to sell the coins and finalize the refund process. 

[joniboini]

If you want to talk about price, then https://bitcointalk.org/index.php?topic=178336 is more approriate rather than Press.

[shamc]

People that have been in crypto for a while will realise that this was due to happen. Bitcoin always goes up and down so either join the whales or hold all the way to 20k

[slaman29]

What really gets me is how people are whining all over again now after seeing a small red bump. OK, it's not that small hehe, but come on, this was just a matter of time. Check out the year of the bull in 2017. More than 10 dumps of more than 10% in under 24 hours happened. That's in a BULL market. So get used to volatility, this is Bitcoin right guys?

[davidtld]

Thats more than Normal. Who HOLDS does not need to scary!

[rodel caling]

It's normal volality fluctuations of bitcoin moving up,and down, do not worry the market will goes back again at price of $7259.53 USD (-8.09%) source coin market cap after 6,600$ price after few hours hang on be patience nad observance.

[Yaunfitda]

This is clearly price manipulation, as we all are aware already. Heck, even the catalyst for this mini bull run in April was a clear works by an entity. So I don't know what media is again sensationalize this sort of a pullback.

It's evident that an imminent pullback will have to happen, so I'm not surprised by the sudden drop. Strong support @$7k, and that is good, at least the bleeding has stop momentarily.

[hatshepsut93]

This is clearly price manipulation, as we all are aware already. Heck, even the catalyst for this mini bull run in April was a clear works by an entity. So I don't know what media is again sensationalize this sort of a pullback.

It's evident that an imminent pullback will have to happen, so I'm not surprised by the sudden drop. Strong support @$7k, and that is good, at least the bleeding has stop momentarily.

Every single time Bitcoin's price makes a rapid movement, people will start telling that it's a manipulation, simply because the price moved fast, without presenting any strong evidence for conspiracy. I think it's better to be skeptical and look for simpler explanation - for example Bitcoin can simply be volatile on its own, without any shadow groups pulling strings, because the market is novel, unregulated, has low volume and limited adoption.