Bitcoin Breaks $12,000 Before Plunging, Crypto Markets Turn Downward

[nh0xxpr01]

The Bitcoin price is currently down 0.67% on the day, trading at $11,673, according to Coin360. Looking at its weekly chart, the coin is up by about 17.27%.
https://cointelegraph.com/news/bitcoin-breaks-12-000-before-plunging-crypto-markets-turn-downward

[harizen]

The Bitcoin price is currently down 0.67% on the day, trading at $11,673, according to Coin360. Looking at its weekly chart, the coin is up by about 17.27%.
https://cointelegraph.com/news/bitcoin-breaks-12-000-before-plunging-crypto-markets-turn-downward

It's just another day of bitcoin.

I think this should be on Speculation section but reading the article content, it's way better for me at Trading Discussion since it can be considered as the reference for day traders.

[Payme21]

We should expect to keep seeing this up and down trend as regards the the price of btc. The price will always rise, peak and fall only to rise again

[odolvlobo]

Typical CoinTelegraph clickbait.

Dropping from $12k to $11.6k is not "plunging".

[BayAreaCoins]

I'm going to wait and buy some $250 Bitcoins in 2020.

[Slow death]

It is important to note that whenever it goes above $12000, it only stays for a short time and then falls again, it seems to me that $12000 is a zone where there is a lot of resistance, and after $12000 there is $13000.  which is also very difficult to overcome. in my opinion only if it breaks  $14000 and stay long above $14000 is we can dream of  $20,000 later this year. for those who believe it is possible to see the $20,000 later this year, every day we see that won't be such an easy task

[Duzter]

It is important to note that whenever it goes above $12000, it only stays for a short time and then falls again, it seems to me that $12000 is a zone where there is a lot of resistance, and after $12000 there is $13000.  which is also very difficult to overcome. in my opinion only if it breaks  $14000 and stay long above $14000 is we can dream of  $20,000 later this year. for those who believe it is possible to see the $20,000 later this year, every day we see that won't be such an easy task

There is large scale growth expected to take place over these days. As a part we've experienced a part of it. The fluctuation continues to take place within limits and today it has crossed $12000 and has come down once again. As stated in the above quote a price above $14000 seems to stand high to reach the $20000 barrier. Even in the mean there can be price fluctuations making the price go low to $10000, yet the probability is low.

[pooya87]

It is important to note that whenever it goes above $12000, it only stays for a short time and then falls again, it seems to me that $12000 is a zone where there is a lot of resistance, and after $12000 there is $13000.  which is also very difficult to overcome. in my opinion only if it breaks  $14000 and stay long above $14000 is we can dream of  $20,000 later this year. for those who believe it is possible to see the $20,000 later this year, every day we see that won't be such an easy task

it is not just a fall after reaching X, it is a rise and fall aka the sideways market where price keeps going down to $10k-ish and then rises back up to closer to $13k and then repeats again. we have been in this range for nearly 1.5 month now.
this type of trend is usually ended with a big breakout. so we don't need the $14k, it will happen by gaining a momentum next time we are headed for $13k and it just keeps going for about 30 to 50% before hitting the correction.

[freedomgo]

The Bitcoin price is currently down 0.67% on the day, trading at $11,673, according to Coin360. Looking at its weekly chart, the coin is up by about 17.27%.
https://cointelegraph.com/news/bitcoin-breaks-12-000-before-plunging-crypto-markets-turn-downward

Well, it didn't take long because we were able to rise back to $12K and the current price now is very close to $12K.
There's nothing significant as it's just what we saw on a regular basis, the price volatility of bitcoin still exist and that makes the most exciting coin in the market.

[keziakusayang]

bitcoin price movements are very fast. even if compared last week or month when the price of bitcoin was very low. at this time every day the price is unstable but at this time we cannot make any conclusions about the price of bitcoin because the price movement is not too significant. but rest assured. bitcoin will continue to rise in price

[Kakmakr]

So it just tested $12,000 and people always take some profits when a price break a psychological barrier.    It would be interesting to see what Cointelegraph would write about when there is a 30% drop in the price, because that would most probably be called a total collapse. < calling a $400 price drop a plunge  >

They have been around for many years and they should know the difference between a price plunging and the normal volatility that exist in the Bitcoin price movement. 

[arpon11]

The Bitcoin price is currently down 0.67% on the day, trading at $11,673, according to Coin360. Looking at its weekly chart, the coin is up by about 17.27%.
https://cointelegraph.com/news/bitcoin-breaks-12-000-before-plunging-crypto-markets-turn-downward

Bitcoin unged downwards after hitting around $12,200 at coinbase.  The four hours charts were showing overbought and as a technical analysis trader, I have to sell off my trade at poloniex because the market would not have gone up more than that because of the technical setting. Bitcoin has been finding it very difficult to remain above $12,000 since it hit $3880 early July and that is because the volume can not sustain the price at that level.

[jseverson]

I lol'd at plunging. That Cointelegraph article doesn't paint the entire picture though. This Coindesk article also noted a steep drop, but it was actually able to document a $1k-ish drop within a short period. It's not much in the grand scheme of things, but that's the kind of movement that would leave newbies shaking in their boots.

I am by no means saying that Coindesk is the paragon of crypto reporting, but what the hell is Cointelegraph doing? You can't say a drop is a plunge in your headline and clarify that it's a 0.67% drop on the day in your second sentence lmao.

[MonsterV]

Bitcoin unged downwards after hitting around $12,200 at coinbase.  The four hours charts were showing overbought and as a technical analysis trader, I have to sell off my trade at poloniex because the market would not have gone up more than that because of the technical setting. Bitcoin has been finding it very difficult to remain above $12,000 since it hit $3880 early July and that is because the volume can not sustain the price at that level.

And at that time the position of Bitcoin was on the resistance line and bounced back down. Indeed selling is the right step because in my opinion it is also unlikely that bitcoin will rise more than that. So now we wait until there is a new bitcoin signal, I will monitor in the support area and buy it again.

[qweqwe2121]

This can be a good news for traders, down 0.67% and earning 17.27% weekly. Let's see one year before we even lost a lot every day. This shows there are several reasons where the world is really interested in Cryptocurrency, even my neighbor a few years ago did not know Bitcoin and now he is a good trader.

[nydiacaskey01]

This is not something new to Bitcoin, there are even more instance where a big drop happened. 6% drop is very small compared to previous price drop of Bitcoin. if there's a sudden increase of price in Bitcoin, expect a pull back or a market correction that will happen in just a few hours or perhaps days.

[tippytoes]

The Bitcoin price is currently down 0.67% on the day, trading at $11,673, according to Coin360. Looking at its weekly chart, the coin is up by about 17.27%.
https://cointelegraph.com/news/bitcoin-breaks-12-000-before-plunging-crypto-markets-turn-downward

It's just another day of bitcoin.

I think this should be on Speculation section but reading the article content, it's way better for me at Trading Discussion since it can be considered as the reference for day traders.

Yes, the article might be of help to traders to gain more insights regarding btc trading. But anyhow, this is just another day for bitcoin. Nothing special about this movement. But it is good to follow the btc trends especially if you are a holder of this coin.

[Oceat]

The Bitcoin price is currently down 0.67% on the day, trading at $11,673, according to Coin360. Looking at its weekly chart, the coin is up by about 17.27%.
https://cointelegraph.com/news/bitcoin-breaks-12-000-before-plunging-crypto-markets-turn-downward

It's just another day of bitcoin.

I think this should be on Speculation section but reading the article content, it's way better for me at Trading Discussion since it can be considered as the reference for day traders.

Yes, the article might be of help to traders to gain more insights regarding btc trading. But anyhow, this is just another day for bitcoin. Nothing special about this movement. But it is good to follow the btc trends especially if you are a holder of this coin.

I have seen so many movements it is because of decentralised nature of crypto it use to rise and fall but patience is required at this stage. 12k $ is not the fixed price I am sure it will increase this year even more, downward movement is now has stopped and it will rise now we should not lose our determination just keep holding.

$12,000 may not be the fixed price but it is rather the price that prevents Bitcoin to break the $13,000 resistance and so on. Prices are in a stable state this week and might prolong for a couple of weeks if there's no sudden news that would change the market situation. Anyway, it's just too early for it to change course IMO since we are just in the first week of August.

[BitHodler]

Bitcoin has been finding it very difficult to remain above $12,000 since it hit $3880 early July and that is because the volume can not sustain the price at that level.

The lower overall volumes have surprisingly held the price pretty firmly around the $11.5k mark in the last couple of days.

People think it's bearish because the price keeps falling below $12k, but I find it super bullish that we see very strong support with relatively lower volumes. It might be an indication that bears are running out of coins to sell.

Currently it's waiting for a breakout, which I expect to happen before the weekend ends. If we break up $13k is what we can expect, where if we break down we might revisit sub $10k levels again.

In case of a sub $10k visit I would probably turn more bearish depending on whether we fall below the current local lows or not. I hope we don't, but if so anyway, I'll accumulate some more satoshis on the way down.

[Kemarit]

The Bitcoin price is currently down 0.67% on the day, trading at $11,673, according to Coin360. Looking at its weekly chart, the coin is up by about 17.27%.
https://cointelegraph.com/news/bitcoin-breaks-12-000-before-plunging-crypto-markets-turn-downward

It's just another day of bitcoin.

I think this should be on Speculation section but reading the article content, it's way better for me at Trading Discussion since it can be considered as the reference for day traders.

Yes, the article might be of help to traders to gain more insights regarding btc trading. But anyhow, this is just another day for bitcoin. Nothing special about this movement. But it is good to follow the btc trends especially if you are a holder of this coin.

I have seen so many movements it is because of decentralised nature of crypto it use to rise and fall but patience is required at this stage. 12k $ is not the fixed price I am sure it will increase this year even more, downward movement is now has stopped and it will rise now we should not lose our determination just keep holding.

It's simply based on supply and demand that's what there are so many movements. $12000 is what we call a mental barrier right now, we have been attempting to break that barrier, but it looks like too much for investors.

So for now it will be critical, but the good thing is that we have been hovering and holding around $11,500-$11,900 for like a week now. Indicating that a break out is really imminent. So it could happen any time or at least before the end of the month.