Bitcoin is going down...now at $7,654.85

[The Sceptical Chymist]

I don't get why people are so surprised? It's one heck of a short/sell indicator when the price dips below the 200 daily moving average.

I guess because I'm not a chart analyzer, or even a watcher--that's why I'm surprised.  This is one hell of a plunge bitcoin took.  Yikes.

I wasn't expecting $7475 right now.

Me neither, though I figured bitcoin could break out of its range and go lower.  I just didn't expect it to go this low this fast, but that's bitcoin for ya.  It never ceases to surprise me what the price can do.  Not sure if more pain is ahead, but I'm not selling--I'm holding on to what I've got, because I'm sure the good times will come again.

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[gabbie2010]

I don't expect the price to go below the support at $7400+ which is presently holding the price and a possible rejection, the sudden plummet might be caused  by a massive sell by some whales of which no one has the capability of halting such a trade. Bitcoin price always dump or pump massively within a few period of time indicating it high volatility.

[stompix]

So, who is the culprit this time?
-Trump
-China
-SEC
-Bank of China
-Bakkt
-Binance
-Some Hack
-Brexit
-Unknown Whale
-CSW
-Grayscale (just found out a few minutes ago about them)
LE:
-Suckerberg testimony?

This was as always one whale selling lots of coins in a matter of minutes and plummeting the price.

Yeah, it always amazes me how a market with a supposed 19 billion a day volume drops 8% with a few million dump.

[gentlemand]

Yeah, it always amazes me how a market with a supposed 19 billion a day volume drops 8% with a few million dump.

Because it's a bunch of bots and children all wandering helplessly looking for a solitary stranger with a large and twitching bulge in his trousers to latch on to and go home with. It only takes one to form a lead and then everyone else follows in rapid succession.

[BigBos]

I do not think that the price of bitcoin will plunge freely like it is today. sometimes I see the price of bitcoin is still trying to stabilize at the price of $ 8000, and I think in the near future the price can reach $ 8500. however, after seeing coinmarketcap, it was very surprising to see prices that are now almost under $ 7500.

however this will make investors happy, I see a number of threads expecting bitcoin prices to fall, and it looks like they have already started placing orders. getting worse or not, we can only wait for this moment. I am also one of the people who hold bitcoin, and this is enough to make me pay attention to the market.

[STT]

Traded price is separate dynamic to underlying market, it is slightly surprising how markets move but we can trade any price in theory for a moment but also volume of that price traded matters as well.    Right now today the supply and demand has the market providing this particular price, the way I see it is every time line has a different price attached to it.



My earlier guess was target of about 7000 downwards and then right now 7625 is a level to get back above for some strength.  My perception as of late has been neutral to weakness in the price, we are taking the more negative path with a steeper incline but 9000 is possible still without too great a fight.

The market always over reacts, its like a bucking horse trying to get you to fall off.   Its not supposed to be easy I guess

It's one heck of a short/sell indicator when the price dips below the 200 daily moving average.

Nothing is ever that simple though, the 200 DMA is rising still every day.   Most of 2019 has been positive, I expect some rally so even though its hard to see I guess 9000 is reasonable and hopefully I spot it beforehand

[BrewMaster]

although the drop is not that surprising but i don't see any reason why anybody could have anticipated it. of course you could have given it a little chance as price wasn't going up and attempts at breaking the resistance was failing but also at the same time attempts at breaking the buy support was also failing and it was strong considering it was tested a couple of times withoug breaking and there was no reason for the drop to happen at all.

[fabiorem]

Price is aiming for the $6000's.

[Darooghe]

No need to panic just because of the simple reason that the market is down right now, remember Cryptocurrency and Bitcoin are volatile in which it can change anytime. I think this is the good opportunity and don't need to panic, just buy or invest right now, then you can earn a lot when the bull run comes.

Everytime the price goes down people start worrying and panicking. It's a normal reaction because for most of them their money are in game. for those who already understand the cryptocurrency ecosystem and bitcoin movements, changes in price up and down charts are not a problem because we know there will always be a bounce someday. Bitcoin is a long term investment, just wait a few years and you will see the true potential of it.

[darkangel11]

After several attempts to move toward $9000 which failed, it was expected that bulls will lose power and that something like this will happen. We can only speculate on the cause of such a sharp decline which is still going on (Bitstamp $7445), but very likely the cause is a large dump of BTC on some exchange or some very bad news which is still unknown to the general public.

As things stand, it looks like the end of the year will not be in the sign of an increase, but a fall in prices - which is good news for investors, bad for those who have already invested and are planning to sell by the end of the year.

This is a strange explanation. The price also had a lot of attempts at crossing 7800 and that failed as well at least 3 times. There was the same exact reason for the price to go up as it was to go down.
I see this move as completely artificial. Made by a single manipulator and bots who followed him just like that move from 6000 down last year. We are heavily oversold and still somebody manages to push us even lower with one big sell order. Textbook manipulation.

[boltz]

This was as always one whale selling lots of coins in a matter of minutes and plummeting the price.

Hopefully he buys back soon :-)

A whale ? Haha , good one. But this is not the case , its more likely a panic sell created among side traders and holders. It began the moment when Zuckerberg started the conference with the congress , coincidence ? Hmm I think not. A war against cryptocurrencies started again and we need to don't panic and don't sell and instead buy more if you can as this dip is not finished yet as personally I expect to see even lower prices but the bulls are present in this dip so don't get fooled by the bears "whales".

[skarais]

Price is aiming for the $6000's.

In my opinion, the potential for bitcoin to fall deeper is still very open. Its clear that bitcoin traders and holders are panicking, they start selling it on the market so that in a short time the price drops to -8.9% in less than 24 hours.
But to arrive at $6000 seems unlikely, there arent many factors that allow the price to go down to $6000 right now.

[gentlemand]

A war against cryptocurrencies started again

Nope. It's a war against Libra. I haven't watched all of this hearing, but I watched all of the previous ones whenever it was a month or two ago. Bitcoin came out of it well. Libra sure as shit did not. Almost everyone there was well aware of the differences and Bitcoin was something to be nurtured, if warily, and Libra was to be killed with fire.

I see no reason why anyone would sell off based on today's hearing. From what I saw it was largely 'we fucking hate you, Mark' once again.

[Battareus]

Yeah, it always amazes me how a market with a supposed 19 billion a day volume drops 8% with a few million dump.

Because it's a bunch of bots and children all wandering helplessly looking for a solitary stranger with a large and twitching bulge in his trousers to latch on to and go home with. It only takes one to form a lead and then everyone else follows in rapid succession.

This happens because there is a market estimated capitalization (this is when the average price for 1 bitcoin is multiplied by the number of circulating bitcoins) and the REAL capitalization - the price in purchase orders on the exchanges. Altcoins fall even faster due to the smaller support volume, Bitcoin is doing great.

[gantez]

I am not actually expecting this because I was thinking that if Bitcoin can go higher than #8,300 then it will be moving sideways in the next few days. Today, Bitcoin plummeted to lower than its support level and is standing at $7,654.85 per CoinMarketCap figures. The whole cryptocurrency market is on the decline and is painted with red juice color.

Where is the next direction of Bitcoin is everybody's guess but I am a firm and strong believer with this coin that I am predicting that it can in hours be heading south. I am still inclined to believe in many analysts' prediction of it to soon breakout the $8800 zone.

Am I just over optimistic and blinded by things happening the market today?

Reading your post made me to check on cmc and behold price has further dropped to $7557. This is not really good at this moment. Maybe we just might have left $8k zone to going down to $7500-$7000.

[alyssa85]

Yeah, it always amazes me how a market with a supposed 19 billion a day volume drops 8% with a few million dump.

I think the issue is that the volume is spread over many exchanges, so you can push the price down on one exchange (if the order books are thin) that triggers the bots to sell on the other exchanges.

In other words none of the exchanges have DEEP markets that can absorb even modest selling. And they don't have decent market makers.

By contrast most stocks are traded on just one exchange, in order for there to be good liquidity.

[STT]

I see this move as completely artificial. Made by a single manipulator and bots who followed him

Its part of a pattern of selling, if its fake its been elaborately done over some months now and lots of different exchanges.    The simplest answer is usually the most probable to be correct, people sell because the price is going lower then by self fulfilling the trend to continue.    At some point it balances out but for some period of time, people get weak hands and drop what they hold.    Market has to test peoples willingness to hold, its just how it works I guess and then its done on multiple time frames.  
   Eventually we start to get a consensus, not just day to day but the larger time frames people are willing to let their BTC go and surprisingly its for lower prices each time.   Eventually people are completely exasperated by this negativity and start to demand explanations or explore what is the driving force.    For me, the most simple force of all is just some fear that the price will go lower.   Its a mexican wave of sentiment and right now its a bit negative.   It can turn around, facebook or whoever doesn't really matter and there are positives out there for Bitcoin price but they are long term and it takes time.   13k was too far ahead of the curve imo
  
I'm already thinking it can go back to 8000, just swing right back the way it came but 7625 is the line for it to pass and hold and then its reversed that section of negative action as some start.

[Silberman]

I am not actually expecting this because I was thinking that if Bitcoin can go higher than #8,300 then it will be moving sideways in the next few days. Today, Bitcoin plummeted to lower than its support level and is standing at $7,654.85 per CoinMarketCap figures. The whole cryptocurrency market is on the decline and is painted with red juice color.

Where is the next direction of Bitcoin is everybody's guess but I am a firm and strong believer with this coin that I am predicting that it can in hours be heading south. I am still inclined to believe in many analysts' prediction of it to soon breakout the $8800 zone.

Am I just over optimistic and blinded by things happening the market today?

While I have been expecting a drop in the price of bitcoin and many other cryptocurrencies when I consider that this happened this fast I begin to have doubts, for what I can see this seems like an attempt by those that control this market to make the weak hands to stop holding their coins by creating this flash crashes that make people very nervous about their holdings, if I'm right then most likely the price will recover during the next days.

[adaseb]

I think this sell off is pretty similar to what happened in Nov. 2018 and it was a steep drop due to over leveraged longs getting liquidated. I was watching the order books and there were massive $10 million liquidation and these liquidations took a long time to fill and the market kept getting dragged lower and lower and lower.

There are too many people who are hodling Bitcoin the wrong way. Instead of just buying 1 BTC on the spot market for $8000 they just use some futures or margin exchange and buy 5-10x as much exposure and pretty soon their loss is equal to their initial investment and results in a liquidation. There aren't enough buy orders to fill except for shorts covering and the market crash very fast.

[alyssa85]

Very interesting article from Pro Hashing about the situation in the cryptocurrency world:

https://forums.prohashing.com/viewtopic.php?f=11&t=6695

This bit about mining was very concerning:

Miners continue to declare bankruptcy and leave the industry, and IPOs and fundraising for new ventures have been put on hold. Prohashing's daily revenue declined from $260,000 on February 13, 2018 to $11,250 in early October (it should be noted that some of this revenue was mistakenly paid as a result of bugs that are no longer present as the system has become more stable, so the actual reduction in profit is not proportional to the decline.) Litecoinpool.org's hashrate declined from 100TH/s to around 22TH/s today. We recently contracted a person to write a report whose job is to sell miners to large firms, and he said that almost all of his business today results from liquidations.

It's possible that today's flash crash was caused by someone liquidating all their coins in order to pay bills before they exit the industry.