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

[royalfestus]

Have only been surprised on how it took to get that dump, when the price stays in $8000 for that long have been expecting a dump, sellers were more and few buy order were filled. Most buy order are around 6000 and altcoin are not having a good time with bitcoins dump. we should not support the rumor on bitmex influence on the dump cause there have always been an excuse at its dump.

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[pixie85]

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.

Watch some miners on youtube they are doing ok. Also if you have enough money to hold on until the halving you will make profit.

There's not much lower Bitcoin can go. I just don't see us doing the same thing we did in 2018 and breaking through 6000 dollars. This was a very strong support and will act as such support again. We're going to be held there for months if it happens to even go that low.

[gentlemand]

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

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

This guy has been concern trolling since 2013/4. Not a single one of his predictions have come true. I actually took the trouble to find out how to ignore people on Reddit just for him as he hangs out there the most.

His most recent 'metric' has been measuring the discounts you can get on Purse.io. If they're out of kilter then according to him we're all dead. I prefer deeper and better distributed evidence myself.

No one need give a shit about mining other than miners. So far it has ALWAYS taken care of itself and I don't expect that to change.

[ashmodeus]

well, i was surprised btc below 7500, mostly analyst say high support on 7500 resistance. ya , although that info from articles that cannot be trusted completely
any exact news about this situation btw ? or this just dumper time ? , but based on my opinion , market capitalization has lose more than $15,000,000,000 . i am not sure its "just" dump.

[Zemomtum]

Sometimes, the best strategy is not to trade at all. The market has been given enough signs for over three weeks and I have stayed sideline just watching what will happen next. We can see a retrace back to 6k before we see major move upward again this year.

[Oceat]

Sometimes, the best strategy is not to trade at all. The market has been given enough signs for over three weeks and I have stayed sideline just watching what will happen next. We can see a retrace back to 6k before we see major move upward again this year.

At this point we might be heading again to $6k range but let's not lose our hope since $7600 is the support at the moment. I want to expect that it will eventually bounce back again to $8k as soon as possible. Although I have a feeling that it will stay for a while before it starts to bounce back to $8k.

[Inkdatar]

I’m one of those who surprise about bitcoin price drop today.  This is it the market shows of unstable price but possible may increase the following weeks hopefully. I can say everything is possible in bitcoin it may go below 7k but price may suddenly change and can recover.

[alyssa85]

This guy has been concern trolling since 2013/4. Not a single one of his predictions have come true. I actually took the trouble to find out how to ignore people on Reddit just for him as he hangs out there the most.

His most recent 'metric' has been measuring the discounts you can get on Purse.io. If they're out of kilter then according to him we're all dead. I prefer deeper and better distributed evidence myself.

No one need give a shit about mining other than miners. So far it has ALWAYS taken care of itself and I don't expect that to change.

The pro-hashing guy might be concern trolling, but he might not be.

He's one of the few business people in the crypto space and thus picks up on stuff early. He was the first to flag up the issues that fees were causing in Dec 2017 (which then led to businesses like Steam disabling their bitcoin payment options), so while he is overly negative, not everything he says is wrong...

[STT]

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.

If its part of a previously unnoted trend then yea I rate news as it part of the market price and the most 'dangerous' is a story that develops and repeats.   The stuff we can ignore is one offs or just the idea and speculation on an idea which just amounts to just singular instance when Bitcoin market is an economy and in many different nations.
   If mining has some sort of problem that makes it non viable then its big news but also it is adjustable and a competitive market of its own so I dont think its new.   I'd love if we just went back to distributed mining that I can be part of but its not going to happen I guess but I still dont like 'big' companies being the way forward exactly.   Mostly I think economies progressing is always about some people losing and others finding a better way, harsh as that may be.

[sunsilk]

It got me alarmed when I've seen it on $8,000 a few hours and then afterward dropped to $7,500 very quick. It's not clear though to me on what's the possible reason but it could always be the huge players that started to play it again.

I've read about another bitcoin ETF proposal, I don't know if there's a connection to it. A lot of things that happened yesterday and with just a span of hours it plummeted which is an acceptable characteristic of bitcoin.

[Lucius]

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.

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.

It is strange for me that you mention $7800, the least few weeks price was in the range from $7900 to $8600, so about what attempts you are talking exactly? Seems to me like you're talking from the position we are in now, and I think there will be attempts to try to get back price to $8000 level, which will certainly not be an easy mission.

For reasons that may have led to such a sharp fall in price, we can only guess, but I read something which gives a possible explanation:

The cryptocurrency was largely trapped in a trading range of $8,500 to $7,850 since the end of September. The consolidation was expected to end with a bullish breakout as technical charts were reporting signs of seller exhaustion near $7,850 – a key Fibonacci retracement level.

The range, however, has ended with a violent move to the downside, possibly due to massive long squeeze reported by @WhaleCalls. A long squeeze occurs when a drop in prices forces long holders to unwind their positions. That adds to the downward pressure, leading to a deeper price slide.

The range breakdown has exposed support at $7,430 (multiple daily lows in June). As of writing, BTC is changing hands at $7,600, representing a 7 percent drop on a 24-hour basis.

[darkangel11]

Bitmex deciding they want to start making money again?

https://twitter.com/lawmaster/status/1186995147566915585

Anything between 6500 and 11,000 is now officially a bit dull in my eyes. I'm looking to this time next year for some interesting rumblings.

In the last bear market I felt exactly the same. When we were staying above 10k USD it was fine and I felt like it was a decent correction to 50% of ATH, but when we went below It felt like a temporary setback, while everything below 6k was manipulation and totally oversold territory.

I told myself that I'll never sell below 50% of ath and so I did in both bear markets that I held through. I didn't sell below 10k and a year later we were again above 10k so I'm not worried at all. We fell below again and will go back there for sure in 2020 so it's nothing but a matter of time. As long as you have a strong hand you will do great in this market.

[iMark]

well, i was surprised btc below 7500, mostly analyst say high support on 7500 resistance. ya , although that info from articles that cannot be trusted completely
any exact news about this situation btw ? or this just dumper time ? , but based on my opinion , market capitalization has lose more than $15,000,000,000 . i am not sure its "just" dump.

This condition often occurs, when prices are stable at certain prices over a long period of time, it is likely that prices will fall. same as some time ago, but after that the price will go up. and right now I'm waiting for prices to turn around and go back up.

I think it's normal if marketcaps fall lately, as usual when prices fall then marketcaps will weaken and many people will sell, go out and wait for prices to rise. that's the habits of investors, so it's natural that marketcaps are weakening.

[stompix]

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

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

Yeah, shows how easily one can go full insane:

With prices higher than the tipping point, companies could either survive on reduced profits, or cut costs. If things deteriorate too much further, then we'll see a collapse. Cryptocurrencies aren't going away, but a "reset" will occur, and it's going to take years for things to rebuild. During that time, it will probably be better to invest in other things.

Oh no, somebody please think of the children!!
The end is near!!!

There's also a contributing factor to this decline that is unique to cryptocurrencies. If, for example, prices reach $2000, it would probably be better to sell whatever coin-related business you own for whatever you can get, and simply buy bitcoins with the proceeds.

I don't know who this guy is but man, this is a load of crap.
So if bitcoin goes below $2000 you have to close your bitcoin-related business....why?
There was no business before 2017?
How did all of them work when the price was in the 100-1000 range?

I don't get permabulls either but those alarmists are also quite the thing

[Febo]

So, who is the culprit this time?

Grayscale.  They made huge campaign for people to drop gold. Since Bitcoin is digital gold, people started dropping Bitcoin.

[Kasabus]

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

You are being optimistic, price movement now is just its normal movement, it could drop or pump but what matters is bitcoin is legit and it has a great future waiting. Keep believing as it doesn't matter if it dump now because we all know it will recover in time.

Play the game pretty well if you are also into short term trading, now is the time to maybe buy and wait a bit until its price will again bounce back.
Though I am not certain but I have a feeling that BTC is bound to end not lower than $10K by the end of the year.

[watergold]

I wasn't expecting $7475 right now. Though as I predicted earlier this month looks like Bitcoin failed to hold the price & now it looks like we're going below $7000 in few weeks. We might see another downtrend to below $6k but not sure if we test below $5k again or not. The market condition is not very good right now. I don't understand how could price crash $700 in just 30 Minutes. It looks like a group of people controlling the market. The volatility of the bitcoin market always scars off the real investors. I would avoid trading for now and move to a stable coin. Surprisingly Altcoin market looks good at this recent market.

Is the whale controlling the current decline in the price of bitcoin? I can't believe that bitcoin will return as in April it hurts the lowest price, bitcoin at this time $ 7,486 could go down to as low as $ 7k but I think touching to $ 6k is too far to predict.

[ashmodeus]

I don't understand how could price crash $700 in just 30 Minutes. It looks like a group of people controlling the market.

well , according to info i get about this flash crash .
"Velocity has been slowing significantly over the past weeks as transaction volume moves over to stablecoins such as tether. Ultimately, this depressed demand for the bitcoin network has lead to this recent drop in price"
and for make it clear,
according to James Bennet,CEO of Byte Tree statement : The price loss was a result of lowered network velocity
before i find this info, i am quite sure market has been manipulate by holy big whales,but that wrong , its really clear its came from market condition it self.
oh yeah, source
but well, i cant forcing you to believe this speculation.

[AliMan]

I wasn't expecting $7475 right now. Though as I predicted earlier this month looks like Bitcoin failed to hold the price & now it looks like we're going below $7000 in few weeks. We might see another downtrend to below $6k but not sure if we test below $5k again or not. The market condition is not very good right now. I don't understand how could price crash $700 in just 30 Minutes. It looks like a group of people controlling the market. The volatility of the bitcoin market always scars off the real investors. I would avoid trading for now and move to a stable coin. Surprisingly Altcoin market looks good at this recent market.

Is the whale controlling the current decline in the price of bitcoin? I can't believe that bitcoin will return as in April it hurts the lowest price, bitcoin at this time $ 7,486 could go down to as low as $ 7k but I think touching to $ 6k is too far to predict.

Many people didn't expect this to happen, bitcoin reached at worst situation while we're moving forward to next month of November. All predictions tend to become reversal actions as per reality breaks its silent undertakings. However, the community feedback still stayed stronger on their principles and remained solemn on their stand against the current market fall, market recovery was their only hope to sustain more months holding valuable asset bitcoin.

[danherbias07]

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

How about pessimistic?
Somehow you are being driven by the wave down and all we could see in threads here are negativity about bitcoin.
You already have the answer to your question there. It is unexpected. Now, there might come another wave up. We can just speculate but doesn't really know where it is going.
Still I am optimistic with what is happening. This could just be another bump to bitcoin success.