Bitcoin Just Plunged $700 Upon Reaching $9,060, Correction or Reason To Panic?

[tbterryboy]

There will be people selling bitcoin at all times, thats not something new and has always happened in history of bitcoin, whenever price
goes up a bit, there are people who get out of the market for a while, hell even people who sell so they can buy lower later on.

However, this was a very very cool drop because at the same time showed us that we are in a good position at this moment, it could have gone down all the way to 7k and nothing would have happened but it didn't, which tells us "the sellers in the market have only a power of a 5% drop and not more" and that is very encouraging to go further into bitcoin these days. Next time we try to break 9k level I am pretty sure we will reach the 10k levels as well and go even further because sellers already used their ammunition and it hurt only this much.

[Fundamentals Of]

Everything is under control. Dipping down $700 is normal if the rise was also as high or even higher. This is nothing serious to panic. This is a normal correction. In other words, this is the buying time in between pumps.

Except it only dropped $700 because it hit such a strange and sudden high too (I say strange and sudden because in the context of the title for op of course). Everything is normal in these hundred dollar ranges in bitcoin. I would say 10% is the expected volatility curve in any given day, considering the past few years especially.

For me, there was nothing strange and sudden. Well, it was sudden but it was not the first time that Bitcoin suddenly made a spike so it was kind of normal still. If there is a high and sudden rise, there must also be a higher correction.

[Viscore]

I can say that's a healthy correction, though it dump after reach our high this year, but price were again stable at $8600 which is a good thing.
if this will hold longer, I believe from here, the price will bounce back again and touch $9K then slowly we will crawl until we reach that $10,000.

actually, it's just simple if we observe the price movement in the market, there's no need to think hard enough as bitcoin is reliable that it will recover and bounce back.

First quarter should be bullish as we have halving coming April.

[arwin100]

Everything is under control. Dipping down $700 is normal if the rise was also as high or even higher. This is nothing serious to panic. This is a normal correction. In other words, this is the buying time in between pumps.

Except it only dropped $700 because it hit such a strange and sudden high too (I say strange and sudden because in the context of the title for op of course). Everything is normal in these hundred dollar ranges in bitcoin. I would say 10% is the expected volatility curve in any given day, considering the past few years especially.

For me, there was nothing strange and sudden. Well, it was sudden but it was not the first time that Bitcoin suddenly made a spike so it was kind of normal still. If there is a high and sudden rise, there must also be a higher correction.

That will be the case that's why we shouldn't be surprise for those changes and maybe the best thing we can do is to find ways to earn with the sudden things.

But for now maybe there's something correlative events happened that's why we see the Bitcoin price dump but since there's still halving we can safely say that we have something big coming.

[alyssa85]

Everything is under control. Dipping down $700 is normal if the rise was also as high or even higher. This is nothing serious to panic. This is a normal correction. In other words, this is the buying time in between pumps.

Except it only dropped $700 because it hit such a strange and sudden high too (I say strange and sudden because in the context of the title for op of course). Everything is normal in these hundred dollar ranges in bitcoin. I would say 10% is the expected volatility curve in any given day, considering the past few years especially.

Some traders place automatic sell orders on the resistence lines.

If lots of traders are doing the same strategy, then you'll see a lot of sells at the exact same time, which then forces market sell orders to eat into the buy wall, sending the price lower.

[1Referee]

I can say that's a healthy correction, though it dump after reach our high this year, but price were again stable at $8600 which is a good thing.
if this will hold longer, I believe from here, the price will bounce back again and touch $9K then slowly we will crawl until we reach that $10,000.

It's a minor pullback, not a correction. It's just consolidating until the 21EMA catches up and guides the price further north. I always get kinda uncomfortable whenever the price is far ahead of the 21EMA on the daily, hence the reason these pullbacks are perfectly normal. I expect a kinda boring week based on that.

First quarter should be bullish as we have halving coming April.

It's roughly at 12 May; https://www.bitcoinblockhalf.com/

I expect a surprise pump just before the halving, but nothing too crazy. Our main priority is building support and higher highs for now.

[Kemarit]

I can say that's a healthy correction, though it dump after reach our high this year, but price were again stable at $8600 which is a good thing.
if this will hold longer, I believe from here, the price will bounce back again and touch $9K then slowly we will crawl until we reach that $10,000.

It's a minor pullback, not a correction. It's just consolidating until the 21EMA catches up and guides the price further north. I always get kinda uncomfortable whenever the price is far ahead of the 21EMA on the daily, hence the reason these pullbacks are perfectly normal. I expect a kinda boring week based on that.

First quarter should be bullish as we have halving coming April.

It's roughly at 12 May; https://www.bitcoinblockhalf.com/

I expect a surprise pump just before the halving, but nothing too crazy. Our main priority is building support and higher highs for now.

Yes, I'm looking somewhat to a jump in price prior to the halving, so perhaps around beginning of May we may at least see 10-20% jump.

As far as the minor pullback, it is to be expected I should say. We have lots of similar instances in the past, so no surprised here. And look at how the strong is the support after the pullback, validation that we might see boring sideways pattern. 

[Fundamentals Of]

Everything is under control. Dipping down $700 is normal if the rise was also as high or even higher. This is nothing serious to panic. This is a normal correction. In other words, this is the buying time in between pumps.

Except it only dropped $700 because it hit such a strange and sudden high too (I say strange and sudden because in the context of the title for op of course). Everything is normal in these hundred dollar ranges in bitcoin. I would say 10% is the expected volatility curve in any given day, considering the past few years especially.

Some traders place automatic sell orders on the resistence lines.

If lots of traders are doing the same strategy, then you'll see a lot of sells at the exact same time, which then forces market sell orders to eat into the buy wall, sending the price lower.

For sure. If traders are seeing similar patterns and tip points, they might also be placing automatic orders on the same price, or if not exactly the same price, just around that price. That contributes to the falling of prices after reaching at some point.

There are automatic sell orders on the resistance lines as there are also automatic buy orders on the support lines.

[CryptoBry]

There is no mistake about that Bitcoin is rising up. The recent slowdown is just a natural occurrence with this digital asset and has been shown not to be a big concern to many. We are definitely in a bullish trend right now and we can see a mounting upward pressure in the coming days and weeks. This correction should be taken overall as very healthy. Personally, I am starting to see Bitcoin really getting ready for more growth leading to the coming halving around May. Once this kind of euphoric mindset is enveloping with the whole market then we can see Bitcoin jumping and ramping all around.

[yulionoo]

I think this is just an ordinary correction because there is no news or anything big that happened that could affect bitcoin. I'm sure at the beginning of February Bitcoin will likely pump up again and reach a price of $ 10k. so we don't need to panic. and I think this is a good opportunity for people who haven't bought bitcoin to buy bitcoin. with halving bitcoin I'm optimistic that bitcoin can reach $ 15k by the end of this year.

[Yaunfitda]

I think this is just an ordinary correction because there is no news or anything big that happened that could affect bitcoin. I'm sure at the beginning of February Bitcoin will likely pump up again and reach a price of $ 10k. so we don't need to panic. and I think this is a good opportunity for people who haven't bought bitcoin to buy bitcoin. with halving bitcoin I'm optimistic that bitcoin can reach $ 15k by the end of this year.

Fomo is what we needed to make a push to 5 digits again. hehehe

But as I have said, maybe we can see another sideways or just the bulls taking sometime and looking at the charts to see where is the possible direction before investing again. We're still far from that $ 15k prediction, and I would rather see baby steps instead of a massive gains like BSV. 

[gweedo]

I think this is just an ordinary correction because there is no news or anything big that happened that could affect bitcoin. I'm sure at the beginning of February Bitcoin will likely pump up again and reach a price of $ 10k. so we don't need to panic. and I think this is a good opportunity for people who haven't bought bitcoin to buy bitcoin. with halving bitcoin I'm optimistic that bitcoin can reach $ 15k by the end of this year.

Obviously this is a correction for Bitcoin, and now bitcoin is still building a support level at $ 8600. If from now until the end of January, the price of bitcoin remains stable at this price then I believe that in February we can see bitcoin go up to $ 10000 or even higher, buying bitcoin as much as possible now so as not to regret when it raises prices next month

[Wysi]

I think this is just an ordinary correction because there is no news or anything big that happened that could affect bitcoin. I'm sure at the beginning of February Bitcoin will likely pump up again and reach a price of $ 10k. so we don't need to panic. and I think this is a good opportunity for people who haven't bought bitcoin to buy bitcoin. with halving bitcoin I'm optimistic that bitcoin can reach $ 15k by the end of this year.

Yes this looks like a regular correction and not a matter to panic, Bitcoin indeed have to cross the mark of $10K before the end of February but at one point of time I thought that the bitcoin will reach $10k by the end of January but the progress has been slowed down compared to past week. I just wish we don't go back to the bearish market again as there are lot of hopes on bitcoin this year due to more positive news than negative one this year.

[buwaytress]

For sure. If traders are seeing similar patterns and tip points, they might also be placing automatic orders on the same price, or if not exactly the same price, just around that price. That contributes to the falling of prices after reaching at some point.

There are automatic sell orders on the resistance lines as there are also automatic buy orders on the support lines.

I think those have been happening regularly just above 9k and just above 10k -- for me, the fact that almost no volume or resistance/support ever seems to take place in between those levels (least last year anyway) is evidence. So I keep thinking, moving from 9k to 10k (and vice versa) isn't very significant at all. So if and when 9k becomes a clear support, the next support actually is at 10,500 or even 11k.

Think it's just psychology that sell orders are at 9k and 10k for almost anything bought below 8k.

[Darooghe]

It's normal movement for a high volatility market. Bitcoin is purchased, stored or sold based on several factors, most of them are emotionally based variables, news reports, articles, forward thinking statements, whale activities and sentiments etc. It's still an unregulated person-to-person Market. all unregulated markets fluctuate wildly. regulation will provide an environment for stability, also the price of any currency will fluctuate unless the services and goods are pegged to it.

[Dart18]

Last time I saw that correction was months ago.
Are we really going to use it again?
Can't we just say it is just a fluctuation? When it goes up it is good? When it goes down it is a correction? Then, we find another reason just to justify it?

Is it really that fair to the market of bitcoin?

[BigBos]

after a fairly high increase, the decline that occurred was considered normal. however, the price is still at the level of $ 8k and that is the most important. besides, it is natural that a decline occurs when the price has reached $ 9k. it proves that many people who stock bitcoin at the level of $ 6k and sell it when $ 9k. Yeah, but I think this decline is happening naturally.

[Sterbens]

Last time I saw that correction was months ago.
Are we really going to use it again?
Can't we just say it is just a fluctuation? When it goes up it is good? When it goes down it is a correction? Then, we find another reason just to justify it?

Is it really that fair to the market of bitcoin?

I think this correction is not panic with the price of bitcoin falling to $ 700 and it is natural because of fluctuations in market conditions like that and it does seem fair to me because it can buy more bitcoin with below.
Although there are other reasons, it's still a correction after the pump there must be a slight correction.

[msarro]

I think this is normal in bitcoin market. I am used to such situations where btc going and down for no reason. bitcoin didnt have good support at 9000$ so that why it fell back and find a strong support at 8600$. If bitcoin falls from here, I think it will go back to 7000$. But anything is possible.

[jostorres]

It wasn't really unexpected that there would be more people selling at higher levels, maybe buy orders couldn't reach up with the sell orders when the price went up and that is something we all knew would happen eventually, that is what happened and everything is still going according to plan. What we have to be really careful about right now is that if buyers are done buying or not, if they are not its even better future for us because people who would sell already sold, now is easier to go even higher, however if they are done, not much we can do about it.

I personally think this was better, sellers just got out of the market by selling and dropping the price, now there is less money required to go back up, buying now would basically mean buying a currency that has %10 increase easily achievable, not definitely will happen but easier at least.