[2020-03-11] Bitcoin Price Below $8,000 Again — Will Bulls Buy the Dip This Tim

[alani123]

Bitcoin (BTC) price has taken another dip below $8,000, dropping 5.11% to $7,728 after touching a daily high at $8,149. The pullback occurred shortly after the New York State Governor Andrew Cuomo announced that a 1-mile containment area of New Rochelle, a suburb of New York City, would be quarantined for at least two weeks.

Cuomo also deployed the US National Guard to the area and all schools and public facilities will remain closed as the National Guard will assist with distributing food to those quarantined in their homes. Cuomo described the situation as a “matter of life and death.”

https://cointelegraph.com/news/bitcoin-price-below-8-000-again-will-bulls-buy-the-dip-this-time

Comment:
It seems as though there's too much uncertainty behind what might be driving BTC prices down and what is to follow. What's for sure is that prices might have been shattered in terms of support, but it's just oo uncertain if markets could ever recover. What do you think, time to buy?

[bbc.reporter]

@alani123. What do I think? It might be the best time for the bitcoin whales maximalist to become united and prove their safe haven store of value storyboard to be correct. Pump the price, pay journalists to do the hype, do anything to prove they are right hehehehe.

[Betwrong]

~ What do you think, time to buy?

If you have spare money and going to invest it anyway, then I think Bitcoin is the best option. Only don't expect quick gains, it can take some time before the world recovers from the current shocks. So, again, if you have money that you can live without for the next 12-15 months, buy BTC today, and don't worry if it goes further down during the next couple of months, you'll be fine later. But, considering the current situation, you should not invest in anything if you may need the money in the near future.

[Vishnu.Reang]

As per CoinDesk, this dip was caused as a result of mass dumping of cryptocurrency by PlusToken scammers. They have dumped at least $120 million worth of cryptocurrency during the last few days. And that was the reason why the BTC exchange rates plummeted by more than $1,000 during the same period. And if you remember, the PlusToken scam involved cryptocurrency worth at least $3 billion. And this means that it will continue to have a major impact on the cryptocurrency exchange rates, in the foreseeable future.

[Kounter]

The price is very unstable now and you can expect anything now

[bbc.reporter]

As per CoinDesk, this dip was caused as a result of mass dumping of cryptocurrency by PlusToken scammers. They have dumped at least $120 million worth of cryptocurrency during the last few days. And that was the reason why the BTC exchange rates plummeted by more than $1,000 during the same period. And if you remember, the PlusToken scam involved cryptocurrency worth at least $3 billion. And this means that it will continue to have a major impact on the cryptocurrency exchange rates, in the foreseeable future.

The Plustoken scammers might have also been fearing the negative dumping effects of the coronavirus on bitcoin hehehehe.

Did Coindesk tell what exchanges were used? Why were the accounts not locked?

[Naida_BR]

Bitcoin has built a strong support at 8.5k.
We are seeing a lot of pressure to see the price being dropped below this support - maybe investors want to drop the price below 8k so as to buy more and sell later but the community is supporting and the price cannot be moved below this level.

[carter34]

Bitcoin has built a strong support at 8.5k.
We are seeing a lot of pressure to see the price being dropped below this support - maybe investors want to drop the price below 8k so as to buy more and sell later but the community is supporting and the price cannot be moved below this level.

The price appreciated today. Bitcoin recorded some profit, bouncing back to 9k and to $9.455 currently. This is a big gain for traders who are on buy. Hopefully, we might continue this positive move through to the end of this week.

[Kemarit]

Bitcoin has built a strong support at 8.5k.
We are seeing a lot of pressure to see the price being dropped below this support - maybe investors want to drop the price below 8k so as to buy more and sell later but the community is supporting and the price cannot be moved below this level.

The price appreciated today. Bitcoin recorded some profit, bouncing back to 9k and to $9.455 currently. This is a big gain for traders who are on buy. Hopefully, we might continue this positive move through to the end of this week.

But before the bounce, the price did go down to $8800 because of the FUD around that 50 BTC move. So it makes sense that after it had died down, the bulls started to buy back again and are trying to push to five digits. I believed that it will be the logical target, as we have been trying to breach it and at least strengthen for a period of time, around $10500 perhaps. So let's see, we still have a couple of days before the end of the month to see if bulls are going to make a push.

[michellee]

What I think if the price back to $8,000 again is, I will try to buy on that price. No matter if I don't have much money to buy a large amount of bitcoin, as long as I can buy bitcoin at that price, then that will be the lucky moment for me which I hardly to found that again in the future except there is a flash dump happens at the market. I am sure that many people, especially for people who have big money, will make sure to buy a lot of bitcoin amount and hold it until the price can back to the higher rate.

[Gozie51]

The price is very unstable now and you can expect anything now

Not sure about that. There has never been a time that bitcoin price was stable. The price always fluctuate with volatility. The volatility although is dependent on the ask price order in the market. Yesterday's price was an example and now selling at $9,242 after getting to around $9,500 or about that yesterday and that is to show is volatility.