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[bytebulls]

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[1714758126]

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[Darker45]

I haven't even seen BTC drop below $9,000 in the past 5 days or so. As a matter of fact, what I saw yesterday was BTC breaking $10,000 once again. I guess this $8,600 only happened in BitMEX.

But the more important point is that thanks to the 24/7 movement of the price of BTC cointelegraph will never run out of articles. 

[iosman001]

I haven't even seen BTC drop below $9,000 in the past 5 days or so. As a matter of fact, what I saw yesterday was BTC breaking $10,000 once again. I guess this $8,600 only happened in BitMEX.

But the more important point is that thanks to the 24/7 movement of the price of BTC cointelegraph will never run out of articles. 

I used to think the same, that the derivatives exchanges were beneficial for bitcoin. Now i think not so much. These derivative exchanges just create an investment market parallel to the bitcoin market, not in it. If the investment or exchange isn't hitting the blockchain, it's not influencing bitcoin. It's like a bunch of rich people that don't want to touch bitcoin have decided to make some side bets on its price...like a friday night parlour trick, entertainment on boys night out, etc.

[mk4]

I used to think the same, that the derivatives exchanges were beneficial for bitcoin. Now i think not so much. These derivative exchanges just create an investment market parallel to the bitcoin market, not in it. If the investment or exchange isn't hitting the blockchain, it's not influencing bitcoin. It's like a bunch of rich people that don't want to touch bitcoin have decided to make some side bets on its price...like a friday night parlour trick, entertainment on boys night out, etc.

At best, they give bitcoin more liquidity for sort of faster "price discovery". The thing that most people misunderstand is that institutional investors automatically means higher price, which is obviously not the case as things like shorting exists.

[Kakmakr]

A bull trap is a sudden price increase in a downtrend. Like its bear counterpart, a bull trap gives a false sense of price reversal. In this case, a bull trap is designed to lure unsuspecting traders into opening long positions on an asset. After the trap phase, price continues downward and bulls become trapped. - Source : https://blog.liquid.com/what-is-a-cryptocurrency-bear-trap-and-bull-trap

A Bull trap are the only explanation for me for the last 24 hours.    Yesterday, the price seem to recover to above $10 000+ and people started buying again and then suddenly within a few minutes or hours it just flash crashed with 14% 

We are quite used to Bitcoin's extreme volatility over the years and this is not something strange anymore, but this one took me by surprise. 

[DoubleEdgeEX]

Someone hit the "take profit" button and cashed out. Either that or algo traders that had their limit orders executed

[joniboini]

A Bull trap are the only explanation for me for the last 24 hours.    Yesterday, the price seem to recover to above $10 000+ and people started buying again and then suddenly within a few minutes or hours it just flash crashed with 14% 

I feel the same thing. But the chart formation is good and it breaks the resistance at some point, there's just not enough volume to be confident about it. I didn't see it crash that much but it's not clear where we headed either. We might try to break the resistance again and if it fails then another bearish wave might come.

[rodskee]

The price of Bitcoin dropped 14% to $8,600 in less than 15 minutes yesterday, and in a article on cointelegraph three reasons are given: long contracts accounting for the overwhelming majority of the Bitcoin market, BTC reacting to a multiyear resistance at $10,500 and whales dumping.

How do you think about this?

https://cointelegraph.com/news/3-main-reasons-bitcoin-price-plummeted-14-in-15-minutes-to-8-600

are you serious?i have checked exchanges and also coinmarketcap but none of them indicates this said
drop around $8,600.

and also we did not step the resistance of $10,500 so there are no chance of staying that position at
 any chance for now.
Like what i've said in my other post that at least we stays more than a week in 10k level then there
might be a chance of growing  even 12k or the Bull will literally
 starts that time.

[slackovic]

I used to think the same, that the derivatives exchanges were beneficial for bitcoin. Now i think not so much. These derivative exchanges just create an investment market parallel to the bitcoin market, not in it. If the investment or exchange isn't hitting the blockchain, it's not influencing bitcoin. It's like a bunch of rich people that don't want to touch bitcoin have decided to make some side bets on its price...like a friday night parlour trick, entertainment on boys night out, etc.

At best, they give bitcoin more liquidity for sort of faster "price discovery". The thing that most people misunderstand is that institutional investors automatically means higher price, which is obviously not the case as things like shorting exists.

I think that the biggest reason why we didn't see a bull run yet are shorts. Why would someone bother to pump the price if he can earn from a price fluctuation?

[mk4]

I think that the biggest reason why we didn't see a bull run yet are shorts. Why would someone bother to pump the price if he can earn from a price fluctuation?

Possibly, but let's not forget that the market can also be manipulated without shorts, probably just quite harder through straight-off dumping on spot exchanges. While no one knows, in the end chances are it's just the lack of buyers that's why we haven't gotten back at least near the all-time-highs.

[slackovic]

I think that the biggest reason why we didn't see a bull run yet are shorts. Why would someone bother to pump the price if he can earn from a price fluctuation?

Possibly, but let's not forget that the market can also be manipulated without shorts, probably just quite harder through straight-off dumping on spot exchanges. While no one knows, in the end chances are it's just the lack of buyers that's why we haven't gotten back at least near the all-time-highs.

True. When BTC price was soaring at the end of 2017. TV news were full of Bitcoin. Even my grandmother asked me about it. Now Bitcoin is not that much present in the news so there is not that much new investors as there was back in the end of 2017.

[eaLiTy]

The price of Bitcoin dropped 14% to $8,600 in less than 15 minutes yesterday, and in a article on cointelegraph three reasons are given: long contracts accounting for the overwhelming majority of the Bitcoin market, BTC reacting to a multiyear resistance at $10,500 and whales dumping.

It is completely bullshit as the price of BTCitcoin never went below $9400 let alone reaching these fake valuations. I knew there would be resistance breaching those levels and i have taken my positions and got back at $9500 seeing huge volumes in the buy wall, if the valuation ever went down i would be happy to enter at a lower valuation and that never happened.

Think twice before swallowing what these news sites say .

are you serious?i have checked exchanges and also coinmarketcap but none of them indicates this said
drop around $8,600.

It is a fake article, the price never went below that. Do not trust what they say as most are click baits.

[Lachrymose]

The price of Bitcoin dropped 14% to $8,600 in less than 15 minutes yesterday, and in a article on cointelegraph three reasons are given: long contracts accounting for the overwhelming majority of the Bitcoin market, BTC reacting to a multiyear resistance at $10,500 and whales dumping.

How do you think about this?

https://cointelegraph.com/news/3-main-reasons-bitcoin-price-plummeted-14-in-15-minutes-to-8-600

A great deal of the volumes in trading is made by automated trading bots. Price drops and increases can be triggered due to these bots as It happened yesterday. During this fall, investors had the opportunity to buy or sell. Even though it does not always give exact results, it is possible to invest more securely through various indicators, oscillators and human psychology. Another reason for the price volatility is leveraged trading. Apart from that, the price of Bitcoin last night waved between $9266 and $10380 at Binance. As mentioned in the article, BTC price dropped to $8600 on Bitmex and it means, whales who are backed by trading bots must have been caused this price volatility thanks to margin which allows the traders afford to open positions bigger than their capital.

It is a fake article, the price never went below that. Do not trust what they say as most are click baits.

Nope. It dropped to $8600 on BitMEX.

[michellee]

I only think about the rising of bitcoin price, and bitcoin already prove that yesterday although now, bitcoin price traded at $9,500 level, it will increase again in the other days. But I don't get it if bitcoin will go down and reach $8,600 because that will need big news or something like the exchanges has been a hacker for thousand bitcoin, then it might make the price will go down deeper. But as we know that bitcoin price can go to any price, even to the lowest price.

[Betwrong]

The price of Bitcoin dropped 14% to $8,600 in less than 15 minutes yesterday, and in a article on cointelegraph three reasons are given: long contracts accounting for the overwhelming majority of the Bitcoin market, BTC reacting to a multiyear resistance at $10,500 and whales dumping.

It is completely bullshit as the price of BTCitcoin never went below $9400 let alone reaching these fake valuations. I knew there would be resistance breaching those levels and i have taken my positions and got back at $9500 seeing huge volumes in the buy wall, if the valuation ever went down i would be happy to enter at a lower valuation and that never happened.

Think twice before swallowing what these news sites say .
~

That's right. After plummeting from $10,160 to $9,475 within 2 hours Bitcoin was fluctuating around $9,500(and it's still there).



I'm pleasantly surprised that we broke $10k, because I thought there were so many selling orders somewhere around $9,900 that we'll never get there. But it appeared that they were around $10,200(the previous temporary peak in February 2020).

~

It is a fake article, the price never went below that. Do not trust what they say as most are click baits.

Nope. It dropped to $8600 on BitMEX.

Then maybe it stayed at this level for such a short time that it was a bit unprofessional to put it in the title?

[carter34]

I haven't even seen BTC drop below $9,000 in the past 5 days or so. As a matter of fact, what I saw yesterday was BTC breaking $10,000 once again. I guess this $8,600 only happened in BitMEX.

I think at the time when I checked from cmc, I was surprised to see price above $10,000 and another check was another surprise, it came down to around 9,200. That was a huge volatility day. Trader's day  for profit taking. Maybe there was some whale manipulation.

[buwaytress]

Wasn't 8,600 on more than one exchange, and all the aggregators I was on only showed 9400 at the worst -- I actually happened to be looking at it as everything crashed, yeah cause I was late to the post 10k move heh.

I think it's nothing complex. Critical resistance point was met, same place a lot of long orders would have put TP at.

[Jawhead999]

This is more like unprofessional or click bait from cointelegraph rather than wrong information, because the information is true but only on BitMex. I have no idea why they only use information from BitMex, because Bitcoin is not from 1 exchange only... as we can know it here https://coinmarketcap.com/currencies/bitcoin/markets .

@OP you need to add "on BitMex" on your title, don't only copy-paste other people sites without research yourself. This can make misunderstanding to everyone if they didn't read carefully.

[arwin100]

I think that the biggest reason why we didn't see a bull run yet are shorts. Why would someone bother to pump the price if he can earn from a price fluctuation?

Possibly, but let's not forget that the market can also be manipulated without shorts, probably just quite harder through straight-off dumping on spot exchanges. While no one knows, in the end chances are it's just the lack of buyers that's why we haven't gotten back at least near the all-time-highs.

True. When BTC price was soaring at the end of 2017. TV news were full of Bitcoin. Even my grandmother asked me about it. Now Bitcoin is not that much present in the news so there is not that much new investors as there was back in the end of 2017.

In which country are you on? since in year 2017 we didn't see any news regarding on bitcoins but the one I saw is the rampant scamming using this currency that's why many of our fellow country men that bitcoin is scam and bad investment way back 2017, But when the price soar high many doubts has been eliminated especially when news articles are scattering the latest movements of the bitcoin by that time.

But I don't get it if bitcoin will go down and reach $8,600 because that will need big news or something like the exchanges has been a hacker for thousand bitcoin, then it might make the price will go down deeper. But as we know that bitcoin price can go to any price, even to the lowest price.

$8600 still not possible to go since this figure is not deep as the current value touching up and maybe we can still see this numbers since the current state is not solid and might we are still hitting a bull trap.

[slackovic]

I think that the biggest reason why we didn't see a bull run yet are shorts. Why would someone bother to pump the price if he can earn from a price fluctuation?

Possibly, but let's not forget that the market can also be manipulated without shorts, probably just quite harder through straight-off dumping on spot exchanges. While no one knows, in the end chances are it's just the lack of buyers that's why we haven't gotten back at least near the all-time-highs.

True. When BTC price was soaring at the end of 2017. TV news were full of Bitcoin. Even my grandmother asked me about it. Now Bitcoin is not that much present in the news so there is not that much new investors as there was back in the end of 2017.

In which country are you on? since in year 2017 we didn't see any news regarding on bitcoins but the one I saw is the rampant scamming using this currency that's why many of our fellow country men that bitcoin is scam and bad investment way back 2017, But when the price soar high many doubts has been eliminated especially when news articles are scattering the latest movements of the bitcoin by that time.

My point exactly! Each time Bitcoin is in the news, it's because some crypto malware is infecting computers and it's authors are demanding ransom to be payed in Bitcoin. That puts bad image in public.
However, I'm sure once the price rises above ATH price of $19.000, Bitcoin will be in the news again, but this time as a positive news.