What the heck is happening to bitcoin!

[Botnake]

I guess all of these latest increases in bitcoin has finally caught up with us, there is no way that bitcoin could ever be this low without people giving up on it. I am assuming the reason why people gave up on it is the fact that we couldn't go up. We have tried to go above $12k for a long time and in the end we failed over and over again so eventually buyers turned to sellers because they couldn't make more profit when they bought so they gave up.

That could be the reason, but maybe in time, bitcoin will start breaking $12k and pump to a higher region.

As per this exchange, https://www.bitfinex.com/t/BTC:USD?refcode=H70YTMupQ.. bitcoin price already went down below $10k in the last 24 hours, so it could be a sign that we are going bearish again, but on the other hand, it's also possible that we will pump from this low price.

Moreover, there was a lot of money coming into bitcoin and then going to other stuff like DeFi or whatever and when that hype died down we have went down in the money coming in and we have increased the money coming out as well. In short if you do not make people money they are not going to be supporting you long term.

The hype is big for DeFi projects, but the word hype itself would result to overvalued price, and that hype will cool down soon.
However, for long term view, people have different perception, so it's hard to judge that as I myself is not even sure if the project I have invested will give a positive ROI.

[btc_angela]

There is an article at the end of July here:

Bitcoin CME Gaps – Why Are BTC CME Gaps Important?

That was end of July and the author are speculating that the price will go down because the CME gaps need to be filled out.

And now the picture are clear:

Bitcoin seems poised to fill CME gap at $9,600, but how likely would it be?

Bitcoin price pullback below $10,000 is likely to be filling the CME gap.
Some technical levels could invalidate the bearish outlook.
Bitcoin price drop to $9,600 could pull other major digital assets downwards, including Ethereum and Ripple.

So everything makes sense now and probably this is the main reason why BTC went on a downward spiral after pushing it again to $12k, clever manipulation by whales

[grizmoblust]

I guess all of these latest increases in bitcoin has finally caught up with us, there is no way that bitcoin could ever be this low without people giving up on it. I am assuming the reason why people gave up on it is the fact that we couldn't go up. We have tried to go above $12k for a long time and in the end we failed over and over again so eventually buyers turned to sellers because they couldn't make more profit when they bought so they gave up.

Moreover, there was a lot of money coming into bitcoin and then going to other stuff like DeFi or whatever and when that hype died down we have went down in the money coming in and we have increased the money coming out as well. In short if you do not make people money they are not going to be supporting you long term.

Now the market is like a bubble that can explode at any moment and investors now really only care about profit when choosing an investment. The value of Bitcoin determines all of this market but I am sure there will be plenty more corrections coming soon over the next few days. In addition, DeFi projects are falling rapidly and a lot of investors have lost large sums of money after just one day.

[Janation]

I guess all of these latest increases in bitcoin has finally caught up with us, there is no way that bitcoin could ever be this low without people giving up on it. I am assuming the reason why people gave up on it is the fact that we couldn't go up. We have tried to go above $12k for a long time and in the end we failed over and over again so eventually buyers turned to sellers because they couldn't make more profit when they bought so they gave up.

Moreover, there was a lot of money coming into bitcoin and then going to other stuff like DeFi or whatever and when that hype died down we have went down in the money coming in and we have increased the money coming out as well. In short if you do not make people money they are not going to be supporting you long term.

Now the market is like a bubble that can explode at any moment and investors now really only care about profit when choosing an investment. The value of Bitcoin determines all of this market but I am sure there will be plenty more corrections coming soon over the next few days. In addition, DeFi projects are falling rapidly and a lot of investors have lost large sums of money after just one day.

Obviously a lot of people wanted a profit here but I don't think it is a bubble.

Bitcoin is volatile, and I don't think this is a correction either since we are staying at $11K for a while. As you said that a lot of people lost large sums in just one day, tomorrow or the day tomorrow the opposite might happen, that is how the market moves. You didn't know how it will change, all we know if the price fell you either reinvest or just hold.

[$crypto$]

I guess all of these latest increases in bitcoin has finally caught up with us, there is no way that bitcoin could ever be this low without people giving up on it. I am assuming the reason why people gave up on it is the fact that we couldn't go up. We have tried to go above $12k for a long time and in the end we failed over and over again so eventually buyers turned to sellers because they couldn't make more profit when they bought so they gave up.

That could be the reason, but maybe in time, bitcoin will start breaking $12k and pump to a higher region.

As per this exchange, https://www.bitfinex.com/t/BTC:USD?refcode=H70YTMupQ.. bitcoin price already went down below $10k in the last 24 hours, so it could be a sign that we are going bearish again, but on the other hand, it's also possible that we will pump from this low price.

If it goes bearish of course it might be because the market is in a heavy dump right now and will it continue below the 10k bearish market? recovery now seems like it will be difficult to see things like this a lot of news continues to speculate about the price of bitcoin, but nothing is certain, but the point remains for investors not to panic when seeing their portfolios sometimes there could also be their mistake to sell urgently.

[Shasha80]

Everyone must be surprised by the current drop in Bitcoin price, but there's no need to panic. Since the decline in Bitcoin is natural,
the number of holders who sell Bitcoin for take profit is sure to make Bitcon's price go down. But won't get Bitcoin to drop below $ 9000,
because the price of Bitcoin support at $ 10,200 is very strong. So the probability that if it works down again is likely only up to the
price of $ 9500, after that the Bitcoin price will return to pump.

[nasipadang]

Is it manipulation? or just not breaking the resistance of 12K Area?
I am shocked of this recent drop and i am a long term holder, what do you think it will happen? just a correction?

Keep calm, as long-term holding, price drop is a common thing, long-term holding gives full trust to bitcoin. From some news maybe because of the problems that happened to the bithumb exchanger in south korea and maybe also a little wild thinking on the manipulation. Instead of thinking about this reduction for what it is, it would be better to think about what we are going to do in the current market. The red market is a condition that is very much awaited by users to buy at low prices, but why are all the topics talking about the decline and they are panicking about present condiition.

[cheezcarls]

It has been asked so many times already during Bitcoin's price downfall. It's like "Bitcoin is dead", but resurrected once again. I don't mind about Bitcoin's recent and future price drops if I'm a long-term holder. Corrections like this are just pretty normal, and for sure it'll go back up anytime without warning.

The cryptocurrency market is so highly unpredictable and volatile. We may not know when it'll go up or down, as these analysts cannot guarantee about the exact dates and times of these price movements. They may only know the chart patterns, candlesticks, etc., but these dates and times aren't accurate at all, so we always have to be ready to expect the unexpected.

[aceboy44]

2 - 3 weeks ago I purchase 2.3 BTC (my first time investing in bitcoin.)

Now seeing the price going way lower than reasonable rate (I'm even reading youtube comments they expect BTC to drop as low as 6K) I decided not to take any chance and sell off all my bitcoins now.

I still have ETH and NEO in my portfolio (and considering selling those two.)

It's a shame after such a huge investment (and paying high fees in buying/selling coins plus buying ledger nano X) my loses are over $5k (all this within a month.)

I was planning on holding BTC for 10 years but since the price dropped so much, and rumors speculating further drop to $ 6k I'm leaving this dirty business for good.

The cryptocurrency world just lost a serious investor (and I don't believe that I'm in this boat alone.)

It was all a scam from the beginning. I should have seen this coming.

[Kamilaz]

Honestly, that's the most exciting part about bitcoin for me. When the value goes down, you try to pack as much bitcoin as possible in your wallet (in hopes that the value goes up again, which it obviously would at some point in the future).

[NeuroticFish]

~

You are far from a serious investor. You were hoping for some quick bucks.
A serious investor doesn't invest all in one step, he knows that investing smaller amounts over longer period of time minimizes the chances to "get burned" (at least for short period).
A serious investor knows that every investment is risky and crypto is even riskier.
A serious investor knows that Bitcoin price fluctuates a lot.
A serious investor knows that altcoins are even riskier than Bitcoin.
A serious investor will not try to somehow try to make the community responsible for his actions.

[BitcoinHunt3r]

Is it manipulation? or just not breaking the resistance of 12K Area?
I am shocked of this recent drop and i am a long term holder, what do you think it will happen? just a correction?

I think wait for longer time wouldn't affect for long term holder. I mean maybe see a lot of responses from people, if you really long term holder, maybe wouldn't ask and worry about your investment because long term holder will keep wait until they think their investment is gain a profit. But that is only my opinion.

[justdimin]

2 - 3 weeks ago I purchase 2.3 BTC (my first time investing in bitcoin.)

Now seeing the price going way lower than reasonable rate (I'm even reading youtube comments they expect BTC to drop as low as 6K) I decided not to take any chance and sell off all my bitcoins now.

I still have ETH and NEO in my portfolio (and considering selling those two.)

It's a shame after such a huge investment (and paying high fees in buying/selling coins plus buying ledger nano X) my loses are over $5k (all this within a month.)

I was planning on holding BTC for 10 years but since the price dropped so much, and rumors speculating further drop to $ 6k I'm leaving this dirty business for good.

The cryptocurrency world just lost a serious investor (and I don't believe that I'm in this boat alone.)

It was all a scam from the beginning. I should have seen this coming.

Unfortunately you did buy at a very wrong moment but by selling you did even more wrong.
Bitcoin is not something that constantly goes down, it is definitely not something that stays at one place neither.

Yes, you bought bitcoin maybe at 11k but that doesn't mean that it will never be over 11k again, it would go higher than 11k and it would even make you an insane profit one day, that is a fact. Sure maybe price will go under 6k who knows? But even when bitcoin is under 6k that doesn't mean that price will not be over 11k one day, it was under 6k just a few months ago and it was over 12k a month ago, as you can see that happens.

This is why buying at high level like you did is wrong, but selling when it goes down is even more wrong, you didn't fix the issue itself.

[bakasabo]

I think there are probably two reasons that did not start a price drop, but somehow stimulated it. First one is the fact that police raided Bithumb, second is dump of Hotdog token on uniswap (token tried to copy result of Sushiswap). According to these, lots of people either lost lots of money, or withdraw them to other exchange or into fiat (FOMO). And this is like an avalanche, started from little and impact increased to enormous size.

[aceboy44]

Unfortunately you did buy at a very wrong moment but by selling you did even more wrong.
Bitcoin is not something that constantly goes down, it is definitely not something that stays at one place neither.

Yes, you bought bitcoin maybe at 11k but that doesn't mean that it will never be over 11k again, it would go higher than 11k and it would even make you an insane profit one day, that is a fact. Sure maybe price will go under 6k who knows? But even when bitcoin is under 6k that doesn't mean that price will not be over 11k one day, it was under 6k just a few months ago and it was over 12k a month ago, as you can see that happens.

This is why buying at high level like you did is wrong, but selling when it goes down is even more wrong, you didn't fix the issue itself.

Checking the market on a daily basis to see when is the right time to sell (which obviously will not turn me into a millionaire after the crash) is an unnecessary headache for me. I was willing to keep my 2.25 BTC and 6 ETH if the BTC price stayed above $9,500 but seeing it even went lower than that has caused me to distrust it. The headache itself is not worth it (not to mention many people claiming that bitcoin will soon fall and die one day!)

Can I sell my Ledger Nano X? Or should I just trash it?

Nevertheless, I have to admit that it was a hell of an experience for me (despite that big fat $6k+ loss). Time for me to consider stocks now

[qory]

Is it manipulation? or just not breaking the resistance of 12K Area?
I am shocked of this recent drop and i am a long term holder, what do you think it will happen? just a correction?

There's no manipulation going on for those users who are here before or been in markets for several years that this always happen bullish and bearish it's all normal. Well if you are a long term holder then there's nothing to worry about just come back and sell your coins once it increases again.

[Fredomago]

Is it manipulation? or just not breaking the resistance of 12K Area?
I am shocked of this recent drop and i am a long term holder, what do you think it will happen? just a correction?

I think wait for longer time wouldn't affect for long term holder. I mean maybe see a lot of responses from people, if you really long term holder, maybe wouldn't ask and worry about your investment because long term holder will keep wait until they think their investment is gain a profit. But that is only my opinion.

And being a long term holder gives you the idea of keep buying those cheap coins as the opportunities to sell it in a much better price bring more decent profits right.
Thinking about the current downfall. there are always factors that affects the behaviors of the market
and part of that are the whales who are really good in making situations, be precise with your chosen
strategy, if you are aiming to hold long then keep it that way.

[rexxarofmoknathal]

Is it manipulation? or just not breaking the resistance of 12K Area?
I am shocked of this recent drop and i am a long term holder, what do you think it will happen? just a correction?

I think wait for longer time wouldn't affect for long term holder. I mean maybe see a lot of responses from people, if you really long term holder, maybe wouldn't ask and worry about your investment because long term holder will keep wait until they think their investment is gain a profit. But that is only my opinion.

And being a long term holder gives you the idea of keep buying those cheap coins as the opportunities to sell it in a much better price bring more decent profits right.
Thinking about the current downfall. there are always factors that affects the behaviors of the market
and part of that are the whales who are really good in making situations, be precise with your chosen
strategy, if you are aiming to hold long then keep it that way.

What's happening to BTC right now is the question that goes through most of our minds! Some think it is just the normal correction and dare I mention that some speculate this is the new contraction for BTC and crypto alike.

Myself, tend to be more optimistic and think that this is a normal market response given the previous slow inflation. It is annoying as a long term holder but as @Fredomago suggests this might just be the best time for people looking for long-term crypto investment. So seise the opportunity while you can!

[milewilda]

Is it manipulation? or just not breaking the resistance of 12K Area?
I am shocked of this recent drop and i am a long term holder, what do you think it will happen? just a correction?

I think wait for longer time wouldn't affect for long term holder. I mean maybe see a lot of responses from people, if you really long term holder, maybe wouldn't ask and worry about your investment because long term holder will keep wait until they think their investment is gain a profit. But that is only my opinion.

And being a long term holder gives you the idea of keep buying those cheap coins as the opportunities to sell it in a much better price bring more decent profits right.
Thinking about the current downfall. there are always factors that affects the behaviors of the market
and part of that are the whales who are really good in making situations, be precise with your chosen
strategy, if you are aiming to hold long then keep it that way.

What's happening to BTC right now is the question that goes through most of our minds! Some think it is just the normal correction and dare I mention that some speculate this is the new contraction for BTC and crypto alike.

Myself, tend to be more optimistic and think that this is a normal market response given the previous slow inflation. It is annoying as a long term holder but as @Fredomago suggests this might just be the best time for people looking for long-term crypto investment. So seise the opportunity while you can!

Getting annoyed on time like these is just normal yet it do really give out always a bad vibe when we do saw the market is having a correction into its price.We do like to see a bullish market but we know that market doesnt work or having that kind of characteristics.There would always be a sell off someone bags and when you are in this market for a while now then seeing these circumstances wont already give you any surprise
since it can happen from time to time without even knowing the true reason behind it.This is why we do see several opinions and pointing out some news or events that might be correlated on such movement
but actually theres no precise thing when it comes to that. Price can move into a very unpredictable manner this is why as an investor seeing these low prices will really be an opportunity
for you to take.

[wiss19]

I don’t want to believe that you’re still new to this, don’t you know that the decreased? Let’s stop talking about all these manipulation of a thing, the price simply went down.

Weren’t you here 2017/2018 when the price of Bitcoin reached $20,000 and plummeted from there? The price even fell to $3,000 after it fell, so the decrease that we are seeing today is less compared to that one. It would be best if you’re going to look for other means that you can be using to earn income no matter where the market is heading. If you’re just relying on simple Hodl, be ready to calm down and wait.