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kentrolla
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December 09, 2020, 07:56:39 AM |
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I didn't expected this pull back as day by day BTC was doing tremendously well and many positive news are coming across too but I don't understand why it is slowly going down, also stock market is nothing to do with crypto currency or BTC both are different sections. Looks like whales are planning to make impact on BTC price movements, let's wait patiently and see how it goes.
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Taskford
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December 09, 2020, 08:47:23 AM |
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Well maybe those 4 given scenarios are the big reason why bitcoin suddenly pull back and those dumps just adds some fears to the people who lose from the sudden downfall happening right now, I see so many losers from social media platforms where they post their negative result and maybe these one create some another declining effect of the market, But what good thing here is still we are in good figures even if we are on bloody market but I'm still keep looking for bounce back in next days.
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NeuroticFish
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December 09, 2020, 09:17:09 AM |
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1.The $19,500–$20,000 resistance area is a major roadblock
If the upward pressure would build up enough, this roadblock would be blasted sooner or later. 2. Miners are selling Bitcoin
Miners always sell Bitcoin. I don't see a reason for having this in the list. If the price falls more I expect they may also hold until it grows back. 3. “OG” investors are not buying 4. The stock market is declining
I've read this week about some new highs of the stock market. After a high a pullback is normal. Is that a decline? All in all, I don't see valid reasons posted there, at least not alone. I think that - Companies are preparing for holidays, where they may not be able to watch the market closely; this can cause some institutional investors become slower in buying
- Some speculators are cashing in because they expect to buy cheaper
- Big players try to stir the markets because many earn more when the price is unstable
I'd warn all traders be careful, the price could easily go in any direction.
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Oshosondy
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December 09, 2020, 09:26:11 AM |
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The price of bitcoin reached all time high not long ago in some days back, but it was unable to increase to $20000. Now we should consider bitcoin to reach a price $20000 before there can be positive effect of price inclination, but bitcoin got a strong resistance at $1990 or a price slightly below, and it was a very strong resistance. Because of this, it is very possible that bitcoin price will get decreased if the price does not cross $20000. Now bitcoin is falling, the fist support that was predicted was $18600 while bitcoin has fallen below that price, the second predicted support is $17800, if bitcoin could fall below that price, then be expecting bitcoin to bull back to $16400 or a price below. But if the support is strong at $17800, very possible bitcoin will still rally back to $19000 or a price above.
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RapTarX
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December 09, 2020, 10:13:55 AM |
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What's wrong with miners selling BTC? There will be 27000 new bitcoins per month while not every miners will sell them. I have seen miners who are holding the BTC since the beginning. So, that amount wouldn’t affect much, even if they do, it will be temporary. I don't understand why it is slowly going down,
It’s the correction; we had a significant pump within few days which was way faster. This pullback was expected but I didn’t think jt would be below $18k which it is now.
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Wexnident
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December 09, 2020, 10:38:14 AM |
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Err I think only one could even be said to be a valid reason. Miners are always selling Bitcoin, I doubt that has much influence on what's happening right now. If miners selling Bitcoin affected the market like that, we would've never made it this far. As for investors, I don't have much to say I don't really follow news about that. As for stock market, wasn't it already established that the stock market has nothing to do with the crypto market? and relating it to a decline makes it seem like every decline affects crypto, which is most probably not.
1 could be a reason, or just that we're experiencing a correction right now. Bitcoin went up too fast, anyone could actually see that. I think most expected the correction to happen earlier, but it only happened when it was about to break through $20k so I guess that was unfortunate. Maybe if it broke through $20k, we could've skipped that correction.
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cryptomaniac_xxx
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December 09, 2020, 10:46:11 AM |
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I thought that we have decoupled with stock market already? The question is why $20k is a major resistance? It is because this is a big psychological barrier? It's obvious that at this price, there is more selling, it happen last time in 2017. But the main difference is that we have institutions and company investing right now.
I don't think miners are selling though, not a good business decision at this point.
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20kevin20
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December 09, 2020, 11:18:51 AM |
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The question is why $20k is a major resistance? It is because this is a big psychological barrier?
I'd say this is the main reason. I mean, >$20k means going past the ATH. And not only that, but moving from $1XXXX to $2XXXX makes a quite substantial difference visually. If that happens, things will likely go wild again. But besides it being the ATH, there are lots of people who've purchased around the ATH and have been waiting for years to sell their coins on profit.
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Luzin
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December 09, 2020, 11:41:48 AM Last edit: December 09, 2020, 12:07:23 PM by Luzin |
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Reading some analysts this is normal, after reaching - + $ 19,980 an over buy occurred. Many buyers are selling and will buy at the bottom again. At the moment, the price is touching - + $ 17,600 and it's back up. There is strong support at - + 17,310 if this goes away it will fall deeper. IMO. The latest news (Maybe FUD) I read that Mt Gox will return the BTC lost in the hack the amount is around 150,000 BTC. Source: Set Mt.Gox outflow alert. Manage your risk.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
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fauzan123
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December 09, 2020, 11:51:08 AM |
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I thought that we have decoupled with stock market already? The question is why $20k is a major resistance? It is because this is a big psychological barrier? It's obvious that at this price, there is more selling, it happen last time in 2017. But the main difference is that we have institutions and company investing right now.
I don't think miners are selling though, not a good business decision at this point.
I think it is normal when a miner will sell a number of his bitcoins, of course, because the expenses from the miner's load are quite large. As a form of balance the miners will always sell some of their assets. When we discuss the 20k resistance, it is true that up to now the strong resistance is at the price of 20k and it has not been broken until now, coupled with the end of this year it has become a market habit that the movement tends to be bearish because most investors have the desire to take a vacation and it is not impossible will make a sale of a portion of their assets.
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davis196
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December 09, 2020, 12:02:10 PM |
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Miners don't matter that much about the Bitcoin price.HODLers moving old BTC from their cold storage and selling at 18-19K USD is a way more significant factor for the market price. What do you mean by "OG investors"?Can you mention a few OG investors? I think that it's normal for the institutional investors to be cautious and to refuse to buy at new Bitcoin ATH,because a bearish market might follow and they might have to wait for years to recover their losses adn get a good profit.Institutional investors will start buying BTC on a large scale only when the governments become 100% pro-Bitcoin. The stock market is in a pretty good share actually,mostly due to the financial injections made by the Federal reserve.Maybe this condition is misleading and the financial markets won't survive without the "financial steroids" by the central banks.
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Darker45
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December 09, 2020, 12:17:42 PM |
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How about the price is just consolidating and another rally is happening very soon? Or perhaps besides the miners there are a lot of investors, mostly retail ones I believe, who are already setting sell orders at various prices a little lower than $20,000. After all, huge profits have already been made within the year as the price of Bitcoin has been making strides whole year round, from around $3,000 in the first quarter to almost $20,000 in the fourth. A lot of investors must have already made one heck of a profit.
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poodle63
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December 09, 2020, 04:33:07 PM |
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Miners selling bitcoin is to be expected, I see no strong reasoning blabbering around about this matter since anyone know already that miners will eventually need money to power their mining rig.
The resistance around $20K will eventually broken as you can see on bitcoin chart it's always like that. Going up despite all the pumps and dumps.
My real concern is how bitcoin could get the buy orders or demands at this point where btc deemed as too expensive. Maybe if we got the news of bitcoin being used by many large corporations then it might adds demand to the market in no time.
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lebregone
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December 09, 2020, 05:21:36 PM |
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There will be a pull back for sure especially if the traders will start to make their move and big investors will try to manipulate the bitcoin price that will favor them so they can still earn a good amount of profit once the bitcoin will go down again to their target price.
Right now the market is in bloody mode again from 19k down to 17k, the market is very difficult to predict because the prices will really base on the demand and the supply once their will be more sellers and the buyers cannot keep up on it then the price will surely to pullback. In my case, I am not so sure if most of the miners will sell their bitcoin in this type of market condition though there will be few that will surely to do it in order to patch up their expenses.
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thecodebear
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December 09, 2020, 05:24:11 PM |
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I've been expecting a solid 1-2 month 30%+ correction for the past month now, but honestly it might not even come. We got $14.3k dip when the high was under $16k, then we got $16.2k in the main correction so far and then it went right back up and set a new ATH. Now we have this $17.6k dip but it has so far bounced well off it and so far back to $18.3k or so.
Honestly we might not even see a major correction until there is another major pump. The profit-takers haven't been able to keep Bitcoin below $18k, despite this recent bull run starting all the way back at $10k and encountering major resistance just below $20k. I think if it was gonna do the 30%+ correction back to $11k-$13k territory it would have happened last month after price stalled under $20k. At this point I think there is just too much institutional money coming in for profit-takers and sellers to seriously knock the price down for a real correction. I think Bitcoin pushes over $20k by end of month and we see a renewed push upwards a few thousand higher before we get any real correction that goes beyond just weekly volatility, at which point the correction might not even drop lower than like $16k-$17k ($16k is 30% down from $23k, for instance).
1. $20k is surely a big barrier to cross since it also coincides right around ATH, but with the disparity between supply and demand I don't think it's long before Bitcoin blows through this barrier and it gets sent flying higher. 2. Miners may be selling but there's only 900 total BTC to sell and institutional investors alone are buying up way more than that. 3. I don't know how you know whether "OG" investors are not buying but I wouldn't expect too many people who have been in Bitcoin for a ton of years to be buying right now, they are probably mostly just enjoying the price ride. Most of the new money is coming from big money and that is what is driving the price boom right now. 4. Stock market looks pretty high to me and I don't see any real downward movement in it recently. And it is only of low correlation generally to Bitcoin outside of major panic sells so this isn't really a strong reason.
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thecodebear
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December 09, 2020, 05:31:39 PM |
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If you want a good reason why Bitcoin isn't gonna correct too hard anytime soon:
MicroStrategy, which just added another $50 million to it's BTC haul recently, so they've now spent $475 million since August buying Bitcoin, is planning a $550 million stock sale in the next few days, for the sole purpose of using that money to increase their treasury holdings in Bitcoin. So in the next few weeks MicroStrategy is gonna double down on their Bitcoin investment and end up with about a billion dollar in total initial investments in Bitcoin.
I've seen rumors of some like $170 million worth of bitcoin from Mt Gox maybe hitting the market this month that will send the price down. Well MicroStrategy will be buying up that supply several times over around the same time.
If price is around $19,000 when MicroStrategy buys again, they'll be buying up around 29,000 BTC, or about 32 days worth of mining rewards, all by themselves.
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suzanne5223
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December 09, 2020, 08:00:43 PM |
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There are many circumstances behind the Bitcoin market further pullback from reaching the $20,000 price range but i think the stock market decline and OG investors not buying was not among the reason because the OG/whales are selling/buying habit and the miners may also play a role. However, i dont think it will be wise for any miners to sell now but I also believe the trading done on Paypal and other institutions that integrated BTC to be among the reason for the pullback.
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Fortify
Legendary
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December 09, 2020, 08:36:50 PM |
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It makes sense to see a pullback, as we've seen a steady movement up throughout the year and then a sudden spike from the $14k up to the $20k price range. It could easily drop down to the $15k area and still have made decent progress for 2020. Lots of people tend to look at the situation backwards out of greed, we should be grateful if the price falls because it allows you to pick up more. Remember that there are only a fixed amount of bitcoin available and the natural supply is constantly dwindling for a variety of reasons. Real wealth is made over a long time and very rarely overnight.
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Ridwan Fauzi
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December 10, 2020, 01:25:42 AM |
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I have my own prediction for bitcoin price in the near future, I expect that the price will fall to the $14.600 (as the golden pocket for monthly time frame) barrier and full-back again to pass the $20.000 barrier. As you can see now, bitcoin price is decreasing although we have seen a bounce from $17782 yesterday and formed a green candle at the daily time frame, but I guess it is not strong to continue the trend.
And agree with you said, seem like some investor or some institutional investor are waiting to buy again, they still wait I guess the stimulus from US government. Yeah, I say many times about stimulus because I've witnessed a bull run that has happened since a few months ago was encourage by the stimulus, many investors will find the right place to save their money, especially from inflation.
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