Don’t Panic V

[janggernaut]

By the way is the dump over ?

Bitcoin seems already bounce back at least for now. But it's still unstable if you gonna buy the dip with huge amount, better to wait until it more stable.

Panic selling is only for those weak hands and daily trader, HODLer even accumulate more coins in their bag from that dump earlier.

[tokeweed]

^  I’d love to say ‘don’t panic’ but that has me worried, not gonna lie.  I feel like it’s gonna be a major blood bath first thing on Monday mornings of Asia, Europe then the US.  Keep watch on the hourly.

[RealMalatesta]

^  I’d love to say ‘don’t panic’ but that has me worried, not gonna lie.  I feel like it’s gonna be a major blood bath first thing on Monday mornings of Asia, Europe then the US.  Keep watch on the hourly.

Today is really a disappointing day for me as well; I was expecting markets to be testing new ATH as at weekends, bitcoin market is known for rising up on (especially on Sundays) but after a week long sustaining above $60k levels, today it came down under $60k levels and tested around $52k levels and trading above $55k levels right now.

Checked on google news feed; nothing major about anything negative for bitcoin ecosystem hence I understood some whales decided to embrace fiats with probable plan of getting back to bitcoins at cheaper levels. So, it is an another usual correction (probably somehow bigger in percentage) but not backed by any news nor events hence do not panic .

[tokeweed]

^  Maybe we shouldn’t worry too much about the ‘news’ cos it’s prolly mostly noise as far price is concerned.  Every piece of info about what’s going on behind BTC is already reflected through the price.

Here’s the hourly.  It could be crucial that BTC should bounce everytime it hits the red bar.  It would depend how spooked the market is this week after the huge sell down.

[BrewMaster]

^  I’d love to say ‘don’t panic’ but that has me worried, not gonna lie.  I feel like it’s gonna be a major blood bath first thing on Monday mornings of Asia, Europe then the US.  Keep watch on the hourly.

but there is no reason for the drop we had apart from panic selling by weak hands and when it is because of FUD it can not become bigger. right now price is sitting at 92% of yesterday's price (only 8% drop). which is a normal thing for a correction too.

Here’s the hourly.

whenever it takes less than 20 minutes to drop that much that is a good indication that this is just a market manipulation not an actual drop!
drops that also grow big are much slower than this.

[hatshepsut93]

Redditor explains that the recent crash was caused by massive cascading liquidation on Binance

Basically, because Binance and some other exchanges allow x100 leverage or even higher, the price can become very fragile if it was pushed up by these longs, because the moment they start getting liquidated, it causes even more liquidations, as more BTC gets automatically sold, pushing the price down. To support this theory, reddit users show that during this crash there was enormous USDT volume, and the price of BTC on Binance was much lower, because this is where this action happened, and traders on exchange like Coinbase had to arbitrage.

[eaLiTy]

So there’s news swirling around that a coal mine explosion at some province in China caused a huge power outage and prolly also caused BTC’s hash rate to drop by 30% or so.  That’s prolly the reason for the market sell down rn.  Just another over reaction by the market as usual.

The market was looking for a reason to have a correction and they got that in the power outage in China and it really interrupted the transaction delays because of the hash rate drop and it is interesting to see whether the institutional investors will be willing to invest during this correction as they were doing that in the past and that held the market together and hence the next couple of days is crucial.

[Furious 7]

So there’s news swirling around that a coal mine explosion at some province in China caused a huge power outage and prolly also caused BTC’s hash rate to drop by 30% or so.  That’s prolly the reason for the market sell down rn.  Just another over reaction by the market as usual.

The market was looking for a reason to have a correction and they got that in the power outage in China and it really interrupted the transaction delays because of the hash rate drop and it is interesting to see whether the institutional investors will be willing to invest during this correction as they were doing that in the past and that held the market together and hence the next couple of days is crucial.

I even got the news about a lot of laundering using cryptocurrency and and that's causing the market to be a serious correction, will this panic turn the whole into selling their assets? I think it will stay and the market resistance is now quite strong so they will not be affected by the news from anywhere including with mining due to outages from the whole and also by the news in US with its misuse wash.

[Fredomago]

So there’s news swirling around that a coal mine explosion at some province in China caused a huge power outage and prolly also caused BTC’s hash rate to drop by 30% or so.  That’s prolly the reason for the market sell down rn.  Just another over reaction by the market as usual.

The market was looking for a reason to have a correction and they got that in the power outage in China and it really interrupted the transaction delays because of the hash rate drop and it is interesting to see whether the institutional investors will be willing to invest during this correction as they were doing that in the past and that held the market together and hence the next couple of days is crucial.

I even got the news about a lot of laundering using cryptocurrency and and that's causing the market to be a serious correction, will this panic turn the whole into selling their assets? I think it will stay and the market resistance is now quite strong so they will not be affected by the news from anywhere including with mining due to outages from the whole and also by the news in US with its misuse wash.

Fuds are trying to create huge impact to this current situation, we've seen that the entire market is falling, aside from Doge and some
alts most assets including Bitcoin are bleeding.

It take another week to see if what would be the entire impact of this mining and laundering issue, once institutional investors start
buying those cheap coins inside the market, bounce will take place immidiately.

We know now that there are many interested new big players to come along, expect their money to bring the hype back.

[fullhdpixel]

^  I’d love to say ‘don’t panic’ but that has me worried, not gonna lie.  I feel like it’s gonna be a major blood bath first thing on Monday mornings of Asia, Europe then the US.  Keep watch on the hourly.

but there is no reason for the drop we had apart from panic selling by weak hands and when it is because of FUD it can not become bigger. right now price is sitting at 92% of yesterday's price (only 8% drop). which is a normal thing for a correction too.

There is a reason, it is not manipulation, it is not speculation, it is purely automatic and will go back up surely. The huuuuuuuuge amount of money that was borrowed in USDT at binance was liquidated, there were tons of people who did that, in billions of dollars, and when they got cashed out, it dropped more and cashed out more and just kept going until it wasn't that bad and all of it was liquidated.

It is not really anyone doing it, it is just automatic, when the price dropped just a slight bit, that triggered one wave, which triggered another and just automatically dropped. All the news about why it dropped is wrong because this is literally proven and factual data that could be tracked and seen, as long as we have that we know that it is neither manipulation nor pump/dump situation, it is purely unwanted auto move that was resulted by people who borrowed too much.

[Furious 7]

So there’s news swirling around that a coal mine explosion at some province in China caused a huge power outage and prolly also caused BTC’s hash rate to drop by 30% or so.  That’s prolly the reason for the market sell down rn.  Just another over reaction by the market as usual.

The market was looking for a reason to have a correction and they got that in the power outage in China and it really interrupted the transaction delays because of the hash rate drop and it is interesting to see whether the institutional investors will be willing to invest during this correction as they were doing that in the past and that held the market together and hence the next couple of days is crucial.

I even got the news about a lot of laundering using cryptocurrency and and that's causing the market to be a serious correction, will this panic turn the whole into selling their assets? I think it will stay and the market resistance is now quite strong so they will not be affected by the news from anywhere including with mining due to outages from the whole and also by the news in US with its misuse wash.

Fuds are trying to create huge impact to this current situation, we've seen that the entire market is falling, aside from Doge and some
alts most assets including Bitcoin are bleeding.

It take another week to see if what would be the entire impact of this mining and laundering issue, once institutional investors start
buying those cheap coins inside the market, bounce will take place immidiately.

We know now that there are many interested new big players to come along, expect their money to bring the hype back.

There are some coins that are still in the pump including doge so I don't think this whole thing has an impact on the market situation and indeed the FUD will make a benchmark that can lower prices even more and this can be done by big whales including big new investors coming in.
I think it will not take long and can recover, look what happened before it also experienced the same thing so I don't think too much panic, just we need to hold a little longer where we reverse my portfolio to normal if the tension continues it will be difficult and throw away coins at low prices.

[Theb]

The market was looking for a reason to have a correction and they got that in the power outage in China and it really interrupted the transaction delays because of the hash rate drop and it is interesting to see whether the institutional investors will be willing to invest during this correction as they were doing that in the past and that held the market together and hence the next couple of days is crucial.

I highly doubt that the drop in hashrate nor the coal explosion the led to the power outage is the reason of the drop. Bitcoin has no reason to rally at $64,000 to begin with and that resulted to a lot of people taking profit early as they know that it will be followed by a drop and that happened. Of course crypto media news are fast to pick up with these kinds of matter and begin connecting everything just to make a reason for the drop. The drop from what I have seen in the hash rate was no where near 30% and if you have seen the charts for the hashrate there were far more worst drops that had happened as we have seen right now but Bitcoin didn't had any correction during that time.

[adaseb]

What happened yesterday was nothing more than a cascading block of long liquidations one after the other. When the price was dipping, instead of people selling at a loss, they kept entering positions more and more. Then eventually they were under water and wanted to get out, however there was a lack of buyers below the $53K area and what happened was massive liqudations started happening on all the exchanges.

If you go to bybt it shows the graph and this is the first day in history where we got $10 Billion worth of liquidations, mostly it was longs. It sounds like alot it is however the price didn't go down that much to make up for it. So basically it only tells you one thing. People are way way too greedy and too over-leveraged. Nobody is buying on spot anything everybody is buying on leverage and hence the reason why this happens.

[New.in.trading]

As long as this current support in BTCUSD is not really broken, I dont see any reason to turn my bias from bullish to bearish:

[STT]

Its lost momentum but I agree its not properly bearish for now.  Just retracted from 2 day average overhead but well ahead on fib levels of the larger section of the fall.



56k and 55k represents quite easily somewhere it should trade above today to keep confidence going forward.  I expect it to build maybe drift but ultimately continue on and then we see some selling at 60k before its properly decided on this bearish idea for this month.   Daily and weekly bars closed just within a more positive area, it recovered enough probably.

[davis196]

Wups...  So there’s news swirling around that a coal mine explosion at some province in China caused a huge power outage and prolly also caused BTC’s hash rate to drop by 30% or so.  That’s prolly the reason for the market sell down rn.  Just another over reaction by the market as usual.

This looks like an attempt to find a convenient explanation for the Bitcoin price dump.
In reality,this price dump can be caused by multiple factors-Not enough support for a price above 60K,many traders and whales selling BTC to cash out profits,some FUD news,etc.
I don't think that the situation regarding Bitcoin miners in China is the main reason behind the price correction.
Is there a direct correlation between hash rate and the Bitcoin price?

[Jating]

56k and 55k represents quite easily somewhere it should trade above today to keep confidence going forward.  I expect it to build maybe drift but ultimately continue on and then we see some selling at 60k before its properly decided on this bearish idea for this month.   Daily and weekly bars closed just within a more positive area, it recovered enough probably.

Yes, it seems that we have settled around $55k-$56k for now as the news (FUD?) might not have anymore effect on the price. Obviously, there was a scare yesterday as it plummet to $52k, but everyone looks clam now, no bearish threat whatsoever in the daily and weekly candles and should be moving on positive area this week.

It's good though that there's no more negative price movement, investors have matured, those who have sold might be back again buying at this price and hopefully we can gain momentum to $60k again.

[slaman29]

Redditor explains that the recent crash was caused by massive cascading liquidation on Binance

Strange, though. I always thought Binance had very strict leverage provisions, though I myself never tried so don't know. But anyway, good to see this and I hope a lot of people got burnt so they stop trading leverage when they don't really know what they're doing.

Plenty of profit opportunities for those arbitrage traders. We'll see a lot more news coming on this in coming days.

[arwin100]

56k and 55k represents quite easily somewhere it should trade above today to keep confidence going forward.  I expect it to build maybe drift but ultimately continue on and then we see some selling at 60k before its properly decided on this bearish idea for this month.   Daily and weekly bars closed just within a more positive area, it recovered enough probably.

Yes, it seems that we have settled around $55k-$56k for now as the news (FUD?) might not have anymore effect on the price. Obviously, there was a scare yesterday as it plummet to $52k, but everyone looks clam now, no bearish threat whatsoever in the daily and weekly candles and should be moving on positive area this week.

It's good though that there's no more negative price movement, investors have matured, those who have sold might be back again buying at this price and hopefully we can gain momentum to $60k again.

Many think that itw a start of bear season thats why the price suddenly drops at $52k, and feel sorry to those people who easy got caught in the fuds since for sure by now they are shaking there heads for seeing how fast the bitcoins price recover back so maybe we can see it step at $60k price in next following days.

[dimonstration]

This is huge dumping of Bitcoin and for sure will make some people especially newcomers panic and sell their assets for loss. For old adopters this is not truly affected, when I see this correction, I am calm not worried one bit, because I know and believe it will recover.

My suggestion for newcomers don't worry about it, crypto will recover, hold your asset, and buy more

Newbie friends were panicking about this dump but when you told to see the price before they will changed their mind fast and wanting to buy more during this dump, we need to have our own set of decision making and don't believe too much in fomo so we will not regret the decision we take. I usually advise them to know what their goal really is since that's the only time they will be confident to decide for themselves whenever there is pump or dump in the market.