Bitcoin continues dumping even MicroStrategy purchased additional Bitcoin.

[The Cryptovator]

I am wondering what is the reason for the current dump? Seems Bitcoin dumped almost $3K within few hours. It's quite surprising just 2 hours back Michael Saylor announced about buying another additional 229 Bitcoins for MicroStrategy. So total Bitcoin holding by MicroStrategy is 92,079 Bitcoins at an average price of $24,450 per bitcoin. But till now I visit Binance and seems Bitcoin continues dumping. First time I see a negative effect in Bitcoin after accumulating by institutional investors. Is there something else reason behind of recent dump?

[rdluffy]

It's just FUD and panic sellers, don't worry too much in this dip, as I already said, all fundamentals and adoption are still strong and untouched, this dip is caused by Elon and some panic sellers

But this recent dump is probably due to some news about China

Here: https://www.reuters.com/article/crypto-currency-china/update-1-china-bans-financial-payment-institutions-from-cryptocurrency-business-idUSL2N2N510T

I can't remember how many times I saw some news about "China bans BTC", China bans crypto, China bans miner...
The market will continue, BTC will continue

[jackg]

I think this is the time when a lot of people think similar things. A lot of people are putting the reason on this crash on one person, however, a drop by half is not new or unexpected. It happened at least twice in the last bull run too...

I think a lot of retail may be hoping for $36-30k and I'm not sure if they're going to miss the boat or not. (at this point it's a 20% PnL in btc).


The funnier part is, if we hit 33-29k, 350k is in sights - if a lot of people are trading based on technicals...

[proudhon]

I am wondering what is the reason for the current dump? Seems Bitcoin dumped almost $3K within few hours. It's quite surprising just 2 hours back Michael Saylor announced about buying another additional 229 Bitcoins for MicroStrategy. So total Bitcoin holding by MicroStrategy is 92,079 Bitcoins at an average price of $24,450 per bitcoin. But till now I visit Binance and seems Bitcoin continues dumping. First time I see a negative effect in Bitcoin after accumulating by institutional investors. Is there something else reason behind of recent dump?

Pretty much every institution is giving up on bitcoin, that's why it's dumping. Saylor is the lone holdout, but even he'll bail once this gets far enough below $24k, which it 100% will. Bitcoin is dead. You're better off with cash in a low yield savings account at this point.

[Oshosondy]

Pretty much every institution is giving up on bitcoin, that's why it's dumping. Saylor is the lone holdout, but even he'll bail once this gets far enough below $24k, which it 100% will. Bitcoin is dead. You're better off with cash in a low yield savings account at this point.

Bitcoin is having a strong support at $40000, this is what we should first talk about rather than saying it will crash to $24000. Likely the bear market might have started but there will really be a support at $40000 for now. If institutions can act like Michael Saylor, we should expect buy back and price increase.

[proudhon]

Pretty much every institution is giving up on bitcoin, that's why it's dumping. Saylor is the lone holdout, but even he'll bail once this gets far enough below $24k, which it 100% will. Bitcoin is dead. You're better off with cash in a low yield savings account at this point.

Bitcoin is having a strong support at $40000, this is what we should first talk about rather than saying it will crash to $24000. Likely the bear market might have started but there will really be a support at $40000 for now. If institutions can act like Michael Saylor, we should expect buy back and price increase.

$40k gets breached before next week.

[sheenshane]

It's obviously a FUD by those people who have a weak hand, continues panic selling is might the reason the price continues dumping.  I will not mention the influencer's name but most likely he was triggered to make FUD and the reason for this recent dump.  After he replied to the tweet of @CryptoWhale "Indeed" and his company didn't now accept Bitcoin, it might people start selling their Bitcoin and until now most of them are keep selling on it.

Additionally, it was mentioned above regarding China banning crypto businesses.  This is now a great example of how risk to the price if there's a big institutional investor and decided to sell their Bitcoin, it really has an effect on the Bitcoin price.

Whatever the reason is, at least we know how Bitcoin investment will work.  It will resist soon and might I saw the potential of having a new ATH after this recent dump.

[uneng]

Pretty much every institution is giving up on bitcoin, that's why it's dumping.

That is what institutional investors want to make you think lol. It's called bluff, right?
If bitcoin were going to die, Elon Musk wouldn't have put 1.5$ billion of dollars into btc, Paypal wouldn't have adopted it as payment method and Mark Zuckerberg wouldn't be farming likes and attention on the internet exhibiting his goat named bitcoin. The biggest whales of the world are addicted to bitcoin, they just can't admit it in public, or there will be even less coins disponible for them.

[tokeweed]

I am wondering what is the reason for the current dump? Seems Bitcoin dumped almost $3K within few hours. It's quite surprising just 2 hours back Michael Saylor announced about buying another additional 229 Bitcoins for MicroStrategy. So total Bitcoin holding by MicroStrategy is 92,079 Bitcoins at an average price of $24,450 per bitcoin. But till now I visit Binance and seems Bitcoin continues dumping. First time I see a negative effect in Bitcoin after accumulating by institutional investors. Is there something else reason behind of recent dump?

Pretty much every institution is giving up on bitcoin, that's why it's dumping. Saylor is the lone holdout, but even he'll bail once this gets far enough below $24k, which it 100% will. Bitcoin is dead. You're better off with cash in a low yield savings account at this point.

I like what you’re doing sir..  You’re pretty much bringing back that 2013 - 2014 feelz for me when I first got involved with crypto and with this site.  Lolol. 

[proudhon]

I am wondering what is the reason for the current dump? Seems Bitcoin dumped almost $3K within few hours. It's quite surprising just 2 hours back Michael Saylor announced about buying another additional 229 Bitcoins for MicroStrategy. So total Bitcoin holding by MicroStrategy is 92,079 Bitcoins at an average price of $24,450 per bitcoin. But till now I visit Binance and seems Bitcoin continues dumping. First time I see a negative effect in Bitcoin after accumulating by institutional investors. Is there something else reason behind of recent dump?

Pretty much every institution is giving up on bitcoin, that's why it's dumping. Saylor is the lone holdout, but even he'll bail once this gets far enough below $24k, which it 100% will. Bitcoin is dead. You're better off with cash in a low yield savings account at this point.

I like what you’re doing sir..  You’re pretty much bringing back that 2013 - 2014 feelz for me when I first got involved with crypto and with this site.  Lolol. 

2021 is 2013 except where there is no epic recovery, only crashing.

[Fatunad]

I am wondering what is the reason for the current dump? Seems Bitcoin dumped almost $3K within few hours. It's quite surprising just 2 hours back Michael Saylor announced about buying another additional 229 Bitcoins for MicroStrategy. So total Bitcoin holding by MicroStrategy is 92,079 Bitcoins at an average price of $24,450 per bitcoin. But till now I visit Binance and seems Bitcoin continues dumping. First time I see a negative effect in Bitcoin after accumulating by institutional investors. Is there something else reason behind of recent dump?

Really hard to to tell the precise reason on why the price do continue to dump inspite of those positive news  and this is what makes even more harder to speculate or do make trades where
It doesnt really follow up TA's or does simply break out any analysis out there.This is the result when lots is already been affected with recent events where we should think that
there are several factors or reasons on why bitcoin price is dumping neither panic sellers, profit taking made by those big players or accumulators, profit taking by retail traders.
Im waiting for possibility of 30k+ price support since 44k support had been broken down.

[batang_bitcoin]

There's another not so new news that has been brought by reuters and that probably have taken the spotlight again and brought fear to the market.

But this recent dump is probably due to some news about China

Here: https://www.reuters.com/article/crypto-currency-china/update-1-china-bans-financial-payment-institutions-from-cryptocurrency-business-idUSL2N2N510T

I can't remember how many times I saw some news about "China bans BTC", China bans crypto, China bans miner...
The market will continue, BTC will continue

Yes, this could be the probable cause of the market dump today. I thought that it won't be pulled down under $43k but it just did again. As usual, when there's another FUD, that will cause the market to plummet again and this is not new anymore but sometimes it's tiring that these manipulators keep doing it under the use of the media.

[hatshepsut93]

Bitcoin is just testing its $42,000 support. It's still too early to have a full bullish reversal, the market would go sideways in this very narrow range for a few more days. The recent China FUD might have caused a drop, but it didn't put Bitcoin below the key support level, so it's already a good sign. Recovery will start soon, and we'll have to test the $50k resistance to continue the bull run.

[wheelz1200]

I am wondering what is the reason for the current dump? Seems Bitcoin dumped almost $3K within few hours. It's quite surprising just 2 hours back Michael Saylor announced about buying another additional 229 Bitcoins for MicroStrategy. So total Bitcoin holding by MicroStrategy is 92,079 Bitcoins at an average price of $24,450 per bitcoin. But till now I visit Binance and seems Bitcoin continues dumping. First time I see a negative effect in Bitcoin after accumulating by institutional investors. Is there something else reason behind of recent dump?

Saylor buying 229 bitcoins won't stop a bitcoin free fall.  I know overall it's bullish to have these large holders holding but who's to say he doesn't part with some if we reach the 30s and get closer to his cost average (if it continues to go that way)

[TravelMug]

I am wondering what is the reason for the current dump? Seems Bitcoin dumped almost $3K within few hours. It's quite surprising just 2 hours back Michael Saylor announced about buying another additional 229 Bitcoins for MicroStrategy. So total Bitcoin holding by MicroStrategy is 92,079 Bitcoins at an average price of $24,450 per bitcoin. But till now I visit Binance and seems Bitcoin continues dumping. First time I see a negative effect in Bitcoin after accumulating by institutional investors. Is there something else reason behind of recent dump?

Saylor buying 229 bitcoins won't stop a bitcoin free fall.  I know overall it's bullish to have these large holders holding but who's to say he doesn't part with some if we reach the 30s and get closer to his cost average (if it continues to go that way)

Of course it won't stop bitcoin from falling, as there could be thousands of newbies liquidating their assets because they are afraid. While strong hands keeps buying like Michael Saylor and others because they still believed that bitcoin is the best assets and the profits to be made in the future is huge.

The reason for the dump could be attributed to many factors, including Elon Musk negativity towards bitcoin and altcoin having its own bullrun.

[magneto]

There is just a bit of fatigue in the market imo with all the shenanigans that Musk is stirring up.

Investors have already priced in the fact that Microstrategy and other bitcoin maximalist institutions are going to continue to buy and hold BTC. As such, further news from these corporations about large purchases no longer has an effect on the market.

Besides, the bull market has been going on for so long that there has bound to be a correction coming one way or another. That's exactly what we're seeing now. Weak hands are going to be flushed out of the game once again and it's the perfect accumulation phase after a few more panic dumps.

[Dave1]

I am wondering what is the reason for the current dump? Seems Bitcoin dumped almost $3K within few hours. It's quite surprising just 2 hours back Michael Saylor announced about buying another additional 229 Bitcoins for MicroStrategy. So total Bitcoin holding by MicroStrategy is 92,079 Bitcoins at an average price of $24,450 per bitcoin. But till now I visit Binance and seems Bitcoin continues dumping. First time I see a negative effect in Bitcoin after accumulating by institutional investors. Is there something else reason behind of recent dump?

And the dumping still continues, we are not close to $40k as I type this message.

Perhaps the positive news of Michael Saylor and MicroStrategy buying another tons of bitcoin is overshadowed by Elon and his tweet. Maybe the market is really tired at this point and wanted to see first if Elon are going to stop with his shilling against BTC.

So we will have to see next week, it's going to be critical as the price might hit $30k'ish or recover to at least a good support around $45k.

[LogitechMouse]

An aftershock of what Elon Musk did and there are still some panic sellers who are selling are 2 of the reasons why Bitcoin still dumping even though Micro accumulated more Bitcoin.

Bitcoin at $40,000 right  now and the near $30,000 is the strong support that I'm seeing base on the Fibonacci Trend line Extensions.
Another strong support that some saw is the 21 weekly EMA and now it has been broke and the next strong support is the 34 weekly MA which is right now at around $39,385. As of this moment it bounced at that level nicely so it might be a strong support right now but if we see Bitcoin's price below the 34 weekly EMA at the end of the week then the next support is the $30,000.

[Coyster]

Perhaps the positive news of Michael Saylor and MicroStrategy buying another tons of bitcoin is overshadowed by Elon and his tweet. Maybe the market is really tired at this point and wanted to see first if Elon are going to stop with his shilling against BTC.

I don't think it's basically just about Elon Musk's tweets and all that, Elon could be able to cause a little scare in people and make quite a few dump their BTC, but this dump could well not be as a result of his latest tweet antagonizing Bitcoin, it's possible the dump could have happened if Elon didn't tweet about Bitcoin, it could prolly even have happened, if Elon tweeted something positive about Bitcoin; imo, it is what it is, as an investor, I'd simply take this to be one of those price corrections we experience during bull runs.

Pretty much every institution is giving up on bitcoin, that's why it's dumping. Saylor is the lone holdout, but even he'll bail once this gets far enough below $24k, which it 100% will. Bitcoin is dead. You're better off with cash in a low yield savings account at this point.

This is not true, except you do not care about the facts; there would be more influx of institutional investors as we keep on going, Fiat is still yet struggling to cope with inflation and an economic downturn, thus Bitcoin can hold the value of funds, not just for individuals, but corporations, thus, the more interest in the network.

[traderethereum]

People panic to see the bitcoin price is still going down so they sell some bitcoin to prevent the big loss and buy back again at a low price.
The retails company will use the time to buy bitcoin at a low price and I think they already make an order buy at a low price with a lot of money.
The price itself is still going down but we do not know how far the price will go down and hopefully, the price will not go below $40k.
But if that really happens, we can not do anything except prepare to buy at that low price.
But I guess the most reason why bitcoin continues dumping is that people are panic.