Why the price of bitcoin is falling

[$crypto$]

Other than China FUD and Elon Musk tweets.

There are still more FUD out there. We saw earlier that IRS announced, that starting in 2023, they will start targeting cryptocurrencies.
I am surprised the market reacted here, even it is still in 2023. Additional is the media on how spreading these kinds of news, there are some media that misleading, especially the title.
And additional is the Bitcoin Mining in China, which is kinda huge if it is really true.

Here's the summary of FUD lately I found on Twitter

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True, this may be the reason with a lot of FUD being spread, making the market react to red and of course, this will make prices fall even more because news always misrepresents a misleading title.
I think a lot of people have to look even bigger in the future, it's not just the FUD plan that isn't necessarily true and now only Elon Musk and the mining bans in China make this the cause, it's also not a conclusion because I'm sure Elon Musk won't hate it completely. his bitcoin he might just have something big planning ahead of him.

[1714998770]

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[Shasha80]

Price is falling not because of news in reality. Those news are FUD and not real things are going on. Price is corrected because it rose sharply in short period and there is no real big correction.

Corrections are fuel and vitamins for higher highs.

enerally down bitcoin because it is consumed by negative issues from various elements both media and elements of society at large.
As a result of this issue, many beginners panic and worry, resulting in panic selling regardless of how much the panic costs.

Many negative issues circulating now, finally panicked some people to sell their Bitcoin. Even though we should believe that Bitcoin will recover
again, therefore we need confidence in the future of Bitcoin. Without us being sure that Bitcoin will increase in price, we will definitely hesitate
to hold Bitcoin and choose to sell the Bitcoin we have. This ultimately makes the price of Bitcoin decrease, but I believe it will not take long for
Bitcoin to pump again. Ultimately the choice is up to each of us, but if we have the courage to hold Bitcoin, I believe our future will be great.
Because the longer the holding of Bitcoin, the more profitable we will be.

[el kaka22]

I believe there is a good chance that none of us will ever get to see anything like this for a while, take in all the bear run you are seeing right now because it could be the last one you will see in a while. We have seen the bull run for such a long period but let’s be honest between those huge runs there was many days of stability, like yeah it did moved from under 4k at March 2020 to over 64k in 2021 and that is a huge run I agree, but the fact is that we had like a huge jump then over a week of nothing at all, then a jump then two weeks of nothing and it kept happening like that, it wasn't daily break ATH over and over again, it was one jump and a long wait and kept repeating that.

I am sure that the bear run will be the same as well, a drop and a week of nothing, but it will not happen for too long because we are known that fourth quarter is awesome in crypto as always so we just need to hold until this summer is over.

[yohananaomi]

Some negative news from China can down the price of Bitcoin in huge amount. Elon Musk is mixing the market but people don't follow the trend of Elon Musk now. Besides, we should avoid the panic sell. We need to wait some more days. The price of Bitcoin will be rising very soon and nothing to worry about it.

The role of social media with its bad news sometimes makes a lot of people panic even though everything must be accustomed to being analyzed first. @elonmusk's news which coincided with china banning bitcoin made the market volatile and many were frightened by making it wrong way with actions that actually made bitcoin worse.

@elonmusk of course the goal is to make a profit with what is being done, everyone should understand and about China this is not the only thing that has happened before. but why is it like this continues to make things very unreasonable and many are influenced and make actions that are fairly unsympathetic.
should analyze everything as well as possible before doing something so as not to regret it in the future.

I agree with you that bitcoin will be able to move again and is now in a stable position and is trying to get past the crucial $40K mark. hopefully gradually will be able to re-create a renewable ATH.

[STT]

Technically its not especially falling on average, its still just a pullback within that larger positive movement.   We've gained alot still at this point so its just not continually gained without pause and thats more natural then straight up.



So right now we have rising 2 day average, we've exceeded the weekly average also.  The 200 day is still rising and 50 day is declining back to this pricing.   We'll have further challenges I think, there is overhead resistance, also I note a pattern of rising lows or higher lows.

[wheelz1200]

I am very sure this has been the area of concern for the past 7 days to everybody around the world who owns a fraction of bitcoin, as its value continues to fall day by day, leaving people in fear and panic as billions have gone to the drain with this sudden fall in BTC, which it's still falling and nobody knows when next it will turn bullish. Whereas, others have gone on to Twitter with a hashtag "Could this be the end of Bitcoin", putting many in fear, as some has quickly made its swap to USDT, while others cash out, as its value, reduces drastically, which is the main reason I made my research to know what would have been the cause of the sudden fall in the price of BTC, and I was able to come up with these following reasons below.


1.    China Bank Association

From my research, I was able to understand that the price of BTC fell by 29% on Wednesday after China Banking Association warned its banks of the risks associated with digital currencies and placed a ban on cryptocurrency, which this action resulted in a sharp fall in the price of  BTC and also the fall in other altcoins like etheruem, Litecoin, and Dogecoin e.t.c


2. Elon Musk

From my research, I was also made to understand that Elon Musk is also the reason for the sudden fall in the price of BTC, but if in case you don't understand why people are saying so, let me break it down for you. if you could remember, Elon Musk, who happens to be the richest man in the world, and also the CEO of Tesla (A company that produces electric cars) back then in February 2021 made an announcement to have invested $1.5 billion in Bitcoin, and that Tesla will start accepting bitcoin as payment for his electric cars, of which this action of his skyrocket the price of bitcoin back then in February to almost $63,000 per Bitcoin, and just recently, that same Elon musk have come up this May to say his company Tesla will stop accepting bitcoin as payment for its electric cars, reason been because of the volatility of its nature causing its price to rise and fall, of which this very action of his is the reason for the sudden fall in the price of bitcoin.


But, no matter what, whether Elon Musk accepts our bitcoin or not, for the fact that bitcoin has been in existence since 2009 till today, it will surely prevail.👍👍👍👍👍


So, whether Elon accepts bitcoin or not, there are still some big companies that accept bitcoin or planning to accept bitcoin. And here they are:

1.  Overstock.com accept bitcoin as payment for it's goods.
2. MasterCard has said it will soon start accepting bitcoin on its network, and
3. BNY Mellon, the oldest bank in the US said back then in Feb, that it will soon include bitcoin in the service it provides for its clients.


So, that means, our bitcoin must surely prevail, no matter the storms and thunder it faces today.


So, Thank you... thank you... and thank you so much for finding out time to read my research findings...

I remain your humbled junior member in this forum bitcointalk... God bless you all

You are over thinking it.  Bitcoin rises and falls sometimes because it is what it is.  When profit taking comes in there is a sell-off.  60k was a perceived top and people wanted to book some profits.  Same on the rise.  When it's perceived as undervalued it has a perpencity to rise.  So.etimes nothing more to it than that