Why the price of bitcoin is falling

[Muenalo]

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

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[BitcoinBarrel]

Plus look at the price graph over this bull run, it is straight vertical. Definitely not sustainable.

[btcsmlcmnr]

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.

[Obito]

OP you also forgot that we have stupid and greedy people on the market that panic sells whenever the prices don't go in their favor, they are a really big group because once they panic sell, they move the market a lot and their panic is infectious that other people might even consider selling.

[Ararbermas]

Yup suddenly alot of enthusiast swap to usdt when they saw tweets about bitcoin massive decline, it's very surprising actually and even us we didn't accept the fact and results that it will continue to go down more like breaking all the support level within weeks because of that reasons.. This is very alarming especially on this current level of bitcoin.. If this ppl continue spreading negative for sure bitcoin will go down more.

[Twinscoin2017]

OP you also forgot that we have stupid and greedy people on the market that panic sells whenever the prices don't go in their favor, they are a really big group because once they panic sell, they move the market a lot and their panic is infectious that other people might even consider selling.

Well let them sell and let them loss, all we need to do is to hold and be patience to get profit soon correction is normal and the price van normal drop down because of correction but i believe that after the correction we can see new ATH and new price is a high peak. So waiting is the best strategy panic sellers will always loss.

[Obito]

~snip

Well let them sell and let them loss, all we need to do is to hold and be patience to get profit soon correction is normal and the price van normal drop down because of correction but i believe that after the correction we can see new ATH and new price is a high peak. So waiting is the best strategy panic sellers will always loss.

Nice one, we do think alike in terms on how we feel about this people panic sells. I do agree that's what we should do since this is just another hiccup in the progress of bitcoin going up to 1 million USD per bitcoin. I like to think of this dump as an arrow being pulled back only to have it go much higher, the more we pull it down, the higher it will soar.

[btc_angela]

Yup suddenly alot of enthusiast swap to usdt when they saw tweets about bitcoin massive decline, it's very surprising actually and even us we didn't accept the fact and results that it will continue to go down more like breaking all the support level within weeks because of that reasons.. This is very alarming especially on this current level of bitcoin.. If this ppl continue spreading negative for sure bitcoin will go down more.

Then buy bitcoin when the price is going down and HODL if you believed that bitcoin can go up again in the future. Those negative news are part of the market economics, because without it, we won't survived, we won't have this kind of boom and bust cycle.

So let the negative news comes along, and for sure we will survived this kind of attack. And then we will see these FUD not having effect on the market eventually. So still a win win for us in the end.

[Chato1977]

Plus look at the price graph over this bull run, it is straight vertical. Definitely not sustainable.

Sounds legit , it looks like the trend is just being pumped and there is no actual support for sustainable value.

In short we are being fooled by whales again and the institutional investors aren't enough to hold this High market.

[rahmatrf331]

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.

[Wind_FURY]

Plus look at the price graph over this bull run, it is straight vertical. Definitely not sustainable.

From a technical analysis perspective, that’s very true. It was obvious all of the whalecumulators’ sells were already happening BEFORE Elon Musk’s FUD, and BEFORE the China FUD. We were, OR I WAS, too bullish to see it. BUT, would I have sold if I knew? NO, only HODL!

[btcsmlcmnr]

From a technical analysis perspective, that’s very true. It was obvious all of the whalecumulators’ sells were already happening BEFORE Elon Musk’s FUD, and BEFORE the China FUD. We were, OR I WAS, too bullish to see it. BUT, would I have sold if I knew? NO, only HODL!

Corrections are absolutely unavoidable.

News are support for the corrections and there market need this healthy correction for longer growth. The pandemic, QEs bring more gamblers, newbies to the market. Few days ago crash is to get rid of those gamblers. I am sorry for their loses or liquidations but it is the fact. It is how market eliminate gamblers

Sell to wait and buy lower to get more Bitcoin. If you can not speculate things as a time Traveller, hodl.

React with news and join the newbies, gamblers crowd is bad.

[maydna]

Yup suddenly alot of enthusiast swap to usdt when they saw tweets about bitcoin massive decline, it's very surprising actually and even us we didn't accept the fact and results that it will continue to go down more like breaking all the support level within weeks because of that reasons.. This is very alarming especially on this current level of bitcoin.. If this ppl continue spreading negative for sure bitcoin will go down more.

Then buy bitcoin when the price is going down and HODL if you believed that bitcoin can go up again in the future. Those negative news are part of the market economics, because without it, we won't survived, we won't have this kind of boom and bust cycle.

So let the negative news comes along, and for sure we will survived this kind of attack. And then we will see these FUD not having effect on the market eventually. So still a win win for us in the end.

I think people need to think more about sadness to see the down of the market and the negative news because if they can see it clearly, they will see they have the opportunity to buy more bitcoin at a low price. That means they will get more bitcoin than to buy at a high price and hold it for a while, and they will see that the bitcoin price will increase in the future. Perhaps, bitcoin price will not stay at the current price for a long time and in the next month, the price will start a rally to the high price.

We can do anything with the negative news, but we can stay calm to prevent panic. People really need to calm down and learn about controlling their emotion related to the market situation.

[cryptomaniac_xxx]

Plus look at the price graph over this bull run, it is straight vertical. Definitely not sustainable.

From a technical analysis perspective, that’s very true. It was obvious all of the whalecumulators’ sells were already happening BEFORE Elon Musk’s FUD, and BEFORE the China FUD. We were, OR I WAS, too bullish to see it. BUT, would I have sold if I knew? NO, only HODL!

Everyone was really bullish and still is up to this day. But it's clearly some manipulation from behind now, we jump to $41k and then some China news goes out to the public again to pull the price below $40k again. So it seems that some entity behind doesn't want the price to go up, so that they can buy at a discount. And the best thing for us is just to continue to HODL, this waves of FUD will settle down and the price will bounce back again.

[Wind_FURY]

From a technical analysis perspective, that’s very true. It was obvious all of the whalecumulators’ sells were already happening BEFORE Elon Musk’s FUD, and BEFORE the China FUD. We were, OR I WAS, too bullish to see it. BUT, would I have sold if I knew? NO, only HODL!

Corrections are absolutely unavoidable.

We should call it what it truly is, not a “correction”, it was a CRASH. From $60,000 down to $30,000 in 9 days is a CRASH.

News are support for the corrections and there market need this healthy correction for longer growth. The pandemic, QEs bring more gamblers, newbies to the market. Few days ago crash is to get rid of those gamblers. I am sorry for their loses or liquidations but it is the fact. It is how market eliminate gamblers

HODL and buy lower to get more Bitcoin. If you can not speculate things as a time Traveller, hodl.

React with news and join the newbies, gamblers crowd is bad.

That’s true. Always look for something positive. In every Bitcoin market crash is another golden opportunity waiting. It was there after 2014, after 2017, and there again after 2021.

[GreatArkansas]

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

[hatshepsut93]

There's been a lot of negative news lately that contributed to this fall, but the main cause is that the bull run simply ran out of steam - no one was willing to buy Bitcoin at above $60k, despite the predictions of $150k that floated around. Also the market structure was highly levereged, so the more price fell, the faster it kept falling because liquidations triggered even more liquidations.

[STT]

Theres always a thousand reasons given why but I think the figures and regular pattern behind are more important, people will supply any manner of reasons of why they must sell but really its down to belief whether they will profit or lose from the trade.   The long term holders committed at any price are quite few, I'll include myself to a large extent because Im just not that rich but at this point I would not sell because its quite obvious heavy with pressure to sell and reactive speculative cash out; always sell into rising markets if you intend or require the cash back out in weeks or months.

[pixie85]

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

That's a great summary I must say. Tells a lot about the people in this market. I don't know what's going on, but they are selling so it must be bad. I better sell too.

The China FUD is especially funny because they "reminded" that financial institutions are banned from providing services to crypto businesses, which is a thing since 2014 or 2015 and people still panicked and acted like somehow they did not know that bitcoin was banned in China. This is ridiculous.

Musk is showing off his autistic behavior. People who were avoiding taxation got scared because they realized they'll have to eventually pay taxes...

What a pile of bullcrap If you wanted to buy this year and thought Bitcoin was too expensive for you, here's your chance because the sell-off doesn't make sense.

[slapper]

Plus look at the price graph over this bull run, it is straight vertical. Definitely not sustainable.

Totally agree. This big drop can be considered as a correction for a further increase in the price of bitcoin. If not, bitcoin can remain to fluctuate around $30000~50000 for many months before having any significant move, either drop or rise outside the zone

Don't you feel a little bit confused when there are coincident FUDs appearing at the same time? We have Elon Musk FUD, institutional investor FUD (big sell-off 2 days ago) and now China decides to ban bitcoin once again. I believe whales are making this information so that they can easily both take profit and buy bitcoin at a very cheap price. In my opinion, $30000-$35000 is a good buying zone for both the long term and short term. Margin traders benefit themselves with leverage trading. Some of them earn more than 500% aftter the recover of bitcoin