What's causing the decline this time?

[9thsky]

Can't see anything particular in the news, or is there? EM? China? Anything I'm missing?

[1715069477]

1715069477

[mk4]

Most probably because of the highly anticipated GBTC unlock that a lot of people think would drop bitcoin's price:

• https://markets.businessinsider.com/currencies/news/grayscale-bitcoin-trust-unlock-effect-crypto-markets-share-expiration-price-2021-7
• https://cointelegraph.com/news/countdown-to-grayscale-s-big-btc-unlock-5-things-to-watch-in-bitcoin-this-week
• https://blockworks.co/big-week-ahead-for-grayscale-with-scheduled-gbtc-unlock-new-sec-reporting-status/

..or there's also a good chance that it's just the typical bitcoin volatility we've always known.

[tbct_mt2]

Can't see anything particular in the news, or is there? EM? China? Anything I'm missing?

Market correction.
A massive campaign globally to attack Bitcoin and crypto market.

They are expected because Bitcoin grows sharply since the second half of 2020. The pull back is necessary to help Bitcoin getting its new all time high.

If you don't believe in any model or a new all time high for Bitcoin, you can exit.

You can skip a future of new all time high but should enjoy bounces from Bitcoin, at this price.
Bitcoin Historical Corrections - Don't worry

[Yaunfitda]

Can't see anything particular in the news, or is there? EM? China? Anything I'm missing?

It's more of the GBTC unlocking 41k of BTC. It's been covered by mainstream and crypto related media that's why it has such profound effect that their are investors who sold off because they are afraid that the price will plummet once billions of dollars of bitcoin is unlock.

But don't worry, the market is resilient with this kind of news that after a few days of a slump, it will bounce back again to mid and high $30k'ish.

[Ararbermas]

It's more of the GBTC unlocking 41k of BTC. It's been covered by mainstream and crypto related media that's why it has such profound effect that their are investors who sold off because they are afraid that the price will plummet once billions of dollars of bitcoin is unlock.

But don't worry, the market is resilient with this kind of news that after a few days of a slump, it will bounce back again to mid and high $30k'ish.

well, this always happened in the market because of those weak hands wherein always afraid in such situation, even though they don't know yet how the news can really affect the market.. But yes as what we see right now bitcoin is still hanging at the support level, so perhaps this isn't a problem. what i mean it can create correction but not to drive bitcoin down again in my opinion.

[CryptoStar19]

News headlines everyday try to link bitcoin's price action to particular FUD or recent other news, but the price action isn't necessarily dictated by what the news says the causes are.

At this point we are simply consolidating... we might be going sideways for a while before breaking out.

[Kong Hey Pakboy]

@mk4 has pointed it out, the looming release of GBTC is making people think that the prices are going to go down really bad and they want out as early as they can in the case that the release really did make the prices go down but given how they are going to get out of the market early means that they will probably buy back when the prices have gone down much further.

[ropyu1978]

Citing CoinDesk data, the price of Bitcoin on Tuesday had dipped to the level of US$ 32,211.14. At 17:56 WIB, the crypto with the largest market capitalization in the world was at US $ 32,825.45 or down 10.49% compared to the previous 24 hours, there may be influence of the Chinese state in the decline in bitcoin prices.

[carlfebz2]

Can't see anything particular in the news, or is there? EM? China? Anything I'm missing?

Not that fan when it comes to fundamentals but these places would really be worth to peek on if you doubt that theres something happening. 

https://www.coindesk.com/
https://cointelegraph.com/
https://www.reddit.com/r/Crypto_Currency_News/

Talking about precise reasons on market decline then there would be lots of factors to consider on and not just focusing
on news alone.

[zanezane]

According to a report in the Communist Party-backed Global Times, the closure of many Bitcoin mines in the province has resulted in more than 90 percent of China's Bitcoin mining capacity being shut down.
About 65 percent of the world's Bitcoin mining took place in China in April 2020, according to estimates by the University of Cambridge. Additionally, Edward Moya, senior market analyst at Oanda Corp., said Bitcoin is being pressured by the sudden drop by the Titan token to almost zero.
“Bitcoin crash as Titan token crash increases regulator pressure to provide more protection for the public

This report seems outdated to me because this ban happened for about a month or so ago so I don't think that the effects are lingering to this day, there's probably more to just China FUD to the recent decline.

[mrongoz22]

actually the decline in bitcoin has often happened, even every year there is a decline, due to several factors, there are market problems, sometimes there is also a problem of bitcoin accumulation by the rich, if the price decline is now caused by China which has closed mining in their country, and government intervention is limiting the movement of bitcoin, but I believe this is only temporary as happened in 2017.

[Lucius]

..or there's also a good chance that it's just the typical bitcoin volatility we've always known.

I accept that some people do not understand how things work or that they are always looking for a reason why something is happening, but we have been in an identical situation for months and we should not look for a reason every day because the price is +/- 5% different than the previous day. Regardless of the news that may sometimes affect the price, supply and demand have the biggest impact on price - and I’m sure many are currently enjoying their crypto profits - in other words, demand is very low and every major sale lowers the price.

Most probably because of the highly anticipated GBTC unlock that a lot of people think would drop bitcoin's price

If people understood and read a little more about what it actually means, they wouldn't attach too much importance to it. From the article from your third link.

Many investors aren’t using GBTC as a long on bitcoin, but, rather, when shares are traded at a premium on bitcoin, as an arbitrage play. The trade works when funds borrow bitcoin to deposit into GBTC, then they have shares of GBTC that are worth more than the bitcoin they bought. When the unlock period occurs the shares, redeemable for bitcoin, have a mark-up over the price of bitcoin and thus the fund finds itself in possession of free bitcoin.

[mk4]

If people understood and read a little more about what it actually means, they wouldn't attach too much importance to it. From the article from your third link.

If people actually knew how to read or do a bit of research then FUD probably wouldn't exist and bitcoin probably went full mainstream already. But yet here we are, unfortunately.

[ChiBitCTy]

I'm not sure if there really is a "decline" going on of late.  It has been in the low 30,000 range for quite some time now.  While I of course would like bitcoin to be picking up here a bit, and growing back toward 40,000 and hopefully beyond, I am very please with the fact that it has been holding pretty relatively stable.  The fact that it's held in the low 30k range is pretty impressive and lends more credence to become becoming a "store of value". 

[Btcvilla]

maybe things.in the decline.and increase in.bitcoin will always happen from time to time due to the influence of the changing market, or even many rich people buy bitcoins.at high prices.plus government bans.in many countries.which will also be very will affect.the price of bitcoin itself.we also need to be patient.in starting.things that are related to the crypto.world

[dothebeats]

It could be normal volatility for all we know. Or that some people already expected the GBTC unlock to be in effect almost immediately, and that those who are invested will probably offload some of the coins. They just traded ahead of schedule to avoid selling their coins for a lot cheaper before the unlock happens. It could be anything really, since there isn't a lot of substantial news going around lately that can be attributed to the slow trading days bitcoin is experiencing.

[ILuckyGuyI]

I think there are two possible reasons for this. One of them is Grayscale's actions. The other is the usual volatility of Bitcoin. To be honest, I feel myself closer to the volatility of it. It's just going up and down like always. And actually there could be another reason also. When the buy amount is less than the sell amount, the price faces a resistance and drops down if it can't go over it.

[franky1]

zoom out
stop looking at the 12hour chart.
the small daily movement look falsely huge because your zoom of the chart stretches out the wiggly lines

try looking at the month chart and you will see a less impressive movement
in short the 3% movements are normal.. calm down

[mk4]

I think there are two possible reasons for this. One of them is Grayscale's actions. The other is the usual volatility of Bitcoin. To be honest, I feel myself closer to the volatility of it. It's just going up and down like always. And actually there could be another reason also. When the buy amount is less than the sell amount, the price faces a resistance and drops down if it can't go over it.

If it was actually because of the Grayscale fiasco, then it's mostly not because of Grayscale per se, but because of people's decisions in anticipation of what(or what they think) Grayscale is going to do. Quick reminder that cryptocurrency traders and the so called "investors" mostly consists of retail that make impulsive decisions.

[Twinkledoe]

I think there are two possible reasons for this. One of them is Grayscale's actions. The other is the usual volatility of Bitcoin. To be honest, I feel myself closer to the volatility of it. It's just going up and down like always. And actually there could be another reason also. When the buy amount is less than the sell amount, the price faces a resistance and drops down if it can't go over it.

If it was actually because of the Grayscale fiasco, then it's mostly not because of Grayscale per se, but because of people's decisions in anticipation of what(or what they think) Grayscale is going to do. Quick reminder that cryptocurrency traders and the so called "investors" mostly consists of retail that make impulsive decisions.

Highly likely that it is the people's emotion of what is about to happen. Some are selling because they are anticipating that btc price will go down once Grayscale unlocks thousands of btc. So before it happens, some are selling. But I guess, the effect of unlocking may only be temporary. BTC will always go back and one good news, we are going up again. So if it will indeed go down, maybe that's good opportunity to buy before it increases its price again.