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?

[1715062020]

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[1715062020]

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[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.

[jossiel]

I think there are two possible reasons for this. One of them is Grayscale's actions. The other is the usual volatility of Bitcoin.

Grayscale is one and I think it will remain for 2-3 days until we see some green.

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.

It's common to see bitcoin do such. This shall pass once the date was already passed on and we're about to see that it will recover. What's good with this, it didn't pushed below $30k. I guess that we're still a good position until it breaks that barrier.

[lalabotax]

I think people are afraid to buy and prefer to sell after an issue about Grayscale to sell their BTC in the near future. Who sell their Bitcoin or Altcoins right now, probably expect to get USDT to buy in the next possible huge dump. But it is still speculative, everything can change suddenly. How if Grayscale doesn't sell their BTC, instead buying more BTC? It may be a tactic to make BTC price dropping now.

[Rajamuda]

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

it is still very difficult to make the price of bitcoin go back up because at this time there is more and more bad news circulating and making traders and investors reluctant to enter bitcoin again, bitcoin must need good news to be able to make the price recover, hopefully in the near future the bitcoin price will not collapsed again and began to show signs of revival.

Basically it's really too affected, it's different if it's not affected by the news and issues. Now that looks like it continues to weaken them in holding trust in bitcoin. Well after all this is a natural occurrence that often happens when one thing is at its peak of popularity. Definitely recovering, just needs some more time

[Kiley33]

That’s partly because of FUD, but because FUD doesn’t know anything about bitcoin, people will tell other friends what they know about bitcoin, which leads many people to distrust bitcoin because of the market turmoil, many people get scared and sell their bitcoins,

[pealr12]

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

The news about Greyscale unlock but to me the price of btc wasn't that affected compare to how people make it sound, honestly I don't know why some people always anticipate a fall in price over any little negative news, it will seem as though many don't have the ability to hold or have no trust in btc future which should not be the case, crypto community should be stronger than this, if btc is better than fiat ^{as some people always say} then why people rush to sell their btc to fiat instead of holding firm on to their coins.

[Ausgewielt]

I don't know but before this declining price of bitcoin, actually I think bitcoin price was little bit overvalued. My prediction is the lowest level of bitcoin price at this bearish market is around 25k. Honestly I am not shocked at this time. I think the last bullish market is also little bit too high maybe it is because Elon Musk effect. But don't worry mate, if the price go down it is mean that we have good opportunity to buy bitcoin. I believe that bitcoin will be used by more people in the future.

[Argoo]

The market dropped sharply in price two months ago. Then there were reasons for this. After such a long, and most importantly, high price growth, as well as a fall of 50 percent or more, the market cannot recover so quickly. In addition, now is the time for summer vacations, and at this time, traditionally, business activity in all markets is dropping. Therefore, prices are almost now already standing still, sometimes rising a little, then decreasing. We need to wait for autumn, then the market should activate again.

[EvieLannister]

I think there will be, because China bans cryptocurrency, major media will publish reports, and the policies issued by China will have an impact on other countries and cause the price of Bitcoin to fall. Because a series of banned news caused everyone's panic, everyone sold their tokens one after another.

[Kimonoe]

The market dropped sharply in price two months ago. Then there were reasons for this. After such a long, and most importantly, high price growth, as well as a fall of 50 percent or more, the market cannot recover so quickly. In addition, now is the time for summer vacations, and at this time, traditionally, business activity in all markets is dropping. Therefore, prices are almost now already standing still, sometimes rising a little, then decreasing. We need to wait for autumn, then the market should activate again.

the current market situation is in a sideways state, and there has been no major movement yet. On the other hand, technically, if this area has not been penetrated, it is possible that the market will continue sideways until it forms a cone, and eventually the market will break, and the big movement will begin again. In addition to the current summer, I think the pandemic conditions have made business activity decline

[TangentC]

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

Bitcoin Price Collapses always happen on a Day that ends with Y.
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday

Now you know.  

$10K btc is coming.

[crwth]

I think it's part of humans' reaction towards anything. Imagine that cryptocurrencies are being used so much during the early stages of the pandemic. It just accelerated the growth of cryptocurrencies adoption, and now that we had reached a new ATH. It just keeps growing, and there would be lying low of the buying pressure and some investors taking profits. I think it's just a usual thing being humans. Lol.

[Caldear]

The Chinese government has introduced policies to suppress Bitcoin and prohibit the use of Bitcoin. This series of negative effects have generated market sentiment and caused panic among some people.
It may also be the normal fluctuation of the crypto market, and the price should rise after the callback.

[Robinson66]

Part of the reason for the market's decline is that some negative news from the media caused people to panic, leading to the sale of their tokens, and the decline is normal, because every investment has its ups and downs, like cryptocurrency Such volatility will definitely fall, so be patient and don't sell your tokens at will.

[Btcvilla]

maybe this is.also caused.by the influence of the market which causes.a price to fluctuate.because bitcoin also greatly.affects the market price and in.addition to the rich people who buy bitcoins.in large quantities.then it.is very influential.on the value of the currency crypto on the world stock.market, we only hope that things.can recover.as soon as they used to

[Lucius]

$10K btc is coming.

You haven't moved far away from the usual BitcoinTrash shiller all these years, and that definitely puts you in the category of failed forum shillers who unsuccessfully try to spread FUD.

I believe in Bitcoin Cash and it is making me alot of money! 
I luv this coin.   

When Bitcoin Cash have bigger marketcap and higher hashrate, it become the 1 True Bitcoin.
Core segwit version be left to die.

Bitcoin is still there, much stronger than it was in 2017, SegWit is present in more than 50% of transactions - where is your shitcoin today? Just dream about $10k, it's the only place where your wish will come true.

[suzanne5223]

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

The dump or decline in the price of the market is not always caused by certain news or the China government did because we have a situation where the market will experience a dump in price without any news behind it since the market price is base on the level of demand and supply.
Having said that, I don't think you should focus on the cause dump in price when you can seize the opportunity to buy low because sooner or later market bloodbath will still happen.

[BIT-BENDER]

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

I think there is or maybe a correction in crypto-currency, but about you next line, what are this conspiracy against bitcoin/Crypto-currency and who is instigating, there are low times when the works is in agreement over a conspiracy, even in live and death of citizens, I don't think there is any global attack, I can be sure of a local attacks on Crypto-currency, my country Nigeria has also partook in the conspiracy against crypto-currency for their citizens, but with international Money system and bitcoin the conspiracy has just been formalities.

[Mr.sprin]

what I know is the decline in bitcoin because the government in China prohibits bitcoin and many bitcoin holders sell their assets because they are afraid the bitcoin price will go down, that's what I know is the cause of the bitcoin price going down for now,

[TheGreatPython]

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

The drop hasn’t been much, so I don’t know why to worry much about it. And there is nothing serious that I have seen as of recent that has, except some people talking about Greyscale. But anyways, the price won’t be going up all the time, it’s a usual thing with Bitcoin. And it also can’t be stable.

There are times that the market will go up in price and there are also times that it will go down in price, that’s just it. Big events don’t really need to happen for the market to go down or go up, although when those ones happen they can either push it to a very high or low. As for the recent, I don’t think there is anything, I feel it’s the normal.

[Xinarae*]

I prefer this decline because of the market correction. this is natural and happens, but the correction is likely to last for a short time and will continue until it is completely over and replaced by a bullrun

Yes the reason the prices of currencies are falling at this time is because the market is correcting and the bull run will come back again. Currency prices are showing signs of declining the market will rise and the right time to invest prices have started to fall for any bad news.

[marilynmanson21]

many possibilities, bad news from all directions such as China prohibiting bitcoin mining in their country, Elon's tweet which was very influential on the decline in bitcoin at that time, as I recall but from the graphic side bitcoin is undergoing a correction, it's just that the correction experienced by bitcoin is very deep so it looks like bitcoin is breaking out

[sapnu]

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

There are a lot of things that affects the bitcoin price now but what's been making too much noise lately. Their decision of banning crypto mining will surely make a huge impact on bitcoin's value. On the other hand, what makes the price changes confusing is the good news about El Salvador about making bitcoin a legal tender. There are good things yet there are bad things also happening in the market right now, so if you are currently investing on a certain coin, make sure you analyze the price changes in the market.

[ivankoh]

I have many great reasons to choose.  First, Wall Street and Vaccines.  Second: Fud Elon and China with carbon electricity.  3: Unlock Grayscale (Today) But I'm positive and positive that it's not discounting, but trying to absorb and quantify.  Then maybe Grayscale will buy back into the oven.

[perryxi2]

BTC price dropped from bad news from China as well as having quite a lot of FUD causing some people to panic and sell off BTC price, and this year again the covid - 19 global pandemic caused the economy to decline. economic recession, many people fell into poverty. so in my opinion BTC price stabilizing at $30k-$32k is a good thing, what we now expect is to wait for it all to pass and BTC will go up or break again in the fourth quarter 2021 or early 2022.

[xmonkeyx]

now the market price has started to rise slowly. The decline that is happening now I think is very reasonable. where the crypto market and the market in general have price movements, be it high prices or low prices. I think people don't have to worry about this because the crypto market is slowly getting better but if you look at it every time and expect prices to return to the way they were a few months ago it feels like prices will continue to be low. if you look at last year's price isn't the current crypto market price very good. so we just wait until the bull market comes. and it will surely come. fast or slow

[Dhoe]

BTC price dropped from bad news from China as well as having quite a lot of FUD causing some people to panic and sell off BTC price, and this year again the covid - 19 global pandemic caused the economy to decline. economic recession, many people fell into poverty. so in my opinion BTC price stabilizing at $30k-$32k is a good thing, what we now expect is to wait for it all to pass and BTC will go up or break again in the fourth quarter 2021 or early 2022.

It's true as you said, the decline in bitcoin is now caused by several factors, such as China Sipit which prohibits bitcoin mining, Tesla company which no longer accepts bitcoin in purchases, and Elon Musk's tweet, but on the other hand this is indeed bitcoin has a very high price. unstable sometimes down, there are times when it also goes up, it can be said that in business there is a decline and there is an increase, but true bitcoin will never shake in the wind, and will not back down because of criticism, bitcoin will never disappear, and always will be , although there are many challenges, but bitcoin can definitely pass all the obstacles that exist...

[iTradeChips]

Many of us know there are many reasons for the so called decline. It is really a correction if you are going to ask me. Bubbles up too high and hype has been flaming for months that it has to go down somehow. Many times these corrections have happened and yet Bitcoin still reached very high this year. So many Bitcoin supporters are pinning their hopes that there would be another all-time-high from Bitcoin and they hope it would happen in a short span of time.

[DeathAngel]

I’m really hoping we are nearly past the worst & close to the bottom. All technicals point toward us still being a bull market so I have to remind myself to be calm & that we will start to go up again soon.

[NFTGate]

Probably the fear is causing the decline this time. However, we all know that we might see the correction and decline in the price after September 2021. The current price might be the reflection of that fear.

[Vishnu.Reang]

I’m really hoping we are nearly past the worst & close to the bottom. All technicals point toward us still being a bull market so I have to remind myself to be calm & that we will start to go up again soon.

Sometimes I feel that these sort of corrections are necessary. Some of the noobs still daydream that they will become millionaires in a day or two by investing in Bitcoin. It is very much necessary to shake off such non-serious investors from the Bitcoin community. When the prices stay low for 4-5 months, these guys will lose patience and will make their exit after dumping their coins. Only serious investors will remain. And this will reduce the chances of a mass-selloff in the future and reduce the volatility of Bitcoin.

[pawanjain]

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

It's nothing but the current market situation is bad. Bitcoin is floating in the sideways trend.
The bottom and top are $28000 - $35000 and bitcoin has literally been in this range for quite some time now.
It needs to change the trend and build a good momentum to either go upwards or downwards.

[Vishnu.Reang]

Those who wanted to have a short ride trying for a quick bucks without recognizing all those risk that behind this investment, they are
all going to fall along side with the market downside.

Always have a good background with the investment that you'll going to take, whatever happens you always have secondary options
and you always have the will to cope up or to wait for it to bounce back.

Almost everyone does this mistake when he makes the first investment with cryptocurrency. Even I invested in some shitcoins during my early days (2017) and lost some of my funds. It takes some time to realize that in the cryptocurrency sector, all that glitters is not gold. A lot of information is available online, and if you go through them it will be possible to avoid scams and mistakes 99% of the time. But even in my case, I went through this information only after I incurred some losses early on. In my case, it was OK.. because the losses were not that huge (but still not insignificant).

[skarais]

I don't see anything major happening so far that would eventually cause the market to go into a correction. The price of bitcoin has been sideways for some time, and in most case such a condition will be followed by a price correction. Although people continue to associate price correction with negative event or news, it is never the main factor in the correction. I assume that the price correction this time occurred because the market was experiencing saturation after the bitcoin price failed to break through resistance on several attempt. The point is we never know for sure why the correction occurred and therefore keep your hand strong.

[Silberman]

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

You must understand that markets are very efficient at pricing every single circumstance and event and the unlock of 41k BTC of GBTC is probably the reason this is happening, so I would not be worried about it, if you have some fiat then this could be a good opportunity to buy as I do not think even that is enough to make the price of bitcoin to drop below the 30k resistance level for long and once this panic passes bitcoin will return to the 32k level, a level in which it has been stuck for a long time.

[Desmong]

The decline had not even started, there is more to it as time goes on. Don't affiliated the bearish market with all sorts of news, whether is as a result of Chinese ban on Bitcoin or USD/GBP whatever to me is not responsible for the falling price. Many persons especially content creators and fake news always look for something to affiliated market reaction to especially if is suddenly just to gain more ads, views making investors minds to tremble. Have it at the back of your mind that, the market is consolidating.

[FinneysTrueVision]

The stock market had a bad day. There is concern over inflation and the covid delta variant. There is also all the other FUD and recent China news. We saw the price of Bitcoin rise so fast early this year that these massive corrections look really bad but when you look at the bigger picture we are still above the pre-2021 all time high and well above where the price was at one year ago today.

[DOH!]

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

This is not a drop, the underlying market is shifting the balance.  It is happening, the panic symptoms are unique from GBTC, it is completely different from the previous FuD China, I think the market is still creating a level of bitcoin consumption and accumulation.  we could slide a bit at $28k max, but overall volume and attraction have increased this week.

[cabron]

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

This is not a drop, the underlying market is shifting the balance.  It is happening, the panic symptoms are unique from GBTC, it is completely different from the previous FuD China, I think the market is still creating a level of bitcoin consumption and accumulation.  we could slide a bit at $28k max, but overall volume and attraction have increased this week.

It's not just the unlocking of GBTC but regulation against stablecoin as well. More fuds to come and the rich are going to accumulate BTC from the poor. The old ways still exist in the decentralize world. It doesn't add up at all because the world has gone nuts already to which the demand for BTC should have gone up because of the issues.

But then again US government isn't going to give away huge stimulus packages anymore and a pandemic still arises. Maybe holders are selling their BTC to buy goods, they are panic buying supplies even in different parts of the world.

[davis196]

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

There's no FOMO,no bullish news,nothing.Some traders got tired of waiting,so they sold some Bitcoins.That's why the Bitcoin price goes down a little bit.The current market demand for Bitcoins is low,so every time the amount of sellers increases the price will go down a little bit.I think that this is normal for the summer season,so there's no reason for pessimism or panic.The bulls will wake up during the fall and the winter.
I don't see any major FUD news about Bitcoin in the last few weeks.This is also a good sign.The FUD army will most likely wait for the Bitcoin price to reach a new ATH.

[Marvelman]

Bitcoin has fallen from over $64,000 per Bitcoin in mid-April to around $30,000 as of this writing. The cryptocurrency market is more volatile than many investors think. The decrease in Bitcoin's price has been driven largely by an intense bear market in cryptocurrencies overall. However, we also saw a rapid increase in the price of Bitcoin within a relatively short period of time, and Bitcoin is still considered one of the most volatile cryptocurrencies.

[Shasha80]

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

There's no FOMO,no bullish news,nothing.Some traders got tired of waiting,so they sold some Bitcoins.That's why the Bitcoin price goes down a little bit.The current market demand for Bitcoins is low,so every time the amount of sellers increases the price will go down a little bit.I think that this is normal for the summer season,so there's no reason for pessimism or panic.The bulls will wake up during the fall and the winter.
I don't see any major FUD news about Bitcoin in the last few weeks.This is also a good sign.The FUD army will most likely wait for the Bitcoin price to reach a new ATH.

Some investors seem to be tired of waiting for Bitcoin prices to rise and start selling their Bitcoin little by little. Now that the Bitcoin price has
dropped below $30k, I predict that there will be panic selling in the near future, even though there has been no FUD for the past few weeks.
However, seeing the Bitcoin price drop below $30k, this is enough to make some investors worried. In fact, if we look at the history of Bitcoin
movement, the current situation has repeatedly happened to Bitcoin. So we should be patient with the current bad market, because usually
near the end of the year Bitcoin will be bullish again.

[ultrloa]

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

There's no FOMO,no bullish news,nothing.Some traders got tired of waiting,so they sold some Bitcoins.That's why the Bitcoin price goes down a little bit.The current market demand for Bitcoins is low,so every time the amount of sellers increases the price will go down a little bit.I think that this is normal for the summer season,so there's no reason for pessimism or panic.The bulls will wake up during the fall and the winter.
I don't see any major FUD news about Bitcoin in the last few weeks.This is also a good sign.The FUD army will most likely wait for the Bitcoin price to reach a new ATH.

Some investors seem to be tired of waiting for Bitcoin prices to rise and start selling their Bitcoin little by little. Now that the Bitcoin price has
dropped below $30k, I predict that there will be panic selling in the near future, even though there has been no FUD for the past few weeks.
However, seeing the Bitcoin price drop below $30k, this is enough to make some investors worried. In fact, if we look at the history of Bitcoin
movement, the current situation has repeatedly happened to Bitcoin. So we should be patient with the current bad market, because usually
near the end of the year Bitcoin will be bullish again.

Expected to see more panic seller going to dump their bitcoin since imagine how huge the amount we can lost if the dump continue, I really experience that before so I really don't blame people since seeing the value of your assets  declining continuously is really stressful so its good to get rid of it if we see huge decline nearly coming  due to big fuds.  The only thing wrong there if we don't do buy backs after the dump happen since we will lose the chance to earn when market is at the cheaper price.

[seramania]

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

this is purely a correction. China may not even be one of the main factors for the decline, because this decline is purely a market response. So don't make assumptions about things that aren't certain. better now is the time to get profit from this decline and certainly in the future it will be able to increase

[Blowon]

I think it's just a whale game, whatever FUD news we hear now it's just a whale game, because they're holding back so that prices don't go up just yet, but it's going to be soon besides, it's not going to be long.

[iv4n]

I think it's just a whale game, whatever FUD news we hear now it's just a whale game, because they're holding back so that prices don't go up just yet, but it's going to be soon besides, it's not going to be long.

Well, we can guess the reasons behind this falling down, but I think it's pointless, simply because Bitcoin is doing this for years! Probably big players have their fingers in this, but I am sure there are other factors as well!
Anyway, it's a good time for stacking sats at a cheaper price! And I believe we didn't hit the bottom yet, I expect the price to fall a bit more... it always happens around the summer, and when the summer ends we can expect some uptrend!

[ShowOff]

Expected to see more panic seller going to dump their bitcoin since imagine how huge the amount we can lost if the dump continue,

I think it is a natural thing experienced by most trader. Downturn often result in them having to sell all or some of their asset just to secure capital.

The only thing wrong there if we don't do buy backs after the dump happen since we will lose the chance to earn when market is at the cheaper price.

Buyback after price correct is a strategy to recover losses if the trader has sold all his asset during a downturn. This has been done by many trader and is probably a common thing for most of them. But if they have money in reserve while they are not selling the asset during a correction, then they can also buy more for a chance to recover losses faster if the price rise again.

[marine4u]

I think it's just a whale game, whatever FUD news we hear now it's just a whale game, because they're holding back so that prices don't go up just yet, but it's going to be soon besides, it's not going to be long.

Bitcoin has had natural responders to GBTC, but some have relied on the media to boost their short positions. Best, stop working observant to the media and just accumulate on the right price to buy and accumulate. That's the best I'm doing so far. Bitcoin has sorted through the bear field, it will definitely be earlier in the entry.

[777Jolami]

We are still herding into the bear market, the unlocking of GBTC at this stage further accelerates the position of the bears that can move and rally to re-create the market.  If there is strength at $29k for an extra day, we will be looking for a bear market cycle break.  I believe the buying base is getting good output from GBTC with great effort
The actions of short selling and trying to suppress the media are creating pressure, I will unfollow them.  Lol

[uneng]

Some people said the decline happened due to the fear of Delta variation of coronavirus and its impacts on the recovery of global economy that will take more time to happen. However, it doesn't make much sense, because when investors are fearful of the traditional financial system bitcoin tends to increase in demand, like we saw last year.
Probably investors are just fearful of seeing their bitcoin investments go even deeper taking too long to recover later, so they prefer to guarantee their profit for now while it's still possible. Anyway the main cause of all these new drops we are seeing daily is China and their persecution against mining business. That is the root of the problem.

[rozak]

We are still herding into the bear market, the unlocking of GBTC at this stage further accelerates the position of the bears that can move and rally to re-create the market.  If there is strength at $29k for an extra day, we will be looking for a bear market cycle break.  I believe the buying base is getting good output from GBTC with great effort
The actions of short selling and trying to suppress the media are creating pressure, I will unfollow them.  Lol

however, the market has held out for too long. we can't continue to hold on in this rally, dumps will definitely still be needed for better market creation in the future.
we know how too many people are already waiting for the correction to happen. and I think now is the right time. we will soon be in the next cycle.

[Core.i7]

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

Do you we always need the news to pump or dump the market. I think bitcoin went up to 60,000K way too quickly and its needs a healthy correction and that's what we are witnessing right now.

[TopTort777]

Isnt it oil prices, that influenced on price again? https://markets.businessinsider.com/commodities/oil-price?type=wti <— check them by yourself. Its price has dumped for 6-8% in two days. Even though someone count that these two are not connected, I think thia is the reason crypto reacted with drop on world economy drop.

[Shasha80]

Some investors seem to be tired of waiting for Bitcoin prices to rise and start selling their Bitcoin little by little. Now that the Bitcoin price has
dropped below $30k, I predict that there will be panic selling in the near future, even though there has been no FUD for the past few weeks.
However, seeing the Bitcoin price drop below $30k, this is enough to make some investors worried. In fact, if we look at the history of Bitcoin
movement, the current situation has repeatedly happened to Bitcoin. So we should be patient with the current bad market, because usually
near the end of the year Bitcoin will be bullish again.

Expected to see more panic seller going to dump their bitcoin since imagine how huge the amount we can lost if the dump continue, I really experience that before so I really don't blame people since seeing the value of your assets  declining continuously is really stressful so its good to get rid of it if we see huge decline nearly coming  due to big fuds.  The only thing wrong there if we don't do buy backs after the dump happen since we will lose the chance to earn when market is at the cheaper price.

There's nothing wrong with selling Bitcoin now, because some people are stressed seeing their assets go down. Therefore, the function of
the stop-loss feature is to prevent us from experiencing huge losses. But don't forget to do buy backs, when the Bitcoin price drops even lower.
In order to cover the previous loss, but because I bought it from the start with the extra money I had. So I prefer to hold the Bitcoin I have,
and wait until the Bitcoin price recovers again. In the end, everyone has their own strategy, please use it according to what we think is effective.

[Reatim]

Isnt it oil prices, that influenced on price again? https://markets.businessinsider.com/commodities/oil-price?type=wti <— check them by yourself. Its price has dumped for 6-8% in two days. Even though someone count that these two are not connected, I think thia is the reason crypto reacted with drop on world economy drop.

Sad to See that after many months now Finally Bitcoin stays Below 30k for 2 straight days.

https://coinmarketcap.com/currencies/bitcoin/markets/

Things that does not happened before even though it drops below 30k for 2 times recently yet climbs back again in a matter of hours.

But this time looks like it will stays for long.

[ChaoChibai]

I am also so desperate to see the market now, especially this month and the market is all red graphics. This is really bad reality to face but we can not do anything to change the market and the market is not under our control. It is naturally up and down by its own. If we want to make it clear I think there are a lot of bad news that was going on about bitcoin become the root cause of this bear market. But i just want to remind that bear market will not be forever.

[slaman29]

Sad to See that after many months now Finally Bitcoin stays Below 30k for 2 straight days.

Things that does not happened before even though it drops below 30k for 2 times recently yet climbs back again in a matter of hours.

But this time looks like it will stays for long.

Don't be sad. Be happy that those of us who don't have enough have longer to accumulate. At least, this is how I see it all the time. It's sad not to be holding coins worth 100k but it's even sadder not to even have a single BTC if it reaches that amount:)

So keep stacking at these low prices while waiting for the desired target. Keep our spirits up everyone:)

[conected]

China is usually the main cause of the decline from last year until now, this happens because China has the largest bitcoin mining company in the world, and now that it is closed by their country, it causes bitcoin to go down very far.

- I think most of us only hear about the closure of some bitcoin mining factories in China but in reality, we don't have a direct presence in this country and it's all just announced by a few media, and my doubt here is whether these factories have closed or just rumors while these factories are still operating. Just link from the sharp rise of bitcoin like a bubble and need a needle to pierce it, this story will become relatively logical, sometimes here are some fake scenes to create downfall and direct suspicion towards China

[LimLims]

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

China and Musk are to be considered the main culprit.
For this two, BTC almost dropped half.
And as musk has a huge followers, so they are diverted to altcoins by himself only.
Moreover as the price went down, so people aren’t talking too much now about BTC.
This is leading currently to the downfall of the coin.

[randegibran]

maybe there are many factors that greatly affect the value of hitcoin such as for example many rich people who buy bitcoins in large quantities with the money they currently have, plus there are bans from several countries against bitcoin which will nothing but make the price bitcoin is getting weaker to its lowest point price, but we are very sure this has happened with bitcoin and we are very confident bitcoin will soon recover back to its normal price again

[slaman29]

China and Musk are to be considered the main culprit.
For this two, BTC almost dropped half.
And as musk has a huge followers, so they are diverted to altcoins by himself only.
Moreover as the price went down, so people aren’t talking too much now about BTC.
This is leading currently to the downfall of the coin.

So if you believe Musk is the culprit, are you also hailing him now as a hero for his comments yesterday on BTC? And is he fully and totally responsible for Bitcoin's good rise right now?

If you blame/credit someone, you have to be consistent. Can't pick sides only on one direction of the market:)

[Kasabus]

It doesn't matter. Don't try to make sense of it. Just use it to get more profit.

We have been used to it already. Maybe there might be a price correction that made bitcoin to dump a little but definitely, it will rise up again.

I don't really see these price corretions a big threat for crypto because it is even a good opportunity to place buy orders on the coins you believe in. So just enjoy whatever the market value has to offer. Everything will be back to normal again once majority of the coins will recover.

[mksundip]

if only one factor china, maybe the dump will recover quickly but now this dump is due to the pure downturn in the market and the correction that caused it. so that in my opinion no one is to blame at the time of decline because it is pure

[DatKing]

For that decline, I think the main reasons were Elon Musk and Chinese government. Their manipulations caused the market to fall too much. But now, it looks like this decline has ended. Bitcoin price has started to recover and reached $32k.

[verita1]

To know the market situation we need to read the news. Although there are some digital media that spread FUD towards bitcoin, we also have others with accurate information to know what really happens.

I was also alarmed on July 20, 2021 when bitcoin fell to $ 29,772.66. Take a look at the media where almost all of them reported that the bitcoin mining businesses were leaving China for the USA, Canada and Kazakhstan.

OKAY! I thought this is the reason.
Fortunately, the migration of bitcoin miners did not affect the crypto market that much. In fact it was a good opportunity to buy the dips.

According to the Cambridge Center for Alternative Finance (CCAF), China accounted for a 46% share of the industry in April 2021, compared with 75% in September 2019.

The main beneficiaries of the decline appear to be the U.S. and Kazakhstan, according to the CCAF.

https://www.coindesk.com/chinas-bitcoin-mining-share-was-in-decline-even-before-crackdown

Some might feel depressed like me on the 19th, 20th but on the 21st just 24 hours ago The BTCWord was held and suddenly all change in the crypto market, the price of bitcoin today stands at $ 32,316.38. Prominent advocates such as Jack, Nick Carter among others and Elon Musk participated in the event, which in conclusion was a positive gathering for the bitcoin community.

[Vaculin]

maybe there are many factors that greatly affect the value of hitcoin such as for example many rich people who buy bitcoins in large quantities with the money they currently have, plus there are bans from several countries against bitcoin which will nothing but make the price bitcoin is getting weaker to its lowest point price, but we are very sure this has happened with bitcoin and we are very confident bitcoin will soon recover back to its normal price again

The bear and bull season will come with or without a reason and this time, people are guessing who has to blame but there is none. I mean, the current issue in regards to declining sentiment is found to be normal in the case that I've never heard any rumor from big countries about banning. But what we have heard is the US is making its way to accept Bitcoin and even encourage people to invest in this.
https://www.realcryptocurrencyhub.com/the-us-investors-attracting-towards-bitcoin-says-senator-ted-cruz/

[famososMuertos]

OP:Hi,
In my particular opinion, bitcoin is healthier than ever, I don't know what the nerve or the restlessness is bitcoin is where perhaps it should have been in the first quarter of the year 2021.

Although some may feel overwhelmed at having gone under $ 30k and "require" bitcoin to reach "unexpected" levels, when this is the most real price it can have today, move back in time to early 2021, as you will would feel with this price after having broken the barrier of $ 20k, great.

This year's ATH blinds us, but look at how horizontal bitcoin has been since May 22, obviously with bands of $ 1000, $ 2000, $ 8000 (+/-) giving a winning line if you know how to use it, bitcoin is not always ATH to be fine, that's why maybe your comment falls more in the trading area, although you don't say much in the OP.




 

[krky]

The declined have also coincided with the delayed deadline for tax payments, which could have caused selling pressure as investors looked for cash to off capital gains tax liabilities.

[v3liana]

It is clear that China is the main reason of the current market decline. After China banned bitcoin mining in their country many miners were forced to sell their bitcoins and close their mining sites.

I don't know how many times china ruined the entired market, i feel like almost every year china do this kind of thing to ruined entire market.

And another reason is ElClownMusk, she so hypocrite and i hope she stop manipulated the market.

[ropyu1978]

It is clear that China is the main reason of the current market decline. After China banned bitcoin mining in their country many miners were forced to sell their bitcoins and close their mining sites.

I don't know how many times china ruined the entired market, i feel like almost every year china do this kind of thing to ruined entire market.

And another reason is ElClownMusk, she so hypocrite and i hope she stop manipulated the market.

because of china which banned bitcoin mining, and elon musk, and tesla company which no longer accepts bitcoin, and donal trump who says bitcoin is a scam, and there is also government involvement that posts negative things about bitcoin, and world bank which no longer accepts bitcoin exchange ,, but I think this is only temporary, because we know bitcoin has extra super power, soon maybe bitcoin will rise to a high level..

[bryant.coleman]

It is clear that China is the main reason of the current market decline. After China banned bitcoin mining in their country many miners were forced to sell their bitcoins and close their mining sites.

I don't know how many times china ruined the entired market, i feel like almost every year china do this kind of thing to ruined entire market.

And another reason is ElClownMusk, she so hypocrite and i hope she stop manipulated the market.

China is not the sole reason. The closure of Bitcoin mines have contributed to the decline in a big way, but some role was played by the hostile actions of the government in the United States. Ever since Joe Biden was elected as the president, and Janet Yellen appointed as the secretary of the treasury, the government attitude towards cryptocurrency in that country have become more confrontational. On top of that, several lawmakers, including Elizabeth Warren and Joe Manchin have become more vocal nowadays. 

[perfect999]

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

There hasn’t been any serious decrease or increase as of recent. The price has been quite stable around the $30,000 range. There also have not been any serious event that I would say will lead the price to a fall. It might be like this for long. I’m also not expecting any increase, despite that I have seen some analysts that analyzes another bull run, but I don’t believe that.

China is usually the main cause of the decline from last year until now, this happens because China has the largest bitcoin mining company in the world, and now that it is closed by their country, it causes bitcoin to go down very far.

As for China and their closure of bitcoin mining farms, that’s been a while it happened and whatever effect it’s meant to have in the market, I believe it has already done that. So whatever we are seeing now is just a normal up and down movement of the market.

[randegibran]

The causes.that occur.with the decline.in bitcoin are indeed.many and also have several factors.that will.affect the price of bitcoin itself.especially regarding the global stock.market which is.the trigger for the decline.in bitcoin prices.for now, but for us.it has.become commonplace.in the crypto world. and the price will be back to normal in the near future we just hope so

[slaman29]

This year's ATH blinds us, but look at how horizontal bitcoin has been since May 22, obviously with bands of $ 1000, $ 2000, $ 8000 (+/-) giving a winning line if you know how to use it, bitcoin is not always ATH to be fine, that's why maybe your comment falls more in the trading area, although you don't say much in the OP.

Great point. Just as we were blinded by 20k for a year, we're now thinking of 63k and how far we seem to be from it (50% drop) to realize that the big picture actually didn't change and that the 63k price wasn't ready for its time, a result of extreme speculation and the typical over-momentum from breaking an old ATH.

[JerryKin]

Can anyone really point out what's causing the declination. It's a normal thing when the price rises or falls..but the recent sudden declination is quite alarming. In my opinion I'd say there has been a major imbalance in the market system (the inflow and outflow of the coins).
And it could be something entirely different.

[ropyu1978]

China is usually the main cause of the decline from last year until now, this happens because China has the largest bitcoin mining company in the world, and now that it is closed by their country, it causes bitcoin to go down very far.

maybe it's true as you say, china has a big influence in bitcoin, after china closed the company that holds bitcoin, the price of bitcoin began to fall, and there has also been a negative effect of posting on bitcoin lately which makes weak hands afraid to hold bitcoin, but I think this is only temporary, bitcoin will definitely come back up again, we just have to wait and be patient..