What's causing the decline this time?

[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.