Bitcoin failed at $58,000 and dropped by more than $3K in a day.

[rhodelmabanal]

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?.

[Poker Player]

$3K is business as usual. It's like a 5% drop. A 5% rise or fall in the price of Bitcoin is quite normal and cannot be attributed to any specific event. If you're worried about a drop of that percentage, you'd better not invest in Bitcoin or one of these days you're going to have a heart attack.

[nutildah]

The world must be ending, sell everything now because Bitcoin isn't apocalypse-proof. Some people think you might need things like silver, bullets and gas for barter after the revolution begins but they're wrong. It's actually chickens. People never know how much they need chicken until its too late.

[DapanasFruit]

This is just so normal with Bitcoin ad it is just natural for anyone to look for any reason they can find. Anyway, I really hate to connect this with something that has again China's involvement. I am wishing that by 2022, we can get over with this China factor and move on. I am tired of this China, China and China. Since China has already made it clear that they will never allow Bitcoin and cryptocurrency within the country, let so be it! Cryptocurrency can grow a lot even without China in the same way that Google, Facebook and YouTube became megalith even if they got virtually no presence in China!

[TopTort777]

I see no real reason why Bitcoin has lost 3k. This is just regular market situation. Previous growth from 50k to 58k also happened without any specific reason.

In fact, the actual price drop is not 3k; the price has decreased for 1-2k, and panic sellers just pushed it more down. You can call it correction if you like.

China is definitely not a reason for a drop. They ban cryptocurrency anyway. Not a big deal if someone can not trade what is banned. Besides, Binance does not just restrict access, it restrict only trading option. "If the platform finds out mainland China users, Binance will restrict such accounts to the withdrawal-only mode. Users will only be able to withdraw assets, cancel orders, redeem or close positions."

[worle1bm]

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?.

Oh here comes another blame on chinese restrictions but seriously is this drop even significant that we need to talk about it.Bitcoin volatility effect could make surge or dips with such price levels and it's quite normal.But the positive news is it has managed to recover from $40-$45k barriers so ignore these things.Even if it was $70k fell from $75k would be bearish still and having such discussions?

[Charles-Tim]

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users.

There are still centralized exchanges that people can use to trade without not getting verified. Binance still give the choice to withdraw only while all non verified users that their account has not been restricted already will have not more than 19th of this month. I do not see how this affected bitcoin price, also include the link to the news for it to be authentic.

more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?

I do not see how this is linked to China, it is not. But you can read this in case of another China FUD:

Crypto has recovered from China's FUD over a dozen times in the last 12 years

Know that a time is coming bitcoin price low will not reach $55000 anymore.

[buwaytress]

Indeed, a failure and a drop of about 5% in 24 hours. A tragedy after notching over 20% in a week. Nothing unusual for Bitcoin, but if this causes panic selling, all the better. Got to wring the bear towel tight as possible so the bear purge happens real and proper.

Timely mid-week recuperation, look forward to the ensuing weekend.

[mk4]

My opinion: whatever lol. Bitcoin has been going up and down and up and down for years now that it's totally pointless trying to pin-point what caused such price movements. The fact is, it went down. Done. Whether I find the reason or not doesn't change the result whatsoever.

[Jating]

Lol, Bitcoin failed to break $58k and then goes down $3k? Should we all be concern?

Checking at the price right now, it's about to move to $55k again, so we have bounce back already.

So my opinion on the $3k drop is that traders are just making money in the market by squeezing some profit, simply as that. I don't think that the Binance news has something to do with it.

@buwaytress - yeah, it seems though that there is also a shift, usually weekends there's not much activity, but since the huge spike starting October, I noticed that the volume during weekends is above normal.

[cheezcarls]

No big deal. This is how crypto works. We see gains and drops as it’s subject to high volatility and unpredictability. I don’t mind about the drop though whether if it’s short or long term, because Bitcoin is here to stay and it will eventually rise in a surprise.

[NeuroticFish]

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?.

You seem to be here since 2017. You should know since then that a few % in price fluctuation means absolutely nothing.
Bringing China into the equation makes it look like a desperate attempt for FUD.

Keep in mind that less than one week ago there was a pretty big rise in bitcoin price. Almost 2 weeks days ago there was another one. It's not unusual that some traders may have decided it's time to sell/take profit.

[_Miracle]

what was your opinion about this 3k$ dropped of btc price?.

I was thinking that some traders might be having a good time, tried to calculate the amount of times China has banned bitcoin, marveled at what a difference a year makes and  wondered how long would it take for someone to say bitcoin is crashing ;-)

[Yaunfitda]

Maybe we already reach the peak of this bull run at $58k, so some sell-off had happened.

The China FUD is over though, I'm not seeing the effect on it as we have been immune to it. So I would say it is a normal drop, the price can't go on parabolic rise, it hit a snag $58k. Then let's wait and see another attempt to it this week or early next week.

[Husires]

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?.

Speaking using BTC/USD index using dollar price change is not accurate but the levels of change.
Bitcoin needed more than 6 years to reach first 1K, but now are changing with more than 1k in less than 6 hours.

Lots of expectations indicate that the price will be at $ 50,000 to $ 63,000 during this month, so all these changes seem to be normal and should be surprised.

Big effective changes will be:

• return to 30K USD.
• Break ATH 64k USD.

[rahmatrf331]

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?.

The decrease in bitcoin from $58k to $55k is still considered natural and has no effect. The $3k drop is only a few percent and it happens every week. Bitcoin, including a volatile market, often fluctuates in market prices, so this is nothing to worry about.

[DOH!]

The China FUD is over though, I'm not seeing the effect on it as we have been immune to it. So I would say it is a normal drop, the price can't go on parabolic rise, it hit a snag $58k. Then let's wait and see another attempt to it this week or early next week.

Totally agree.  We're having a drop in price and we're closer to a bear market, but I think its effect is completely natural, it's not as severe.  In fact, we need to be more patient at this $50k and we clearly know where bitcoin is headed.  I'm bullish on the whole of Q4 and now that's not a bad thing.  MA200 is low but it will have big wick.  Just waiting

[Coin_trader]

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?.

The decrease in bitcoin from $58k to $55k is still considered natural and has no effect. The $3k drop is only a few percent and it happens every week. Bitcoin, including a volatile market, often fluctuates in market prices, so this is nothing to worry about.

I agree with some minor comment, A 3K$ change is indeed small price change but it happens when it hits 58K which is the wall that can't be break multiple times, This means that price failed to break that certain wall and we might experience retest, The problem is when bulls lose confidence and power, The current price is near ATH which means that traders are very sensitive on any sudden price movement. A single FUD or price reject might cause a panic sell off. Its better to keep watching and be prepared. Being over confident is always leads to a loss in trading.

[buwaytress]

@buwaytress - yeah, it seems though that there is also a shift, usually weekends there's not much activity, but since the huge spike starting October, I noticed that the volume during weekends is above normal.

Yep! The volume is what's getting me amped up. That, and the 200MA rejuvenation. I know the latter's hardly as important as the former but I'm sure I'm not the only one psychologically psyched by that long term line, and having a lot of juice in volumes to back it up is going to really bolster momentum when (not if) the trigger arrives for a new ATH.

[Viscore]

I saw Bitcoin drops 3k$ in a day and expert says that it is all because binance restricts access of Chinese users. more negative news in relation to China will drop the Bitcoin price down, but I think bitcoin will soon recover just like before, what was your opinion about this 3k$ dropped of btc price?.

The decrease in bitcoin from $58k to $55k is still considered natural and has no effect. The $3k drop is only a few percent and it happens every week. Bitcoin, including a volatile market, often fluctuates in market prices, so this is nothing to worry about.

I agree with some minor comment, A 3K$ change is indeed small price change but it happens when it hits 58K which is the wall that can't be break multiple times, This means that price failed to break that certain wall and we might experience retest, The problem is when bulls lose confidence and power, The current price is near ATH which means that traders are very sensitive on any sudden price movement. A single FUD or price reject might cause a panic sell off. Its better to keep watching and be prepared. Being over confident is always leads to a loss in trading.

This must be nothing big, just a part of price correction. But if it's really caused by some restrictions from China, i guess we don't have the control to make it stop. Bitcoin is highly volatile so its not really new to us if the current price drops 3%-5% a day because there are times too that bitcoin suddenly starts surging by 5%-7% in a single day. If you want to invest in long term in bitcoin, then you should not be affected with the sudden price drop in the market as market crash will always expected to happen.