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

[ice18]

Drop in $3k is just a normal days in bitcoin price so no need to panic sell, and China again has nothing to do with bitcoin price because Binance blocked them, they can use use dex exchanges even in leverage trading, wait for weekend and we can break the $60k again, agree?

[Weng simok]

Whale is only down 3.35% and is not a problem in the cryptocurrency market. many other markets are also going down with bitcoin, this is only influenced by negative rumors which are not so problematic. bitcoin will recover in a few hours or just a few days.

[Silberman]

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?.

That is a loss of a little bit more than 5% in a single day and while such movements will be incredibly high in the stock market at the same time that is nothing in the market of cryptocurrencies, and just to show this is true bitcoin is at 56k again and it may try another attack at that level during the next days, so just wait and let bitcoin works its magic, because sooner or later that level is going to fall as the demand for bitcoin increases worldwide as the economic prospects of most economies of the world go down and people look for ways to keep their wealth.

[marine4u]

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

That's not true, as far as I remember correctly at the time bitcoin recovered at $58k, all related to China were almost removed from Huobi, Kucoin, Binance all took strict legal action against citizens  China.  I'm not sure the reason behind when we tried to break $58k was a bear market but it's no longer serious and under heavy sentiment.  Current rise and fall is natural, it doesn't need to smooth to new ATH.  Get ready to come back because I doubt its direction is above 60k$

[Hippocrypto]

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?.

That's doesn't matter right now, we need to focus on the recent market changes because fluctuations really affects increase. Just like what happened recently, price now reached $57k above and are about to touch another potential best spikes. This is going to be more exciting and intense, if there's a subsequent drops I believed there's quick recovery that follows.

[djgtr]

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?.

That's doesn't matter right now, we need to focus on the recent market changes because fluctuations really affects increase. Just like what happened recently, price now reached $57k above and are about to touch another potential best spikes. This is going to be more exciting and intense, if there's a subsequent drops I believed there's quick recovery that follows.

I agree on that 3k$ drop of Bitcoin price has no big effect on the market because we are now at the bullish movement and soon it will surely recover. There are a lot of negative news and it affects the price to fall down but I think it will not last long and there will always a recovery time just like what we experience before so I think we need to keep calm for good.

[adaseb]

The only reason the drop was only 5% is because there is almost no leverage in the markets. The move was mostly spot driven. If we had the same amount of leverage that day as we had in April it would of been a 20% drop instead of 5%. Only a few people got liquidated on that drop.

As Bitcoin goes higher and higher and is on everyone’s radar again, we will get more OI and more leverage and higher funding and future rates. And then whenever we get a pullback it will be a nasty one. You can see this anytime Bitcoin was breaking ATH after ATH, the late longers were the ones that got liquidated.

[TravelMug]

And now that bitcoin reaches $58k, maybe we need to find out the reason that it went up to $3k? Lol, I"m just being sarcastic here. In any case, the next target we have is $60k, and it's another magic numbers so I will say that we will fomo on this price and will push it up to $63k.

And I guess bitcoin give us a clear message, we don't need to panic if there is a drop in prices like the OP is saying. Maybe just a sell-off with no cause whatsoever. And when the dust settles, the price will go back again just like today.

[peter0425]

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?.

after several hours this is how Bitcoin manage to increase and break that 58,000 again

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

this shows how we must not take seriously the drop of price if we are dealing with bitcoin , also this is the strongest and safest coin so Just let it drop and keep your hold.

in the end of everything? it is increasing what will come to bitcoin and this has been proven for many years now specially when the Halving season comes effect .

[carlisle1]

And now that bitcoin reaches $58k, maybe we need to find out the reason that it went up to $3k? Lol, I"m just being sarcastic here. In any case, the next target we have is $60k, and it's another magic numbers so I will say that we will fomo on this price and will push it up to $63k.

And I guess bitcoin give us a clear message, we don't need to panic if there is a drop in prices like the OP is saying. Maybe just a sell-off with no cause whatsoever. And when the dust settles, the price will go back again just like today.

We don't need to panic indeed! Bitcoin is taking care of his business we are witnessing the strong market,

If happened that you do have good amount of money into this asset, better to stay put and let it move the way it putting things now.

Keep calm and be patience, the up and down is normal those who are selling are okay with the benefits

while those who are still holding still wanting for more, keep on the side where you really acknowledge the market run.

[STT]

Its back to 58k now, fast recovery.   It will matter if the fall is confirmed but so far the opposite happened.    We can see any price short term but real prices that matter are patterns that build and develop.   Generally a price has to register daily and weekly bars to matter and start having an impact that will drastically alter prices.


I did hear one trader advise caution in this area as we may see some indecision.   These prices are just moving averages with the weekly average seeing price mark the recent lows, MA just can show some momentum not really support.   I still think we can trade downwards but its not indicating as much so far.  Perhaps losing 2 day and weekly average would then mean we go back to 50k.   Price cant continually rise so it does tend to go in cycles.

[traderethereum]

Even if bitcoin fails to increased and dropped to the lower price, I am still sure that bitcoin price will rise and start to grow, even if that is only for a small amount and increase slowly.
In the end, we will see bitcoin price will be more than $60k and will hit the next ATH in the future.
So we need to have the patience to wait for the time for bitcoin price to rise and even if there is another news from China that saying bad to bitcoin, that does not affect the price in the future.
The price now is trying to back to $58k and we still have many times to see it will happen soon and will be back to $60k.

[cafucafucafu]

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?.

And now we're retesting the $60k barrier.

I don't think that negative news out of China has any bearing on price anymore.

But I agree that price movements have been very volatile as of late - perhaps this is a signal that the bull run is near its end as people are a bit more cautious in their bullish sentiments.

[NeuroticFish]

And now we're retesting the $60k barrier.

Actually we are still just under 58k. We went to 58500 and then back to lower values.
And I think that one reason is psychological and related to European traders: the current "barrier" is 50k EUR 
Let's give it a bit more time. We'll pass this too.

[batang_bitcoin]

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,

I saw it on binance spot a while ago that it has hit $58k. It's not a failure as it just stepped there. We need to be patient waiting for the time of it to be stable again at another price like $58k.

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

Don't have to highlight that as there's more than that amount that bitcoin dropped within a day. If there's a significant drop then you expect the recovery of it is way better than the price drop.

[sirminesalot]

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?.

Nope i think it's just a normal movement and not caused by any news, the price is high and it made a correction.
If we look at the chart with monthly interval, the char is looking good and signing a positive way to going up again in the future. So i think we don't need to panic and sell our bitcoin for right now because the market is still good.

[MiF]

Bitcoin now is 57k$ and I think that price is high enough so it is more safe to say that the Bitcoin is now start to bullish again after the 3000$ drop last week. The important here is patience and the way we act on a situation like dropping. Because panic sellers always loss.

[ultrloa]

Bitcoin now is 57k$ and I think that price is high enough so it is more safe to say that the Bitcoin is now start to bullish again after the 3000$ drop last week. The important here is patience and the way we act on a situation like dropping. Because panic sellers always loss.

What other people think is when they think about bullish condition it will never go drop and they expect to gain more from it that's why they get dismay when sudden dump happen, instead of they earn it turns out that they are in break even that's why sometimes we need to keep our heads and secure the profits when it already showing to us since there's nothing wrong with doing that since we can buy back again once there's a correction happen.

Panic selling will always happen when the price start dumping and those people who easily get panic in short movement always lose their money.

[Jating]

And now we're retesting the $60k barrier.

Actually we are still just under 58k. We went to 58500 and then back to lower values.
And I think that one reason is psychological and related to European traders: the current "barrier" is 50k EUR 
Let's give it a bit more time. We'll pass this too.

Yes, we have seen this kind of movement before, getting past the biggest resistance, but then followed by some sell-off. I think this was the case with $48k last September as well and if my memory serves me right, it took us like 3 or 4 times before we finally broke $48k and then reaches $52k.

So let's wait for it and let the market mature in the next couple of days. Just the regulars liquidating at $58k and then buying around $56k and wait for it to reach $63k or new all time high.

[kotajikikox]

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?.

It is not a failure instead that is what we called starting up lol look at the price now, staying at 57-58k and the momentum is still there meaning at any moment the value will increase high ./
waiting for at least 60k before this Month end and another 10k before November ends means by December at least 90-100k is possible to reach.