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

[ultrloa]

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?.

I think Bitcoin's current price drop is normal and only a small correction compared to the big price correction in last September. The current price decline will make Bitcoin take the first step to increase to reach a new ATH considering that Bitcoin has fallen very significantly in the last month. Therefore we don't need to panic with the decrease in the price of bitcoin which is more than $3k in a day.

We see that correction always happening and even if we are in bullish condition we can still see that then maybe we should expect that to happen since there's no always pumping up movements on bitcoin even before. And we really don't need to panic on the corrections since for sure many traders will take that opportunity to buy on another round and either earn or hold it for quite long time again.

[Silberman]

Apart from Binance, there are many other exchanges that have been affected by China's new policy. the policy of course also affected the price of bitcoin and caused a significant price decline, but recently the price of bitcoin was able to recover quickly and currently the price of bitcoin is able to approach ATH. I am quite happy to see the movement of bitcoin this year because there are many moments where the price of bitcoin is able to recover quickly.

This is something that I noticed as well, when the price of bitcoin dropped to the 30k level many people immediately got very negative about the sort term prospects of bitcoin and sold their coins and now just a few months later the price already recovered and there is not a reason to think we are bound to see way higher prices than what we are seeing right now, so with that in mind I do not think we should get scared when there is such a small correction as bitcoin can recover that in days or even hours under the right circumstances.

[justdimin]

I agree that it's perfectly normal for bitcoin to drop until to $3K, and nothing to worry about. I agree with you that there is no need to panic and worry. because it can change your estimates, it can even reduce the trust that can just disappear.

bitcoin will even be able to do more than that in a day. even on the 16th bitcoin can also increase by the same value. so there is no need for excessive worry because the bitcoin trend will indeed continue to increase.

bitcoin is indeed trying to increase at the moment, at least it is to be able to surpass the last ATH which is at $64,804, because the opportunity to surpass the last ATH makes bitcoin more confident. ATH is always a benchmark to be able to increase even more, just like when it has to pass $50K.

believe that bitcoin will do its best at the time many people have predicted and we just need patience to wait for it.

I am not sure if 3k would be normal in any other case, but it is normal that it happened at these prices. People need to realize that 3k drop when the price is 10k means 30% drop, when we are at 60k and there is a 3k drop that is only 2%, the difference between 30% and 2% is obvious.

So, we should not be really focusing on a price drop at the price level but on % level. That way the percentage would show you what is going on. The price dropping anything under 5% is a normal day, anything that increases under 5% is a normal day as well. The reality is that we should be basically just happy that we are non-volatile with a drop like that. We have seen how the return happened, we are in a situation where the price of bitcoin increased over 61k and nearly breaking the ATH as well. Breaking that ATH will be a very difficult one, but  it could happen for sure.

[rincoeng1986]

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?.

I think Bitcoin's current price drop is normal and only a small correction compared to the big price correction in last September. The current price decline will make Bitcoin take the first step to increase to reach a new ATH considering that Bitcoin has fallen very significantly in the last month. Therefore we don't need to panic with the decrease in the price of bitcoin which is more than $3k in a day.

We see that correction always happening and even if we are in bullish condition we can still see that then maybe we should expect that to happen since there's no always pumping up movements on bitcoin even before. And we really don't need to panic on the corrections since for sure many traders will take that opportunity to buy on another round and either earn or hold it for quite long time again.

The decline in the price of bitcoin from $58k to $55k or called a price correction of $3k in a day cannot be said to be a failure because crypto is often volatile. what about now that bitcoin has broken through $64k is it still a failure? bitcoin is already in the strong spotlight of various media and has been of great interest to new investors.

[philipma1957]

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?.

Your thread title looks like shit. Change it.

Title looks worse than ever

[_Miracle]

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?.

Your thread title looks like shit. Change it.

Title looks worse than ever

It should be kept just like this :-)) as a lesson.

Someone should make a resurrection thread listing one like this from the past.

[doomloop]

We also had a 3k increase, from 61k to 63k+ which was around 3k, we reached 66k as well so we could count that. It is obvious that daily changes at 3k range is not something we should be shocked anymore, it is a normal situation in the crypto world.

Obviously there will still be a lot less days, movements that are within one thousand, but right now we reached to a level where 3k per day changes every single day for a while (up and down) would not be really that weird. Like if I see it 60k tomorrow, then 58k a day later, then 62k afterwards with 66k+ trying to break ATH and fail again go down to 60k, all these sound very reasonable and understandable, I do not think it is very shocking.

[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?.

I think Bitcoin's current price drop is normal and only a small correction compared to the big price correction in last September. The current price decline will make Bitcoin take the first step to increase to reach a new ATH considering that Bitcoin has fallen very significantly in the last month. Therefore we don't need to panic with the decrease in the price of bitcoin which is more than $3k in a day.

We see that correction always happening and even if we are in bullish condition we can still see that then maybe we should expect that to happen since there's no always pumping up movements on bitcoin even before. And we really don't need to panic on the corrections since for sure many traders will take that opportunity to buy on another round and either earn or hold it for quite long time again.

The decline in the price of bitcoin from $58k to $55k or called a price correction of $3k in a day cannot be said to be a failure because crypto is often volatile. what about now that bitcoin has broken through $64k is it still a failure? bitcoin is already in the strong spotlight of various media and has been of great interest to new investors.

People like to cherry pick, they want the good volatility when the price of bitcoin is going up, but they do not want the bad volatility when the price of bitcoin is going down, it is simply unrealistic for those people to wish for an asset like that, as it is impossible for anything to always move up in price, and yet that is exactly what some people want and this is one of the main reasons why there are so few people that are successful traders or investors.

[Yaunfitda]

We also had a 3k increase, from 61k to 63k+ which was around 3k, we reached 66k as well so we could count that. It is obvious that daily changes at 3k range is not something we should be shocked anymore, it is a normal situation in the crypto world.

Obviously there will still be a lot less days, movements that are within one thousand, but right now we reached to a level where 3k per day changes every single day for a while (up and down) would not be really that weird. Like if I see it 60k tomorrow, then 58k a day later, then 62k afterwards with 66k+ trying to break ATH and fail again go down to 60k, all these sound very reasonable and understandable, I do not think it is very shocking.

You have predicted it as we are going down hard from an ATH to $60k right now.

But just like you it's reasonable and understandable, as the market really goes down hard after breaching new ATH. So it's really a good time to buy right now, although I'm expecting the price to maybe decrease still because of the bitcoin future expirations in the next coming days. That has been the trend in the last week of every month, so just don't panic and take it in stride.