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

[justdimin]

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?.

But, today we have broken the $58k barrier but still not able to hold above that but tonight we can see bitcoin markets penetrating $60k levels which must be the another significant resistance in between a new ATH. There were lots of negative news from China but most of them are having alternates hence we could see bitcoin markets to be ignoring all those and might continue its journey toward $100k levels.

I read in my local news channel that at least 5 more governments may legalize bitcoin before end of next year which means a lots of bitcoiners to join the board. I guess just one or two governments decision would be more than enough to get bitcoin into $100k levels and let's see what are surprises are hidden in coming days.

[michellee]

The price is up and down from $57k-$58k and that has happened many times but I am sure that the price will grow slowly and hopefully, that will be no need to wait for a long time. Maybe we will see something in the next week and if that really happens, we will be happy to see the price finally can back to $60k. We do not need to rush because we can accumulate more bitcoin at a price now, so our profit will be bigger when the price starts at the next rally.

[sujonali1819]

Lol. So what the big changed happen when BTC drop about 3k$ in a day? what the percentage actually it dropped? This was not normal? Just see the previous history of bitcoin then you may understand that drooping 3k$ / 5-6% In a day after continuously pumping from 30k$. Btw I don't know the exact reason but I can say it the reason could be any rumor or a correction before making new ATH.

[Schnecke]

Get used to it. In five years we will see 10k drops and people will say "nice, it only dropped 1% today"

[DeathAngel]

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?.

$3,000 drop is nothing, literally nothing in terms relative to the current price. After what we saw in May this year, a $3,000 daily drop is barely worth mentioning. Sit tight & strap in, the next few months are going to be very exciting.

[el kaka22]

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.

Unfortunately panic sell is the reason why those people are losing money. I do not like it because those people are upset about it and then they come here and say that bitcoin is a scam and they promote some other shill that convinced them. The reality is that we are in a situation where making money is easy compared to all other methods in the world.

Crypto is something that you need to diversify, put more when the price goes up, and wait patiently. That is the only way you could make money and it is an easy way to make money as well. I mean where else can you make money like that? And I mean we are making money in a huge amount as well, not like we are making 10% year neither, we are making a huge amount like 2x a year, and when you can hold it like that for a long time then we are talking about something that is wealth maker in many years.

[STT]

3k is about important as sneezing and pressing the wrong key, it can be considered a mistake or random unless it settles into that price.   The overall pattern in 24hr can matter but blips up or down are fairly normal and part of why trading is hard to do without enough conviction to prevent being stopped out.   Price never moves in straight lines, I never believe it will stay simple.



Here I'm just speculating we are capped still by previous price action on weekly bars.  Otherwise despite the sideways movement we resolved upwards for the moment, I generally expect BTC to explore the whole space so I think 50k can happen.
  Never doubt that we have a whole army of traders willing to look at a range of prices and just put on a bet with leverage that we go through that entire range.    As a trade sometimes its easier to just say we have more space free and clear below us then above and so the path of least resistance is downwards not up, not exactly about being negative.

[Johnyz]

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 normal especially if we failed to break the resistance, now the price of Bitcoin is on $57k level again trying to challenge the resistance again and if we failed again you'll see another drop, a big drop maybe since this is an indicator that we can't go beyond resistance yet and its time to go back to the support level. I don't see any reason to panic at the moment, its just a normal trading scenario, though there's still a chance for bear trend so keep watching.

[Fatunad]

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?.

$3k drop is just an ordinary day here on crypto and its non a surprising thing and if ever bitcoin had dipped down its price then theres always a recovery after that moment and we've been seeing that its almost $58k
as of this moment which simply means that it wasnt really the exact reason on why it had really decreased down because it could maybe just a simple sell out on that resistance and not really connecting
any sentiments or news around the market.Bans and prohibitions or crackdowns wont really mean nothing.

[Rajamuda]

The answer is not sure to be a big influence on the Bitcoin price rate, I'm sure there are several other things that affect it. Well even though it looks like it's been affected by negative issues or something else, but basically Bitcoin is still recovering from the pattern that used to be around $40k+, which is now at the $50k+ level.
The chance to go higher or something like recovery is still there, just keep hold and wait while keep gaining another income.

[lienfaye]

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?.

Be used to it because its not unusual, the price can drop further than that in just snap.

Thus if you cant bear seeing such scenario then think if you still want to continue investing in bitcoin.

Because investors who already used to how the market move doesnt bother if btc and other alts turn downward.

[Fundamentals Of]

It is not because of China. Are you not tired of all these China news? It is about time you stop following China news and rumors. China is dead already as far as Bitcoin is concerned. Bitcoin has already banned China.

What just happened was a regular correction which normally follows a rally. After the price consolidates the rally will resume. Expect corrections like these happening in between strong rallies. We are on a bullish ride this entire fourth quarter of 2021.

[Dave1]

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?.

$3,000 drop is nothing, literally nothing in terms relative to the current price. After what we saw in May this year, a $3,000 daily drop is barely worth mentioning. Sit tight & strap in, the next few months are going to be very exciting.

Just this month alone, is already exciting, $60k is almost there, and then $70k and then $100k.

Again, as for the drop of $3k, yes that is nothing, so I don't know why we still reacted to that kind of movement. We've seen worst and all we can do is wait for the price to hit the bottom, then we buy, hold, easy peasy. So relax OP, everything look bright right now, wait for the biggest break out once we reach $60k again.

[traderethereum]

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?.

$3,000 drop is nothing, literally nothing in terms relative to the current price. After what we saw in May this year, a $3,000 daily drop is barely worth mentioning. Sit tight & strap in, the next few months are going to be very exciting.

Just this month alone, is already exciting, $60k is almost there, and then $70k and then $100k.

Again, as for the drop of $3k, yes that is nothing, so I don't know why we still reacted to that kind of movement. We've seen worst and all we can do is wait for the price to hit the bottom, then we buy, hold, easy peasy. So relax OP, everything look bright right now, wait for the biggest break out once we reach $60k again.

I think we can be patient until the price can reach $60k, $70k and $100k because the bitcoin price will be there soon.
I do not think that the bad news from China will affect the crypto market for a long time because crypto will find a way to lift the price and back to the high price.
Meanwhile, we have been allowed to buy many coins at a low price from this correction so we must use that for our benefit.
We will not regret buying it right now, especially if the price increases in the next week.

[matchi2011]

The answer is not sure to be a big influence on the Bitcoin price rate, I'm sure there are several other things that affect it. Well even though it looks like it's been affected by negative issues or something else, but basically Bitcoin is still recovering from the pattern that used to be around $40k+, which is now at the $50k+ level.
The chance to go higher or something like recovery is still there, just keep hold and wait while keep gaining another income.

Almost reaching $60K now and if this will continue, we might break the last time high and create a new ATH.
Those bad news are over and it seems that the market is now showing better upwards run, we don't know
if how high this bull will pump and what more surprises Bitcoin will bring us.

As holders, it's a very nice scene in the market. We are seeing good growth with our invested money.

[OrangeII]

bitcoin prices have often fallen thousands of dollars in a single day due to FUDs from China or elsewhere, and I think we've been past that many times. I think bitcoin will recover soon as you can see at this moment, even almost reached its new ATH again.
many parties want to drop bitcoin, it's just that bitcoin adoption continues to grow and causes a rapid price increase. however, the use of bitcoin will expand and the recovery will continue. that's what I learned after seeing some parties spread FUD and make the price of bitcoin go down. however, as of this year, it looks like bitcoin is strong enough to hold out. well, we are currently at $59k, and soon it will hit a new ATH.

[cryptomaniac_xxx]

I see the price hitting the peak today at $60k.

So the biggest mental barrier of $58k now has been breached already. So this thread now is somewhat moot, the failed attempt at $58k, then dropped $3k a day. But it seems this is over, it is invalidated already and maybe we are heading now for a new all time high.

[bitzizzix]

bitcoin prices have often fallen thousands of dollars in a single day due to FUDs from China or elsewhere, and I think we've been past that many times. I think bitcoin will recover soon as you can see at this moment, even almost reached its new ATH again.
many parties want to drop bitcoin, it's just that bitcoin adoption continues to grow and causes a rapid price increase. however, the use of bitcoin will expand and the recovery will continue. that's what I learned after seeing some parties spread FUD and make the price of bitcoin go down. however, as of this year, it looks like bitcoin is strong enough to hold out. well, we are currently at $59k, and soon it will hit a new ATH.

It looks like Chinese FUD and whatever it is is no longer valid for investors and all bitcoin users because FUD from China has often happened so investors have thought smart and didn't care about it, except for new investors there might be a little worry or panic.

but I don't mind that and most importantly now and in the future I hope the price of bitcoin continues to rise and develop like some recent news about bitcoin adoption, and it looks like the good news about bitcoin will continue because over time everyone realizes bitcoin is good for them.

I think New ATH will happen this month as the current bitcoin price is close to yesterday's ATH, and if true I'm very optimistic the bitcoin price by the end of the year will hit 100k as most people say.

[Doell]

I think New ATH will happen this month as the current bitcoin price is close to yesterday's ATH, and if true I'm very optimistic the bitcoin price by the end of the year will hit 100k as most people say.

100K is not a low value and easy to hit ,currently the price of bitcoin is 59K and the end of this year is about 74 day ahead from now ,bitcoin need around 41K to reach 100K level will it be possible for bitcoin to hit that? every day +2K maybe can but there is no guarantee that people will not throw/sell when they are already profitable ,70K - 80K might hit later this year but last I hope my statement is wrong and they are right bitcoin will hit 100K more

[Woodie]

Now that bitcoin is about to breach 60,000 again with a couple of $100s to go could this mean momentum would have been built to push it up further and maybe see a $3k to $5k climb in a day as seen when it was bearish and this happening over the weekend makes it more bullish for me.  But this being some kind of psychological area we have to wait and see how price will react around this price range.