Bitcoin on sale, will the support continues to hold?

[timerland]

The $50k support just broke.

And alongside it BTC has now breached $1T market cap which is certainly some bearish territory right here.

I think that $40k support will be tested. Whether it holds or not will be up to chance, but I'm leaning towards the pessimistic side given the scale of the selloff (in fact, it nearly breached $40k on several derivatives exchanges during the liquidation of the longs).

[1714710953]

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[1714710953]

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[Jating]

The market is so astonished and annoying, the occurrence of bitcoin degradation in price is not understandable any longer and any more, emerging the price decreasing from day to day, what we passed through like some years back is happening indirectly again, it assumed that the gravity of people demanding bitcoin is not corresponding positively to the supply, many investors is getting and experiencing negativity into investment of bitcoin right now as the price keep on falling instead of accelerating.

And so there's no more support line as this point because the price continues to go down very hard.

Just like hours ago when I checked the price we are still in the $52k'ish and now I was also astonished to see it going as low as $46k. Hard to explain what's the sentiments of the investors maybe except that majority are on the selling mode.

I'm not sure about the negativity as well, the last bad news we had is the covid-19 strain that might put the market into a precarious situation.

For breaking that far for sure many people are now at fear and think about huge bear market will happen again that's why its expected that many traders right now are selling their stash to stop their losses from certain bad market situation happening right now. Let's hope that this huge crash happening is just for today and tomorrow the price recover since if this crashing will continue we might face the one we afraid to happen and that is a long days of heavy bear market season again.

But it's too early to say that we are in the bear market? There might be some FUD around like this one:

https://bitcointalk.org/index.php?topic=5375333.0

But it's absurd and funny FUD though, in any case, I still believed that this is due to the new Covid-19 variant news. Maybe investors are afraid and chooses to sell right now. But usually this kind of news will be just temporarily and hopefully we will be back at least in the last two weeks of December and somewhat the price could rally to $60k++.

[Wexnident]

Seems like the market is panic selling to me so no amount of supports could stop it imo. The entire market, not just crypto seems to have dropped quite heavily and as such we can probably assume that there's an external factor here at play that is influencing the market as a whole quite negatively. I reckon there's FUD spreading together with some real investors trying to pull out due to some circumstances or news themselves which caused the crashes here and there to actually happen.

[LogitechMouse]

The market is so astonished and annoying, the occurrence of bitcoin degradation in price is not understandable any longer and any more, emerging the price decreasing from day to day, what we passed through like some years back is happening indirectly again, it assumed that the gravity of people demanding bitcoin is not corresponding positively to the supply, many investors is getting and experiencing negativity into investment of bitcoin right now as the price keep on falling instead of accelerating.

And so there's no more support line as this point because the price continues to go down very hard.

Just like hours ago when I checked the price we are still in the $52k'ish and now I was also astonished to see it going as low as $46k. Hard to explain what's the sentiments of the investors maybe except that majority are on the selling mode.

I'm not sure about the negativity as well, the last bad news we had is the covid-19 strain that might put the market into a precarious situation.

For sure many futures traders got liquidated with what happened to the market. Its a bloody as hell right now but.... we've seen this numerous time already right . Top coins having a double digit percentage towards the downside.

The lowest that it reach was at $41,000 at least and right now the price is at $47,000 and we might see a bit of a capitulation because of what happened. Anyways, Bitcoin dropped into the 21 and 34 EMA which is already a sign of weakness. I just don't know why we are relying heavily in the fundamentals where the market is heavily affected by the sentiments and the emotions of the investors.

What we don't want to see is Bitcoin going below $40,000 because if that happens then what a famous TA that I'm following in Youtube is saying "Brace for Impact" because the odds of a potential bear market will increase.

[Oilacris]

Seems like the market is panic selling to me so no amount of supports could stop it imo. The entire market, not just crypto seems to have dropped quite heavily and as such we can probably assume that there's an external factor here at play that is influencing the market as a whole quite negatively. I reckon there's FUD spreading together with some real investors trying to pull out due to some circumstances or news themselves which caused the crashes here and there to actually happen.

Any support couldnt be an assurance for it to able to hold specially on a dumping market on whose  it cant be sure if the certain dump wouldnt able to have some break out.

So if you do wait up for those supports for some buyback then its not bad to reconsider on having trailing buys or simply DCA.

Tendency or chances for breaking supports is high specially if we dont see anything that will stop the current selling trend.

[Johnyz]

Seems like the market is panic selling to me so no amount of supports could stop it imo. The entire market, not just crypto seems to have dropped quite heavily and as such we can probably assume that there's an external factor here at play that is influencing the market as a whole quite negatively. I reckon there's FUD spreading together with some real investors trying to pull out due to some circumstances or news themselves which caused the crashes here and there to actually happen.

FUD has been a great story every year, they always come to ruin the trend of the market and seriously, this is a yearly scenario and not a new one for me. The market is on big sale, we are down big time but for sure we will rise again after this. I’m buying good coins now and I guess this is the best thing to do than to panic at all.

[XCANA]

Op Bitcoin price is already down below $50k and it may go down to around $43k before end of this month. This is not a wish but from the current trend of the market and how the festive season use to affect the crypto market in the past is what form this speculation.

[tygeade]

Op Bitcoin price is already down below $50k and it may go down to around $43k before end of this month. This is not a wish but from the current trend of the market and how the festive season use to affect the crypto market in the past is what form this speculation.

I really do not like it when bitcoin price drops, it gives me a sad feeling knowing that there are some people who rely on their bitcoin to be at least stable if not profitable. However, I also have to say that even though I feel sad at one part, I also feel gleeful that I get to buy some more bitcoin for cheap. Not that I have too much money, specially these past 2 months or so wasn't really awesome, but I still have some saved aside just for days like these.

I will be able to buy a small amount once again, and not even going to use full of it, just going to end up buying with half and wait for it to drop more to use the other half, if not then so be it. If you approach crypto as "money gone" and forget about it for years and keep investing tiny bit each time it drops, in few decades I am hoping to be a very wealthy person. Can't say if I will be able to, but I sure do not think these drops matter for that.

[24Kt]

Seems like the market is panic selling to me so no amount of supports could stop it imo. The entire market, not just crypto seems to have dropped quite heavily and as such we can probably assume that there's an external factor here at play that is influencing the market as a whole quite negatively. I reckon there's FUD spreading together with some real investors trying to pull out due to some circumstances or news themselves which caused the crashes here and there to actually happen.

FUD has been a great story every year, they always come to ruin the trend of the market and seriously, this is a yearly scenario and not a new one for me. The market is on big sale, we are down big time but for sure we will rise again after this. I’m buying good coins now and I guess this is the best thing to do than to panic at all.

This is why for those who regretted that they haven't bought bitcoin when it was low, this is already good opportunity to accumulate your satoshis. Don't wait too long because we may be going up again very soon. As we have seen, it touched 45k level but we are already in the 48-49k as we speak. So even in that short period, someone already got profits. So it depends on the user how he will take advantage of the market today, will he buy or pass this opportunity?

[Shasha80]

Op Bitcoin price is already down below $50k and it may go down to around $43k before end of this month. This is not a wish but from the current trend of the market and how the festive season use to affect the crypto market in the past is what form this speculation.

I really do not like it when bitcoin price drops, it gives me a sad feeling knowing that there are some people who rely on their bitcoin to be at least stable if not profitable. However, I also have to say that even though I feel sad at one part, I also feel gleeful that I get to buy some more bitcoin for cheap. Not that I have too much money, specially these past 2 months or so wasn't really awesome, but I still have some saved aside just for days like these.

I will be able to buy a small amount once again, and not even going to use full of it, just going to end up buying with half and wait for it to drop more to use the other half, if not then so be it. If you approach crypto as "money gone" and forget about it for years and keep investing tiny bit each time it drops, in few decades I am hoping to be a very wealthy person. Can't say if I will be able to, but I sure do not think these drops matter for that.

The current bitcoin price drop really saddened everyone as all are expecting to see a new all time high for bitcoin just before this year ends. But i think we should not see all these things negatively as the current dump could mean another opportunity to invest again in bitcoin with a much cheaper value. If you have bought bitcoin with a low price and you intend to hold it as long as you can, then no matter how far or long this correction will go, it will not matter to you because you already know that you won't be selling bitcoin for a loss.

I'm sure a lot of people were disappointed with the Bitcoin price dropping to below $50k all of a sudden. Because as you said, many people really
hope that before the end of this year Bitcoin can reach new ATH. This is the risk of investing in Bitcoin, sometimes Bitcoin moves not according to
what we predict. I'm also surprised by this price drop, I don't think Bitcoin will drop below $50k. Maybe what we can do is buy more Bitcoin, if we
still have extra money. But if not, we just need to be patient waiting for the Bitcoin price to recover again. After all, most people do invest in Bitcoin
for the long term, so I believe that selling Bitcoin right now is just a newbie who panicked to see the price of Bitcoin fell quite deep.

[freedomgo]

Seems like the market is panic selling to me so no amount of supports could stop it imo. The entire market, not just crypto seems to have dropped quite heavily and as such we can probably assume that there's an external factor here at play that is influencing the market as a whole quite negatively. I reckon there's FUD spreading together with some real investors trying to pull out due to some circumstances or news themselves which caused the crashes here and there to actually happen.

FUD has been a great story every year, they always come to ruin the trend of the market and seriously, this is a yearly scenario and not a new one for me. The market is on big sale, we are down big time but for sure we will rise again after this. I’m buying good coins now and I guess this is the best thing to do than to panic at all.

This is why for those who regretted that they haven't bought bitcoin when it was low, this is already good opportunity to accumulate your satoshis. Don't wait too long because we may be going up again very soon. As we have seen, it touched 45k level but we are already in the 48-49k as we speak. So even in that short period, someone already got profits. So it depends on the user how he will take advantage of the market today, will he buy or pass this opportunity?

Bitcoin is definitely in a dump price today but it does not mean that bitcoin will continue to be dumping for long. It will always recover from all types of dumps and this current correction might be a good reason to increase its new ATH in the coming days. Instead of waiting for the price to go up, why not take this chance to buy cheaper bitcoin and continue hodling it, we don't know the price will start to recover in the next few hours so better take advantage of the current market condition. At least, even if we are not making profits today, but we preparing our investments to make profits in the future.

[Slow death]

for anyone who has been following the bitcoin market for years knows that we have dangerous support at $39,000; $42000, before reaching these strong and dangerous supports we have the support that is at $44000 and $47000, we will only be able to worry if the price drops below $39000, as long as the price remains above $40,000 no problem, because eventually he retested the $50,000; $52,500.

[bbc.reporter]

Agreed. However, sometimes bitcoin is very much manipulated by the whales. They short in the futures market first before they dump the spot market. We have witnessed sustained selling for weeks before this big dump we are witnessing right now. If anyone is not shaking their heads in suspicion on this then they might need to go to a doctor to check their brain.

I am just getting this scenario for the first time. Now that many exchanges are making it also possible to use bitcoin directly to trade USDT M futures, also that Coin M make use of coin directly, like bitcoin as the coin example. The whales can likely just use bitcoin for the trading and short it but later also sell the bitcoin which will result to further price fall. People just need to be careful, a lot of trader's fund had liquidated when bitcoin plunged from $57000 to $40600. The market is mature but there is still manipulations.

Also after manipulating everyone and dumping, they begin buying all the lower priced coins then begin pumping the market again and create fomo hehe. I am shaking my head why there are some people who still think that the dump was caused by weak hands. There are no more weak hands. All of them have no more money hehehehe.

[GreatArkansas]

Agreed. However, sometimes bitcoin is very much manipulated by the whales. They short in the futures market first before they dump the spot market. We have witnessed sustained selling for weeks before this big dump we are witnessing right now. If anyone is not shaking their heads in suspicion on this then they might need to go to a doctor to check their brain.

I am just getting this scenario for the first time. Now that many exchanges are making it also possible to use bitcoin directly to trade USDT M futures, also that Coin M make use of coin directly, like bitcoin as the coin example. The whales can likely just use bitcoin for the trading and short it but later also sell the bitcoin which will result to further price fall. People just need to be careful, a lot of trader's fund had liquidated when bitcoin plunged from $57000 to $40600. The market is mature but there is still manipulations.

Also after manipulating everyone and dumping, they begin buying all the lower priced coins then begin pumping the market again and create fomo hehe. I am shaking my head why there are some people who still think that the dump was caused by weak hands. There are no more weak hands. All of them have no more money hehehehe.

We can't totally blame the whales here, if that's how they make money, so be it. But overall I don't find that 100% this is the reason for some dumps on the market. We already reached a $1 trillion crypto market cap, volume is growing and I believe manipulate is slowly difficult as the volume continue to go up.

Another thing here is the traders who are using leverage too much or don't really know how to use leverage. Because these leverage trades could be a trigger also on short/long squeeze and massive percentage of dump or a pump.

[Ararbermas]

For me probably the support isn't strong enough to hold the current level in my views wherein wherein base as well on its structure that seems some holders is gradually dumping for good, actually there's alot of news last couple of days about some big investors that keep buying at the dip including El Salvador, but looks like not enough to keep the current level from the bearish season and for sure every holders have doubts on this situation.

[davis196]

This is a dangerous area now into the $52k's.  And nothing else in the market is holding.  Longs gonna start getting crushed unless the support comes in.  We could be in for an early 2018 type dumpy if this don't stop and rebound.  Either way keep stacking sats and enjoy the ride. 😉

There's nothing 'dangerous' about this price drop.It is what it is.The price is dropping now,but it will go up.
It seems like the world is still panicking about this new COVID variant,which is weird,because the new COVID variant doesn't seem to be more dangerous than the previous COVID mutations.
There are also some political tensions between USA and Russia about Ukraine,but I don't know what their influence over the cryptocurrency markets will be.
Bitcoin had proven to be pumping in times of uncertainty and crisis.
Just stop caring about the Bitcoin price for a while and enjoy the upcoming holidays.
 

[Yamifoud]

For me probably the support isn't strong enough to hold the current level in my views wherein wherein base as well on its structure that seems some holders is gradually dumping for good, actually there's alot of news last couple of days about some big investors that keep buying at the dip including El Salvador, but looks like not enough to keep the current level from the bearish season and for sure every holders have doubts on this situation.

And I've found this as a normal thing to happen and have to accept that bearish had come after enjoying the long bullish season. Despite those adoptions and growing demand, there is still time that the market will be going to drop. It is either a bear trap setup or market reset.

https://investorplace.com/2021/09/btc-eth-ada-xrp-why-is-the-crypto-market-down-today/

A lot of factors affect the price but I think, HOLD is meant to do so. Well, I just hope that people won't rush selling their coins at cheaper prices but instead wait for a while.

[molsewid]

There's nothing 'dangerous' about this price drop.It is what it is.The price is dropping now,but it will go up.
It seems like the world is still panicking about this new COVID variant,which is weird,because the new COVID variant doesn't seem to be more dangerous than the previous COVID mutations.
There are also some political tensions between USA and Russia about Ukraine,but I don't know what their influence over the cryptocurrency markets will be.
Bitcoin had proven to be pumping in times of uncertainty and crisis.
Just stop caring about the Bitcoin price for a while and enjoy the upcoming holidays.
 

I believe that there are no reason that we should be afraid of the recent price drop of bitcoin because if you are already been part of crypto community for about a year or long time then you would already used about the price correction. If you are a risk taker investor or trader this would be a great time for you to refill or fill your bag especially top crypto like bitcoin and ethereum because this are proven worth it to hold for a long term investment.

[buwaytress]

There are no more weak hands. All of them have no more money hehehehe.

Trust me, if I can still know a few people worried, and considering to sell now, already, then there's plenty more not known to me. I saw this before in 2017, even at the end of 2016. A few years later, some are silently returning, or did so this year, of course re-entering at a price way above the one they liquidated at in 2016-17!

It's not an insult of mockery from me, either. Just the way it is.

[michellee]

We will see $50k soon because after BTC got down yesterday, it seems the price is going strong again and trying to increase step by step. Although it is not easy to lift and reach back to $50k, I am sure BTC can do that and grow at the right time. But BTC needs time before the price can go back to $50k while more support will come to back up bitcoin, which can help bitcoin to lift the price. If the price can increase and back to $50k, maybe we will have a big chance to see the price will continue to grow.