BTC price suddenly dropped from $ 31K

[Marvell1]

During the first week of June, we saw a slight rebound in bitcoin as well as the market. This morning, bitcoin unexpectedly dropped from 31k$ to 29k$. As of now, I have yet to find an answer regarding bitcoin's sudden drop in price.
I know we're in bear season and it's not over yet, but it seems too surprising and I suspect there is some FUD that caused bitcoin to go down.

Edit: I find out a few reasons, do not know if that is the cause that caused the market this morning to drop suddenly or not?
https://twitter.com/business/status/1533918177691836416?s=21&t=ZOEbyVIYLUh1heoSTfOWsA&fbclid=IwAR1POtofIa-KQBviD6yUBFjH2L38mmmLxuwddPo-cY21LM3Agqvtdt9b_qg

[sunsilk]

As of now, I have yet to find an answer regarding bitcoin's sudden drop in price.

I've seen someone said just a few hours ago that it's about the CME gap. I'm not sure if that's the actual reason.

The news that you've shared, I don't think that it's about it. It's just another investigation news that we mostly see from different tokens and projects.

But whether we find out the reason or not, this is the typical bitcoin that we know. Sometimes surprises us upwards and sometimes downward.

[Upgrade00]

But whether we find out the reason or not, this is the typical bitcoin that we know. Sometimes surprises us upwards and sometimes downward.

This is my exact sentiment, the drop is not quite significant. Looking at the 24 hour chart in op, it looks like a sharp decline, but zooming out to about 30 days, you will notice that it's just another regular price movement in the wave of volatility.

This is speculation board after all and I can understand why traders would want to explain all price movements as it helps to build analysis for future price predictions

[mk4]

Both Reddit and Twitter are speculating that it's indeed because of the CME gap, with some anticipating some bad announcement concerning New York's push to ban PoW mining. Idk, it's anyone's guess, really.

[NeuroticFish]

6-7% drop is not so much something we should freak out.. right?
Some have cashed in, some speculated the NY situation... I don't find the situation that bad...

Let's see what happens before the week-end comes. If the price continues the downtrend, then may become something to worry, but imho we're not there yet.

[bitterguy28]

As of now, I have yet to find an answer regarding bitcoin's sudden drop in price.

You already Have the answer mate and you mentioned this in your own post here , let me Quote it for your better understanding

I know we're in bear season and it's not over yet,

That is the simple answer mate, we are still in Bear market so expect a Dumping and climbing from time and then but of course as the season called it? Bear means more Low trend than Up trend.

[davis196]

OP, you have a legendary member account.
Why do you react as a some kind of newbie, who freaks out every time the BTC price drops by 1%? Price volatility is a normal thing for Bitcoin, Why there are people, who still get surprised when the price moves up or down 5-10%? Are you a day trader or something?
I expect the Bitcoin price to stay in the 20-30K USD range for more than a year. The only thing, that could possibly create a huge bull run towards new ATH is the end of the war in Ukraine, which isn't going to happen in 2022 for sure.
There's no point paying attention to the BTC price every day, if it goes up-the pump would most likely be very small and temporary, if it does down- just HODL and buy more BTC.

[aoluain]

Both Reddit and Twitter are speculating that it's indeed because of the CME gap, with some anticipating some bad announcement concerning New York's push to ban PoW mining. Idk, it's anyone's guess, really.

Realistically how much of an impact will NY's ban on PoW mining be? There will always
be those who will lose their life over such decisions, same with the CME gap which hasnt
been mentioned a lot since the halving IMO.

OP, you have a legendary member account.
Why do you react as a some kind of newbie, who freaks out every time the BTC price drops by 1%? Price volatility is a normal thing for Bitcoin, Why there are people, who still get surprised when the price moves up or down 5-10%? Are you a day trader or something?
I expect the Bitcoin price to stay in the 20-30K USD range for more than a year. The only thing, that could possibly create a huge bull run towards new ATH is the end of the war in Ukraine, which isn't going to happen in 2022 for sure.
There's no point paying attention to the BTC price every day, if it goes up-the pump would most likely be very small and temporary, if it does down- just HODL and buy more BTC.

Day traders would only be too happy with these types of swings, there are definitely
Satoshi's to be made in movements like this and we have seen bigger moves than what
we say at the weekend.

[coolcoinz]

I can explain this with ease. The reason for the dump is the pump just hours before.
Where does the pump come from? Traders buying to see if people will buy it as an opportunity to buy and jump in and then these traders sell hoping to scalp the top and gain 1% or so over the exchange fees. These are people who work on tight margins and you can see it's the same money being bought and sold by looking at the volume. There's almost no volume in these pumps. They're like buying 2k BTC in 6 hours and media outlets catch this and write these stupid articles with "bitcoin is pumping" headlines.
Here's one: https://decrypt.co/102104/bitcoin-ethereum-jump-crypto-market-rebounds

It's not even funny anymore. Somebody buys 0.001% of total supply, the market moves by a little, they write their tabloid pieces "bitcoin looks for higher highs as market recovers", 12 hours later bitcoin falls 5% their write about it "bitcoin loses another 5% as bear market continues". In reality over the course of 3 weeks there was no moves, bitcoin was at 30k and it still is at 3k and it doesn't matter if it's at 31 or 29k it's still the same range.

[maydna]

I don't think there is an answer to the sudden drop in bitcoin price because it is still a mystery, and we can only guess. But in my opinion, this is not surprising if we look at the cycle that bitcoin has gone through since a few years ago, and after getting a high price, bitcoin price will surely fall to a low point. Many people say that the current price or $28k is not the lowest price because the bitcoin price could drop even lower. All we can do is prepare for the worst while preparing our money to buy at the lowest price.

[JimboToronto]

Just a 1-day bart.

Up (almost) 2k down 2k.

[DU18]

During the first week of June, we saw a slight rebound in bitcoin as well as the market. This morning, bitcoin unexpectedly dropped from 31k$ to 29k$. As of now, I have yet to find an answer regarding bitcoin's sudden drop in price.
I know we're in bear season and it's not over yet, but it seems too surprising and I suspect there is some FUD that caused bitcoin to go down.

Edit: I find out a few reasons, do not know if that is the cause that caused the market this morning to drop suddenly or not?
https://twitter.com/business/status/1533918177691836416?s=21&t=ZOEbyVIYLUh1heoSTfOWsA&fbclid=IwAR1POtofIa-KQBviD6yUBFjH2L38mmmLxuwddPo-cY21LM3Agqvtdt9b_qg

In the last week bitcoin has experienced a price stagnation phase and bitcoin is playing between the price of $31K-$32K which in my opinion is quite stable when the market is volatile, but today I was quite surprised when I saw the market, the bitcoin price was correcting again and fell to $29K or fell around 4.7% in 24 hours, even worse, altcoin prices which had strengthened a few days ago are now experiencing a significant decline on average, I think the current condition cannot be separated from the fear that is still felt by investors due to the current global economy uncertain.

[mk4]

Realistically how much of an impact will NY's ban on PoW mining be? There will always
be those who will lose their life over such decisions, same with the CME gap which hasnt
been mentioned a lot since the halving IMO.

If it's the case that NY ban ever comes through, the effect would probably be minuscule hashrate-wise, but it would be a PR nightmare. People would be expecting that other states would follow suite.

tldr; fundamentally not a big deal, but there would be a lot of FUD.

[wxa7115]

During the first week of June, we saw a slight rebound in bitcoin as well as the market. This morning, bitcoin unexpectedly dropped from 31k$ to 29k$. As of now, I have yet to find an answer regarding bitcoin's sudden drop in price.
I know we're in bear season and it's not over yet, but it seems too surprising and I suspect there is some FUD that caused bitcoin to go down.

Edit: I find out a few reasons, do not know if that is the cause that caused the market this morning to drop suddenly or not?

I do not think we need too much of an explanation about what it is happening, the market is weak and the demand is not high, so any single news that may come up which is not positive at all can be more than enough to push the price down, and sometimes not even that is necessary, as there could be whales trying to manipulate the price to go down and see if they can cause people to panic so they can buy our coins for an even cheaper price.

So all in all I would not think too much about the drop, since I think it is within what we can consider to be acceptable for bitcoin if we take into account the current circumstances.

[el kaka22]

I get that many people may think that we are in a bear market but I feel like we are in a stagnant market and I am tired of saying this. Bear market is when everything is down and goes down, we already lived through that already. We are in a market where everything is about the same and nothing changes. That's not a bad thing of course and we need to just learn how to live with it until we reach the bull period.

If the prices crash to 25k or lower then I would understand the frantic fear of crypto prices going down and the bear market being here, but we haven't been under 28k for a long time now, so we could just relax and look at the future.

[uneng]

Bitcoin is back to the same price range is was before the recent dump. I guess it was just a speculative move from big investors selling their coins. Fortunately support levels are strong at this moment and bitcoin has been pushed above again. Little events like this are helpful to raise confidence among investors, as they can see bitcoin is pretty strong and solid.
It's a signal investors are fearful bitcoin won't stay cheap for too long, so at the minor of the crashes they immediately set their entry point to not miss the opportunity. I see it favorably for bitcoin.

[btc_angela]

I would say yes, and this is also my suspect when I saw this thread in the alt coin boards. I mean crypto market is based on news, so obviously we are somewhat connected. And when I read that it was one of the biggest exchange and it has affected their native token already by like 7%, I said to myself that this news put a dent on the market again as investors started to sell off. Anyhow, we are back to $31k, so it's just a temporary effect. But it might bring BNB further down, in my opinion.

[Baofeng]

You just spoke too soon, the price has rebounded from that news, if that is really cause of the sudden flash crash. As for Binance, the investigations focus on how their platform are being used to launder money, be it criminals. So not sure if Binance knows that fact that the money came from those criminals or not. So the initial reports says they 'aided' them, but we will see since they are going to cooperate as per their official spokesman. We haven't heard anything from CZ yet, but for sure he will released his official statement about this issue.

On the contrary, traditional banks has been doing this for years,  Global banks defy U.S. crackdowns by serving oligarchs, criminals and terrorists.

[hatshepsut93]

Why would this be surprising? Bitcoin goes up and down by a few percent every time. Bear market or bull market or sideways market. This isn't really worth attention. Even a 10% price change isn't much noteworthy. A 20% change, that's when it might be worth checking the news to find out what happened and maybe adjust your strategy.

[Finestream]

As of now, I have yet to find an answer regarding bitcoin's sudden drop in price.

I've seen someone said just a few hours ago that it's about the CME gap. I'm not sure if that's the actual reason.

The news that you've shared, I don't think that it's about it. It's just another investigation news that we mostly see from different tokens and projects.

But whether we find out the reason or not, this is the typical bitcoin that we know. Sometimes surprises us upwards and sometimes downward.

That's just how bitcoin works. Regardless if there are certain reasons or not, bitcoin will drop its price when the market is still bearish and increases somehow when the market is approaching its bullish season. However, i'm still expecting for bitcoin to literally drop its price because the market has not recover yet. And since bitcoin is still not showing its high momentum, then expect that altcoins too will be influenced by the current price of bitcoin.