The price dropping, any reason the huge dump?

[mk4]

Sorry, I did not use a correct word. They did not reject it but require additional information before they can consider more, then approve or reject it.

The process takes time even companies will fill in additional information quickly. I still stand with my point that first Bitcoin Spot ETF will not be approved in a bear market. If SEC approves a first one, it will be in a bull run next year or next two year.

Think that SEC will approve it in a bear market is too optimistic.

I don't think bitcoin being in a bull market or a bear market matters at all. The SEC will approve/decline the spot ETF mostly based on their requirements(liquidity, fraud or the lack of thereof, etc) — regardless of price.

[blockman]

In bitcoin trading, I guess this is the part wherein I don't completely understand the dynamics, or I'm just too dumb to see the gravity of such news to the cryptospace.

Sometimes it's random and sometimes it is what it is. I've been keen and observant whenever there is news, some good news doesn't rely on the matter at all. But at most times, these gives little impact on the market just as these ETF applications do. Well, in a bear market it's totally different, whether there are a bunch of good news that will be seen in the market, it's still not going to do any much effect to the entire market.

[Patrol69]

For some time now in the Bitcoin market we have seen the price of Bitcoin rise but suddenly yesterday the price of Bitcoin crossed $31000 but shortly after that the market came back to $29000. In other words, in just a few hours, the market fell by almost two thousand dollars. After the market moved to $29,000, the market again moved slightly above $30,000. In other words, the market, which was in a normal state for some time, has gone back to that normal state. But suddenly I can't understand the behavior of the market in a few hours. If a coin suddenly increases in value, the increase is not permanent.

[Pandu Geddon]

If bitcoin close on the bear for the month, what do you think with July and 3rd quarter?

I guess this is just the impact of the bounce after the previous correction. and now the price of Bitcoin has also been readjusted. the situation could just as well go back on a dip to $27k. but I don't think any time soon there will be bad news that takes Bitcoin below $25k.
Whether we realize it or not, we can see the dump and pump situation several times from the first quarter of this year. and the situation continued until almost the close of the 2nd quarter of this year.
Bitcoin will probably stay strong at $30k. unless there is news that could really make things worse in the market in the near future.

[WatChe]

For some time now in the Bitcoin market we have seen the price of Bitcoin rise but suddenly yesterday the price of Bitcoin crossed $31000 but shortly after that the market came back to $29000. In other words, in just a few hours, the market fell by almost two thousand dollars. After the market moved to $29,000, the market again moved slightly above $30,000. In other words, the market, which was in a normal state for some time, has gone back to that normal state. But suddenly I can't understand the behavior of the market in a few hours. If a coin suddenly increases in value, the increase is not permanent.

I don't think its a huge dump as OP is saying, the price went below 30k$ but is now once again gone up to 30.4k$. 31k$ is the new resistance level for Bitcoin and such glitches are witnessed whenever Bitcoin tries to surpass a resistance level. This downfall may also be after SEC has ruled out ETF from BlackRock and other companies as Inadequate. It will be interesting to see how Bitcoin market will react if SEC didnt allow BlackRock and others to launch there ETF's, which many think will be game changer for the market. 

[Mpamaegbu]

It's basically because apparently the SEC is saying that the Bitcoin spot ETF filings are "inadequate". Not sure how major/minor this news actually is, but it's definitely what people reacted to.

Sometimes I wonder why Bitcoin fans allow the dumbass SEC manipulate them into dumping. Why any negative news from SEC even make any hodler and adherent flinch is what I don't understand. In my few years in this industry I've come to realize the place of time and season to the point that I always know it's just a matter of time for every dip to act as price correction. Again, I think these SEC dudes know how to shake the market so they can get in cheap. I'm sure some of them hodl and trade these cryptocurrencies they antagonize in the open. It's a mind game.

[joniboini]

Sometimes I wonder why Bitcoin fans allow the dumbass SEC manipulate them into dumping. Why any negative news from SEC even make any hodler and adherent flinch is what I don't understand.

I don't think those who trade/shorts Bitcoin for news like this are fans though. Most of them are probably daily traders or VCs who want to make a profit anytime. Those who hold BTC or a fans of it will keep holding their money and ignore the short-term market movement. I'm pretty sure most of them are familiar with how the market works at this point.

[jossiel]

I still don't know the reason behind it but it seems our friends telling that it's because SEC releasing a statement about SEC should do it.

But no matter what again, Bitcoin easily recovers and goes back to $30k quickly. And even if there is no reason, it's normal to see these dumps every after bump that we see.

Then, we go from there and that news impact did a bit a lot but very short time.

While the charts may impress a few people out there as the price went down in a matter of minutes, we can see that overall not much happened, very quickly the bulls noticed the drop and bought the bitcoin they could taking advantage of the discount and then the price recovered, and all of this happened in the lapse of a few hours so there are many traders out there which may not have even noticed that such a dump happened at all.

True.

It all happened so fast that when it dropped, we didn't feel that much of a worry with that moment because the price recovered quickly.

And that is because many of those that are waiting on that sell order around $29k have taken all of those. So, we didn't feel a lot with that plummet.

[jeraldskie11]

Sorry, I did not use a correct word. They did not reject it but require additional information before they can consider more, then approve or reject it.

The process takes time even companies will fill in additional information quickly. I still stand with my point that first Bitcoin Spot ETF will not be approved in a bear market. If SEC approves a first one, it will be in a bull run next year or next two year.

Think that SEC will approve it in a bear market is too optimistic.

I don't think bitcoin being in a bull market or a bear market matters at all. The SEC will approve/decline the spot ETF mostly based on their requirements(liquidity, fraud or the lack of thereof, etc) — regardless of price.

According to my observations in the market, any news from the SEC has a significant impact on market prices. For me, the bull and bear markets really matters because when the market is bullish but we hear bad news from the SEC, we see the price decrease, but this move is usually a retracement to allow other investors or institutions to buy before the market goes up. And if the market is bearish then we heard a good news from SEC mostly this up move in the market is just a retracement to let the investors sell their assets at a higher price..

[palle11]

True.

It all happened so fast that when it dropped, we didn't feel that much of a worry with that moment because the price recovered quickly.

And that is because many of those that are waiting on that sell order around $29k have taken all of those. So, we didn't feel a lot with that plummet.

Probably there were many support traders around $29k above who had orders for buy and as soon as the dump got down there it became a strong nut to broken therefore a test happened and the price went back to the levels of $30k.

[jossiel]

True.

It all happened so fast that when it dropped, we didn't feel that much of a worry with that moment because the price recovered quickly.

And that is because many of those that are waiting on that sell order around $29k have taken all of those. So, we didn't feel a lot with that plummet.

Probably there were many support traders around $29k above who had orders for buy and as soon as the dump got down there it became a strong nut to broken therefore a test happened and the price went back to the levels of $30k.

Yeah, that's probably what happened.

I think every support there goes the traders that are just waiting for it to come. It's all set automatically and that's why it's easy to come back and the buying pressure is being filled even the dump is just fresh.

That's what we're usually seeing now unlike before, it takes a few days to weeks until we see a recovery.s

[khiholangkang]

The price of bitcoin is dropping just this afternoon with more than $2k from the opening of $31k today. The huge dump is still going on, so anybody knows what is happening with the dump?

Is this a sign to end the second quarter on a bear?

If bitcoin close on the bear for the month, what do you think with July and 3rd quarter?

I do not think why people are easily depressed when the market is red, even though as we know that after the increase there is always a correction if seen technically, it does not seem that bad, even though the monthly candle is closed with a red candle but today the market is acting into green and still survive in the $ 30k area.
I think that Bitcoin in the 3rd quarter will be better if there is no FUD that forces Bitcoin to have to correct deeper.

It's basically because apparently the SEC is saying that the Bitcoin spot ETF filings are "inadequate". Not sure how major/minor this news actually is, but it's definitely what people reacted to.

https://www.coindesk.com/markets/2023/06/30/bitcoin-tumbles-on-report-of-sec-saying-spot-btc-etf-filings-inadequate/

Yes maybe it is one of the factors why there is a price correction in bitcoin, the reaction of people when he sees good news about the launch of the Bitcoin ETF trade by a large blackrock company, triggers a market increase, after the blackrock proposal is rejected by the SEC seem to be a little scared in a few investors and sell their bitcoin.

[Husires]

The price of bitcoin is dropping just this afternoon with more than $2k from the opening of $31k today. The huge dump is still going on, so anybody knows what is happening with the dump?

The price decreased from 31K to 30.5K, and even if it was 2k down, the rate of change is less than 1%. This is if we ignore that the price was in the range of 26k a few days ago and less than 18k within a few months.

we cant say it is a huge dump. Bitcoin does not need a reason to move within 5%, which is a normal price change.

Is this a sign to end the second quarter on a bear?

We have strong resistance at $32,000 and strong support at $26,000, as we will test these levels several times before the price is above $40,000.

source

[jasonjm]

The price of bitcoin is dropping just this afternoon with more than $2k from the opening of $31k today. The huge dump is still going on, so anybody knows what is happening with the dump?

Is this a sign to end the second quarter on a bear?

If bitcoin close on the bear for the month, what do you think with July and 3rd quarter?

Currently, the market is reacting to the news from the SEC, but the market will likely correct itself after a pump. It seems like the bear is taking over the bulls at the moment.  

[adaseb]

We will know by Aug if they approve all these Bitcoin Trusts or not. I think the first one to get approved or rejected is Ark ETF.

If they approve ARK they will approve Blackrock. And with this news we will rally. Most likely keep rallying until it goes live and then dump right after like the prior 2 times.

[michellee]

Right now, the Bitcoin price is still at $30k but I guess there will be a bit of a dip again but let's hope it doesn't happen. And if the condition of the Bitcoin price is still the same this month or will decrease like the previous months, that's okay because it is an opportunity for us to buy Bitcoin at a low price.

I don't really think about why Bitcoin is going up or down because I am thinking about how to increase my Bitcoin amount. My focus is not for now but for the long term so whatever happens with the market, as long as I still buy Bitcoin at low prices, that's an opportunity for me.

I hope people out there don't panic about anything the government has issued so that the price of Bitcoin doesn't go down again. And if that can be done, I'm sure the price of Bitcoin will not decrease and instead can maintain its position or even increase even higher. It depends on how we can respond to what's happening out there.

[lalabotax]

The price of bitcoin is dropping just this afternoon with more than $2k from the opening of $31k today. The huge dump is still going on, so anybody knows what is happening with the dump?

The two are often debated which one is better to hold. if you can do both why not? Just be realistic, when doing business, we don't just rely on 1 income, right? Even more so in investment. I personally prefer money management with diversification. So it's not all in one on one investment like only Bitcoin or Gold. So there is some money for Bitcoin, some for Hold, some even for others such as property and others. Because after all, each has its plus and minus sides that we can take and consider.

[justdimin]

I still don't know the reason behind it but it seems our friends telling that it's because SEC releasing a statement about SEC should do it.

But no matter what again, Bitcoin easily recovers and goes back to $30k quickly. And even if there is no reason, it's normal to see these dumps every after bump that we see.

Then, we go from there and that news impact did a bit a lot but very short time.

SEC releasing statement about SEC? I think this was a typo but my guess it was Binance you're supposed to say there. It was still an old issue and I think it's not responsible for the recent decline that we feel. I never hear a negative news lately so I assume it's only a normal drop as you said. I think this is the correction that they are talking about.

Anyways, we are back again at $30k which should be our newest and strongest support excluding correction of course. Those who keep an eye of the dump and then buy quickly are lucky because they easily score a profit there. For those who are already HODLing, don't worry because your time will also come soon.

[rybako]

Based on the weekly chart as of this writing, it's holding steady at the $30,600 range. I think this is going to be a great week. 

[TheSpiral]

The price of bitcoin is dropping just this afternoon with more than $2k from the opening of $31k today. The huge dump is still going on, so anybody knows what is happening with the dump?

Is this a sign to end the second quarter on a bear?

If bitcoin close on the bear for the month, what do you think with July and 3rd quarter?

$2k is not big we name it huge dump. above 31k was just testing flow of money and Bitcoin rejected from there which cause this sudden dump. we will see many time this kind of rise and fall and trader will try to break the support but if many time they couldn't then it will lead to $2k or more dump. as far as btc trade above 25k$ then no need to worry. we could see small panic in market but it will be recovered soon.