what a surprise dip

[uneng]

What is possibly to happen in the market, more dip that's seeing below 20k or something similar?
And is this another sign for bear market?

Yesterday or two days ago, can't remember exactly, I read a huge chunk of BTCs (1005BTC) from Satoshi's era were moved to another address. It seems an early investor has decided to sell his holdings or to just move it somewhere else, what must have caused panic inside crypto market among other investors.

Satoshi-era Bitcoin awakens: 1,005 BTC mined in 2010 on the move

It always happen to Bitcoin when large portions are moved from address to address. It always lead to panic selling and massive dips. That is very unfortunate, especially because we were expecting BTC to only rise from now on.

[1715108396]

1715108396

[onecall123]

Here we go again.
Elon Musk reportedly sold more than 370 million in BTC, causing Bitcoin's price to drop by nearly 15%. It seems like everything he does has an impact. I find it hard to believe that he did this.

Elon Musk didn’t sold now but rather the recent news stated that his company total Bitcoin last 2021 is worth 370M in Bitcoin that they already sold but there’s no exact info on when and where. Elon holdings probably sold during the previous dip to 16k because the price will dip more than this current price if Elon sold now because of the very bearish signal on the chart.

This dip is inevitable since Bitcoin can’t break its 30k resistance for a long time. Probably those who fomo buy before already secure profit since the price is not moving any further upwards.

At first, I had my doubts about this post, but now it become clear to me. I should have done more research before sharing my thoughts, but somehow misguided. There's so much false information out there, and it's really challenging to find accurate details. Thank you once again, and I value the effort you put here.

Yes, Bitcoin 30k resistance has taken for quite a while, and this kind of price movement is to be expected.

[$crypto$]

You are right, I did some research on the news that Elon sold 373 million BTC. But there is mixed information and no accurate information about Elon sold now and that is what caused this drop. While what you say makes sense, bitcoin hasn't been able to break through $30k for a long time and a drop in price is inevitable. But this price drop was really unexpected because the price fell so quickly and caused panic in the market. No one knows what will happen next, but I hope bitcoin won't drop much more.

With the trigger of Elon Musk selling bitcoin holdings making the market sensitive I know this is influenced by panic and indeed about the sale of bitcoin Elon Musk does not know when it happened this is just news speculation but is able to influence all of it to panic.

Because there is a barrier when bitcoin is still difficult to break the $ 30k resistance then this will be even longer if the decline will continue, but panic will certainly continue to occur now that there has been a lot of negative news that makes the market move down.

Still we don't panic too much.

[Kemarit]

I got notified few minutes ago on the sudden drop of -11 % bitcoin price and I also noticed same thing also affected other altcoin, while in a post they said of price surging within 72hrs that is to say that from now till 20 August we might see a potential Green and may cross above 30k within the next 3 days.

But to my surprise seeing that bitcoin already gone below the predicted price, although I can't still argue the fact that price can be manipulative and something positive could hit the market and, instantaneously changes direction just as it did happen now. Such effect could like happened to bitcoin and the price might dip more or surge more.

What is possibly to happen in the market, more dip that's seeing below 20k or something similar?
And is this another sign for bear market?

I guess this is a lessons for us, there will be a time that we might see a huge dip that is unexpected of the market, just like what we are seeing in the last 2 days or so. We thought that everything is good although we trade in a sideways patterns.

But nevertheless, the price suddenly goes on a downward spiral and we can't pinpoint what is the exact reasons.

There could be FUD around the Chinese news or Elon Musk but it is all speculations for now.

[RewFrew]

I think it is best time for Buy Bitcoin. Actually i am waiting for this moments. Suddenly Now we are seeing Bitxoin price dumping. Today near about 8% dumped already. It happened because SpaceX sold $373M worth Bitcoin. It is main causes for dump Bitcoin i think. So now best time for buy Bitcoin and others Altcoin. I think within short time market will normal. So who will Buy Bitcoin now and hold that he will hold it for long time he will be huge profited there jas no doubt. So who want to invest on cryptocurrency you can buy now in this dip. I think it is best time for invest on Bitcoin.  

[SmartGold01]

snip

The question is, its seems that you are in a panic mode? For sure you have seen the price going down last year to $15,500 and yet we survived that lowest low for this bear market.

I am not in any way being worried about the market but maybe if you must know it's very shocking that within just 5minutes of time the market drastically dropped to -11% and you think that is very funny or someone should be happy over it?
What if someone introduced any newbie at this point and they immediately buy some bitcoin and at your presence the market drop significantly without being aware of what happened to market and you think those people should be happy.

Well this is not about me but to others who don't know about market volatility may panic overtime, I know too well that market is always not predictable because anytime any moment you might see unexpected in the market, and of course the market volatility sometime newbies can't avoid it to have patient overly. Although I actually witnessed the market then when it was around $15k which in time I was like the market gonna dropped to $10k.

[Eternad]

It happened because SpaceX sold $373M worth Bitcoin. It is main causes for dump Bitcoin i think. So now best time for buy Bitcoin and others Altcoin. I think within short time market will normal. So who will Buy Bitcoin now and hold that he will hold it for long time he will be huge profited there jas no doubt. So who want to invest on cryptocurrency you can buy now in this dip. I think it is best time for invest on Bitcoin.  

This news is not verified and people just assume that Elon sold and cause this dip just to get an easy explanation on what’s happening and probably to fuel the bearish momentum by increasing the FUD.

I think the cause of FUD is the FOMC meeting which indicates that they might do another interest hike to fight against inflation. Bitcoin have a breathing room before when Feds slow down on interest rate hike. But now that they are continuing what they do, I think it's only logical for the price to react this way

https://www.usatoday.com/story/money/2023/08/16/fed-reserve-meeting-minutes-rate-hike-inflation/70605107007/

[sana54210]

There is a good chance of a retest bottom at levels below $17,000.
The ATH for this year is the Fibonacci support level at $41,000.

I do not think that it will test the 17k levels. That is just way too low and I do think that it will happen. To be fair I didn't think that it would go under 27k neither and it did so I could be wrong but we are talking about going down just a few thousand dollars, versus going down more than half of the peak. That is not really acceptable levels of crash at this point we are near the point where we have less than a year left to halving, so it should be growing and not going smaller.

People said that august is usually a bad month, and September is not a great one neither, it will go up a lot more during October and I ignored it. But I do not think that 17k will be that possible, it can't go under 20k if you ask me. 40k however seems good enough.

[ajiz138]

A Sign of Bear Market? Probably YES

When there is a drop in a short period of time, I don't think it can be separated from negative news and of course this is the source where there are some big bitcoin movements, institutions selling, FED rates and many others that make the market more volatile.

When looking at the market movement it is really sad with this decline, there is nothing to do but survive, maybe I will not see the market for the next 1 week hopefully there is more news that the market becomes green again.

[Captain Corporate]

Honestly no drop in bitcoin history is a shocking drop, its bitcoin after all. We have bigger moments when it all goes up, and we have moments when it all goes down, that's just how it works. I understand that its not going to be simple, but that's just how it is. Sometimes people are shocked that it goes down, but if you look at the history of it, you will see that it has happened before and I am guessing that it will continue to happen in the future as well. We just need to realize that this is something we need to end up realizing that it exists and normal. What is not normal however is that it has happened so many times and it still shocks people, it shouldn't.

[Unbunplease]

Don't pay much attention to the bitcoin drop - it's just a manipulation of longs and shorts shorting. The liquidation level is very high. Bitcoin is likely to rise to $30,000 next week. This is my opinion. The main fun is still ahead of us - the beginning of September.

[lionheart78]

I got notified few minutes ago on the sudden drop of -11 % bitcoin price and I also noticed same thing also affected other altcoin, while in a post they said of price surging within 72hrs that is to say that from now till 20 August we might see a potential Green and may cross above 30k within the next 3 days.

But to my surprise seeing that bitcoin already gone below the predicted price, although I can't still argue the fact that price can be manipulative and something positive could hit the market and, instantaneously changes direction just as it did happen now. Such effect could like happened to bitcoin and the price might dip more or surge more.

Bitcoin market trend can swing anytime as long as there is a good catalyst for that swing to happen.  At the current event Bitcoin had been bombarded by different negative factors, like the rumor of SpaceX sold around $372m worth of BTC.  The Evergrande bankruptcy and the USD getting stronger.  This factors are some reason why Bitcoin is dumping now.

What is possibly to happen in the market, more dip that's seeing below 20k or something similar?
And is this another sign for bear market?

If these kinds of negative even continue, then we can see Bitcoin slowly dipping to $20k  but if there is some good news and new funds goes into the Bitcoin market, there is a possibility of market sentiment swing making Bitcoin to recover.  Bitcoin is highly volatile and we all know that so the possibility of both ways happening is always there.  I believe we are still in the bear market, and have not transitioned to bull market yet.

One thing is certain, in every Bitcoin market crash, DCA is the best approach to make.  Since we will be buying BTC at a discount during this BTC dump event.

[Hypnosis00]

What is possibly to happen in the market, more dip that's seeing below 20k or something similar?
And is this another sign for bear market?

I would never say it was a sign for another bear market but yes, can't hide the fact that the market is facing another hard time due to low buying demand and support. However, despite the current situation, I don't think it going to dip below $20k, yet it is possible for $24k. I'd see that this year is full of test and market surprise as we thought that after reaching $30k we may see it moving close to $35k but it goes in the opposite direction and even fall hard. But still, I don't give up yet as it recovers later, the same thing happen in the past few days yet, we can never say it was too quick.

[serjent05]

Here we go again.
Elon Musk reportedly sold more than 370 million in BTC, causing Bitcoin's price to drop by nearly 15%. It seems like everything he does has an impact. I find it hard to believe that he did this.

Elon Musk didn’t sold now but rather the recent news stated that his company total Bitcoin last 2021 is worth 370M in Bitcoin that they already sold but there’s no exact info on when and where. Elon holdings probably sold during the previous dip to 16k because the price will dip more than this current price if Elon sold now because of the very bearish signal on the chart.

It looks like some people are behind on the twisting of this fact making the market to react negatively and weak hands selling their BTC.  This is somehow clear that someone manipulate the news so that they can buy Bitcoin at a cheaper price (just like one of the replies on the other thread stated)

This dip is inevitable since Bitcoin can’t break its 30k resistance for a long time. Probably those who fomo buy before already secure profit since the price is not moving any further upwards.

It is possible that those who see profit shorted their holdings in order to take profit and at the same time avoiding to be caught in the crash of BTC.

[boltz]

Bitcoin looks like he wants to make a consolidation around this price and if this will happen , Bitcoin should start an upward trend.  So far , this summer cycle is just like all the others during bear markets and I was calling for this dip for quite a while now as buying Bitcoin in summer is the most risky period to invest in my opinion.

[STT]

Seems 25.8k is the level to hold for that optimistic target near term of 30k or similar.  Needs to start building now and even if we do achieve that scenario I think we can also repeat the current level again to confirm it in future but I agree its quite possible that we bounce back for the moment.  A week if a bit too soon, consider the volatility a bit like a roller coaster there is a limit before the market gets sick of all that motion back and forth    
  The selling wasnt too severe just sharp and immediate, we had gone sideways quite a long time so that was the resolution to that process.   Speculators drop out and without others to buy up their positions its natural for prices to move lower in order that buying is encouraged, even at a lower level thats a positive process overall

[OgNasty]

The rumor I keep seeing being repeated online is that Binance is trying to keep BNB above $210 to avoid liquidations on a large loan. So Binance is being forced to sell off their Bitcoin in order to purchase BNB and defend their loan’s collateral. No idea if that is true or not but it seems logical. After what happened to FTX, I’ve been waiting for Binance to go under. It seemed like they were playing the same game, Binance just moved earlier.

[bitterguy28]

Seems 25.8k is the level to hold for that optimistic target near term of 30k or similar.  Needs to start building now and even if we do achieve that scenario I think we can also repeat the current level again to confirm it in future but I agree its quite possible that we bounce back for the moment.  A week if a bit too soon, consider the volatility a bit like a roller coaster there is a limit before the market gets sick of all that motion back and forth  

 the market shows lowering to 25k as it is the trend for couple of days https://coinmarketcap.com/currencies/bitcoin/ and i think this will stay slowly lowering for the next couple of weeks or months more.

Volatility shows the healthy market .

  The selling wasnt too severe just sharp and immediate, we had gone sideways quite a long time so that was the resolution to that process.   Speculators drop out and without others to buy up their positions its natural for prices to move lower in order that buying is encouraged, even at a lower level thats a positive process overall

Hopeful that you are correct that we will encourage others to buy now as the price getting down.
so the process will bring more positive in the next couple more.

[Iranus]

Here we go again.
Elon Musk reportedly sold more than 370 million in BTC, causing Bitcoin's price to drop by nearly 15%. It seems like everything he does has an impact. I find it hard to believe that he did this.

Elon Musk didn’t sold now but rather the recent news stated that his company total Bitcoin last 2021 is worth 370M in Bitcoin that they already sold but there’s no exact info on when and where. Elon holdings probably sold during the previous dip to 16k because the price will dip more than this current price if Elon sold now because of the very bearish signal on the chart.

This dip is inevitable since Bitcoin can’t break its 30k resistance for a long time. Probably those who fomo buy before already secure profit since the price is not moving any further upwards.

At first, I had my doubts about this post, but now it become clear to me. I should have done more research before sharing my thoughts, but somehow misguided. There's so much false information out there, and it's really challenging to find accurate details. Thank you once again, and I value the effort you put here.

Yes, Bitcoin 30k resistance has taken for quite a while, and this kind of price movement is to be expected.

Not only you, but many people when seeing bitcoin being dumped have rushed to find out the reason, and this news is causing many misunderstandings. I feel that someone is trying to manipulate the market and they are giving false news to manipulate us. All information given out should be studied and analyzed carefully, do not rush to believe it is true and then spread it to others, do not fall into the trap of market makers. Many people still haven't realized this news is fake and they even criticized Elon for selling bitcoin at this point.

[Minecache]

Here we go again.
Elon Musk reportedly sold more than 370 million in BTC, causing Bitcoin's price to drop by nearly 15%. It seems like everything he does has an impact. I find it hard to believe that he did this.

Elon Musk didn’t sold now but rather the recent news stated that his company total Bitcoin last 2021 is worth 370M in Bitcoin that they already sold but there’s no exact info on when and where. Elon holdings probably sold during the previous dip to 16k because the price will dip more than this current price if Elon sold now because of the very bearish signal on the chart.

This dip is inevitable since Bitcoin can’t break its 30k resistance for a long time. Probably those who fomo buy before already secure profit since the price is not moving any further upwards.

You are right, I did some research on the news that Elon sold 373 million BTC. But there is mixed information and no accurate information about Elon sold now and that is what caused this drop. While what you say makes sense, bitcoin hasn't been able to break through $30k for a long time and a drop in price is inevitable. But this price drop was really unexpected because the price fell so quickly and caused panic in the market. No one knows what will happen next, but I hope bitcoin won't drop much more.

Yes, information is not that accurate and perhaps it was taken out of context by this FUD'ster and turn against bitcoin to create some noise and it has taken it's toll on the price as it goes down hard to $26k again.

But I doubt that it will ever go down to $20k, there are a lot of support line along the way. And it seems that the panic has subside though. It has settle down a bit and I think it can go back to $28k at the end of the month and there will be no more drops.

I hope bitcoin won't drop much more but I fear it will, I mean it won't happen immediately but most likely it will happen between now and the next bull season. The reason I'm afraid is because we don't even have any negative news causing the drop, I suspect this drop is due to market manipulation and fake news just to legitimize the manipulation. This will most likely repeat in the near term and it will cause bitcoin to drop to $20k again and trigger an even bigger dumping.