I didn't expect to see it went below 56k

[legendbtc]

$54,000 now!

Dont get me wrong, Its great for us who can pounce on this opportunity to buy low,
but WTF are people thinking who sell at these times?

Are they afraid of the MtGox coins hitting the market will drive the price down?

Can they not see and/or realise it will be a time for buying not selling?

The seller was likely the German government, who received compensation from Mt.gox. The German government can sell whenever they want because they don't buy those bitcoins so they don't care what the bitcoin price is. Meanwhile, Mt.gox victims are receiving 100x profits after 10 years, and they have waited so long to receive these bitcoins that selling them is inevitable.

My question is with such negative news, who will be brave enough to buy bitcoin now when most of us fear more price drops are waiting for us? Bitcoin price drops are always an opportunity, but how many people are brave enough to buy it?

[uneng]

Lol, in the first 4 hours of the day Bitcoin has already touched the 56,800$ - 56,900$ zone 6 times! The price hits that support level and then bounces back to 57,000$. I ask myself how long Bitcoin can still secure the position with so much pressure pushing the price downside. There is a fierce battle going on right now with the bears attempting to fell Bitcoin at all costs. Unfortunatelly, I think the price is still going to fall deeper... There aren't any good signals on the horizon for the short term.

I wish I could close my eyes and only open them again once the Mt. Gox redistribution and governments' Bitcoin sales were done!

Even now it is lower than the price of 55,000$ and after seeing its movement in the last 24 hours it looks like we will see a fairly deep and fast correction.
This is surprising because it happened quickly, we have rarely seen price movements like this lately, but don't worry too much, there are still positive things that can be taken from what happened.
I think starting to buy more when the price falls below 50,000$ might be one of my efforts to avoid panic and also think positively for the future.

BTC hit the 53,000$ mark and then returned to 55,500$. It's going to be pretty good if Bitcoin is able to maintain this price as support level until a new bullish tendency starts. I think Bitcon is going to try breaking the 56,000$ line until the end of the day. Now the test begins to see how strong it is and what we can expect from Bitcoin in the following days. The psychological impact of Mt. Gox news is much more intense over the market than the redistribution of coins they are going to execute.

Some traders claim 53,000$ was the bottom. I'm skeptical about every scenarios and predictions so far until the market stabilizes and a new tendency is drawn.

[aoluain]

$54,000 now!

Dont get me wrong, Its great for us who can pounce on this opportunity to buy low,
but WTF are people thinking who sell at these times?

Are they afraid of the MtGox coins hitting the market will drive the price down?

Can they not see and/or realise it will be a time for buying not selling?

Buying the dip is like catching falling knives, since people are also afraid of that news you mentioned, it just makes them so hesitant to buy bitcoin from this price point and maybe waiting for further dips, i've read some speculator predicting that it will go as low as sub$50k but honestly i don't believe it will go that low and even if it does that means i'm gonna entry.

i already repositioned all my investment from alts and ready to make entry when bitcoin is at the lowest but determining one is hard.
but so many newsletter keep fudding on the rumour of the dumping of bitcoin that gonna take place in the future amounting to billions, like literally whenever there's big btc movement, account like arkham intelligence keep tweeting it so yeah it created clout.

to be fair, the future dumping of all those bitcoin indeed looks scary granted that institutional investors could just buy it all up.

I certainly dont see buying any dip as 'catching falling knives' I see it as pulling '7 7 7 7' !

Personally I wouldnt be holding out for a sub $50k, I've bought already at a $20k discount.

$54,000 now!

Dont get me wrong, Its great for us who can pounce on this opportunity to buy low,
but WTF are people thinking who sell at these times?

Are they afraid of the MtGox coins hitting the market will drive the price down?

Can they not see and/or realise it will be a time for buying not selling?

The seller was likely the German government, who received compensation from Mt.gox. The German government can sell whenever they want because they don't buy those bitcoins so they don't care what the bitcoin price is. Meanwhile, Mt.gox victims are receiving 100x profits after 10 years, and they have waited so long to receive these bitcoins that selling them is inevitable.

My question is with such negative news, who will be brave enough to buy bitcoin now when most of us fear more price drops are waiting for us? Bitcoin price drops are always an opportunity, but how many people are brave enough to buy it?

Yes the German government was selling but thats all temporary selling in a bull
market, that as well as the MtGox saga will pass and be part of Bitcoin history

I cant believe there should be fear - again in a bull market post halving.

[moneystery]

there are some news today that make bitcoin drop, but something like this is not new for bitcoin, even bitcoin has experienced a worse drop than this, so there is no need to panic that bitcoin will drop even worse. the point is if you have bitcoin investment keep holding and don't panic, because you will not lose if you do not sell.

even if you can, you can accumulate more bitcoin when the market condition is like now and do not need to worry that the price will continue like this because bitcoin will definitely go up again.

[fuguebtc]

there are some news today that make bitcoin drop, but something like this is not new for bitcoin, even bitcoin has experienced a worse drop than this, so there is no need to panic that bitcoin will drop even worse. the point is if you have bitcoin investment keep holding and don't panic, because you will not lose if you do not sell.

even if you can, you can accumulate more bitcoin when the market condition is like now and do not need to worry that the price will continue like this because bitcoin will definitely go up again.

Except for the newbies who are panicking, those who have been through a bear season or two before won't be worried about what's happening. But I guess many people were quite surprised and a bit disappointed because everything happened quite quickly and not as people expected. Most were very optimistic and expected a bitcoin recovery this month, but in less than the first week of July, we continued to see bitcoin being dumped. Disappointment is inevitable.

I was also surprised and a bit disappointed but did not panic because with such a deep decrease, it will take us quite a while to recover. But like you said, this will be an opportunity for those who still have money and want DCA.

[Rao420]

The current situation of Bitcoin has surprised everyone . Bitcoin touched the 54k level and is now trading at 55k . The sudden drop in price of Bitcoin is not understandable . Experts are busy analyzing it's reason but could not find a clrea answer . Both investor and trader are worried about this uncertainty . Some believe that this is the result of a market correction  , while others believe that large selling pressure is causing Bitcoin price to fall .

[YOSHIE]

Will the price touch $38k this months?

For now and this second, no one, whether they are Bitcoin experts, fortune tellers, astronauts, has yet to speculate and predict 100% accuracy regarding the rise and fall of Bitcoin, that is the advantage of Bitcoin, no one has done it right.

It should be noted, anything could happen to the development of Bitcoin itself, whether in terms of prices falling or rising, $38k is not difficult for Bitcoin to achieve, maybe even lower, What is clear is that several bitcoin speculations for this year say that Bitcoin will experience deeper figures than the year after the previous halving, Now it seems that it is those who have faith who will succeed, it is those who are brave who have an understanding of the true value of the bottom line.

[EL MOHA]

There is also a big support on $40k. The bottom could be there, this dump is too hard to ignore, holders are anxious when there is a threat of price dump due to German and US government dumping while MtGox is also about to be distributed.

Right now it wouldn’t be outrageous to actually predict that bitcoin wouldn’t test that support because the FUDs are just growing strong at the moment which is worrisome for bitcoin. The Mt.Gotx refund has started and as I have predicted earlier bitcoin tested the Fair value gap at $53k, filled it and then pushed up. If the news doesn’t impact it below that I think that is our primary support but should it break then the $43k is where we might be heading.

Sometimes it's reasonable to just sell and wait til the calm of this panic. But most traders already saw it coming when the price peaks. The hope is just its just months after halving.

Any sell of now will just be as a result of fear of losing out or say FUD which in my opinion is very bad. Yes there is no harm in selling but only when you’re taking profit, other than that you’re losing which is not good. Now is the perfect time to hold, accumulate and accumulate not a time of sell offs.

[Nwada001]

Why buy bitcoin at 70K, when you can buy it much lower when all of these coins hit the market.

If no one is willing to buy when the price was $70k, who do you think will buy from those who are selling? And what actually will bring down the price if no one is willing to buy and is waiting for the price to drop? 
 
Real hodlers will definitely buy no matter what the price is; their target is to hold and accumulate for a long period of time, and when the fund is available, they will refill their wallet.

[STT]

People will end up buying at 70k, some will even think that cheap its just not that time right now.   Theres never only a singular price, its a price on that time and place and they all vary in context.   The price now is 3000 over the lows of only some hours ago, thats a pretty good recovery alot of effort and money in that rally but we still got question it.   I do however think there is more to come in development, more traffic to deal with before any ideas of shooting down those higher prices.

   Its work that BTC price action has to do like clearing the road of snow before you can properly drive it, no option around it really.  57k is 2 day average and 58k is where Im waiting for BTC to confirm above before I can expect something more positive lasting over days not just hours.    Sometimes every rally just ends up another chance to be sold because the price contained alot of trade(r)s who want to exit which leads to a repeat downwards and so on it cycles.

[macson]

This is so surprising to see that bitcoin has gone below the 60k benchmark to 56k within breaking out of this new month, does this show that more dip is possible to come within this period? Was this a shock to you seeing the price this low because I know lot of people were thinking of seeing bitcoin at 80k breaking out this new month. This now occurred to me that historical data still taking its place as it was before because when you look at the market it seems that this year didn't follow it's history and that was were confusion sets between investors and traders.

Will the price touch $38k this months?

dropping to $38k in my opinion is impossible, in my opinion the lowest bitcoin price until the end of this year is $45k imo.
If we look at the history of Bitcoin prices since it was first circulated, price declines after the Bitcoin halving often occur, so don't be surprised, if you have a stable income then i suggest buying Bitcoin using the DCA method.  The point is, don't sell bitcoin that you bought at previously high prices ^{(if you buy it)}

[Mame89]

there are some news today that make bitcoin drop, but something like this is not new for bitcoin, even bitcoin has experienced a worse drop than this, so there is no need to panic that bitcoin will drop even worse. the point is if you have bitcoin investment keep holding and don't panic, because you will not lose if you do not sell.

even if you can, you can accumulate more bitcoin when the market condition is like now and do not need to worry that the price will continue like this because bitcoin will definitely go up again.

It is true that those of us who invest in bitcoin should have this mindset, the rise and fall of the price of bitcoin is normal because the market is dynamic and things like this often happen in the market. If there is big news it will affect the market. However, we don't need to panic, in fact at times like this we have to take advantage of market declines to continue buying bitcoin. I believe that if you are an investor using the DCA strategy, this is a great time to continue buying and holding for the long term.

Bitcoin once fell to $16.000 and once rose to $72.000 and now bitcoin has experienced a slight decline because there was news that made many people sell it until the price of bitcoin fell to $53.485 but is now back at $56.702. So don't ever think that we will end, that will actually make us panic? Stay patient, because now Bitcoin is slowly starting to recover, we just need to be patient. It's true as you said, as long as we haven't sold bitcoin, we haven't experienced a loss, so keep holding.

[Wexnident]

Ehh I mean it's not that big in the grand scheme of things. I reckon it's just such a big impact because majority of the market sentiment (or at least what you and I saw) was expecting that Bitcoin would stagnate at 60k at most, hover around there a couple of months and go straight to 100k ish or somewhere around there. Still, I'd say we're still only halfway of the year and I personally expect more positive growth later on the year compared to now.

As for 38k, oddly specific but anyway who knows. Highly doubt it, we'd probably see a stop at 50k ish if we do drop continuously though.

[uswa56]

there are some news today that make bitcoin drop, but something like this is not new for bitcoin, even bitcoin has experienced a worse drop than this, so there is no need to panic that bitcoin will drop even worse. the point is if you have bitcoin investment keep holding and don't panic, because you will not lose if you do not sell.

even if you can, you can accumulate more bitcoin when the market condition is like now and do not need to worry that the price will continue like this because bitcoin will definitely go up again.

Except for the newbies who are panicking, those who have been through a bear season or two before won't be worried about what's happening. But I guess many people were quite surprised and a bit disappointed because everything happened quite quickly and not as people expected. Most were very optimistic and expected a bitcoin recovery this month, but in less than the first week of July, we continued to see bitcoin being dumped. Disappointment is inevitable.

I was also surprised and a bit disappointed but did not panic because with such a deep decrease, it will take us quite a while to recover. But like you said, this will be an opportunity for those who still have money and want DCA.

As beginners who are still in the process of learning about investing in Bitcoin, of course it is natural for them to panic, but if they continue to try to understand how Bitcoin works, of course they will understand that this is how Bitcoin works, you are right, this happens very quickly and not everyone we can assume that Bitcoin has experienced a decline below 56k and this will be able to be exploited by those who have sufficient funds to be able to buy at this time but if we do not have sufficient funds then we still have the opportunity to collect funds to be able to buy it so that we can hold it Until the increase arrives, of course we will be able to make a profit.