[2014-09-03] Will Bitcoin Continue the Slide Despite Positive Data?

[epere]

http://www.fxempire.com/technical/technical-analysis-reports/will-bitcoin-continue-the-slide-despite-positive-data/

After breaking through the $500 mark in the downward direction, the Bitcoin price stumbled to the $470 and is just bouncing back. Bitcoin has made a 1.03% gain in the past 24 hours. It seems as the downward trend that started in July is going to continue in the first week of August. Nevertheless, more positive fundamental news today for Bitcoin enhances the long-term outlook. For example, a report from the Canadian press shows that a small, but growing, number of workers are demanding to be paid in Bitcoin, instead of Canadian dollars. However, one analyst suggests that payrolls in virtual currencies will not expand beyond the technology sector as there are limited places to spend these currencies.

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[Yeezus]

It's really hard to make any sense of the price falling. I'm sure we'll just see this thing happen for quite some time so we might as well just get used to it. Would be nice to see another hike sometime soon to lift our spirits.

[gmx95]

Yes, its really hard to say what moves the price now. It is totally possible for it to decline to $300 level.

[Whitehouse]

Yes, its really hard to say what moves the price now. It is totally possible for it to decline to $300 level.

I really can't see it dropping that far down without a really good reason and potential problem with bitcoin. I would think there'd be too many buyers trying to get in should it go to that low price which will ultimately keep the price at a reasonable level. People also don't really want to sell their coins for peanuts.

[Lethn]

I genuinely think this is a sell off before a major price rise, this is similar to what happened when we hit $1000 before, hopefully this time the rise will be a real one.

[Chef Ramsay]

I genuinely think this is a sell off before a major price rise, this is similar to what happened when we hit $1000 before, hopefully this time the rise will be a real one.

I was really hoping that the rise would come this week as my brother gets married on Saturday and I wanted to make the rounds and gin everyone up to make buys if the coin was rising. Oh well.

[DannyHamilton]

As long as the exchange rate keeps dropping, I'll keep buying.  I'm quite happy to acquire cheap coins with whatever spare cash I've got on hand.

[fussel-fuel-four]

in my opinion this is due to Some of the investors that are releasing their stash or some of the new ones who aren't used to bitcoin price moves got panicked after the last drop and keep selling.

[cafucafucafu]

Yes, its really hard to say what moves the price now. It is totally possible for it to decline to $300 level.

It's whale manipulation.

[TheButterZone]

Ok whales, sell me 1000 BTC for $1 each. Enough of this slow decline, crash it to the single digit, NOW.