BTC Market Down? Any Specific Reason?

[msz900]

Greetings ALT Users,

As we have seen the market pumped and reached $60k but what happens next is shocking because the market is a mode of repeating the  2017-2018 Downtrend and the market is already in the range of $30k-$35k almost 50% down from the last pump. So is there any specific reason for that? or its a game of up's and down's? Any expert market analyzer here to confirm that trend?

[Review Master]

Well, it's pre-planned dump and whales or institutional investors will continue to do this until they're finished their accumulation of bitcoin. If we see current market, than it's dumped because of misconception about the unlocking of grayscale GBTC. Many users think that grayscale will sell of their btc from the servered when investors will sell the GBTC shares, but it's not correct. Not only this, current fuds are the reason for sideways movement or dump as well. TBH, we could see a death cat bounce before the crossover between 20 and 50 weekly MA as market was entered into bear season in the past two bull season after this. Or btc could start a bullish rally again if huge volumes are added into the chart. 

[TomPluz]

When the sentiment is going down, many investors big and small will be retreating from the market especially if doing so means they can still materialize some profits. Now, if you have not done so, you can already be in a trap and you have no choice but to wait for another bullish trend to show up again...such is the predicament of the many small investors right now. As to whales, they can continue holding for as long as they want because they have a long-range plans. As to the reasons, there can be many analysts will provide but for me this just another cycle in the crypto market which happened in the past and is happening right now.

[tervel]

The drop comes amid a growing crackdown on cryptocurrencies in China, where authorities ordered Bitcoin mining projects to close. Production of Bitcoin in China accounted last year for about 65% of global production.

[Proton]

I think that, the crypto markets feel a lot like they did in March 2020. People are getting scared by the Delta COVID19 strain, stockmarket is dipping and inflation is likely going to test its highest levels. This is all bullish for Bitcoin and the cryptocurrency sector long-term.

[KryptoBull]

I think BTC price drop in the past 2 days is due to GrayScale's GBTC unlock event, although there is no direct BTC sold on the market, investors are still very worried, especially when there is a large amount of BTC transferred to the exchange.
This is clearly a whale ploy to accumulate more BTC and good altcoins, I will not sell my BTC or altcoins. I bought more ETH!

[Senin]

I think that, the crypto markets feel a lot like they did in March 2020. People are getting scared by the Delta COVID19 strain, stockmarket is dipping and inflation is likely going to test its highest levels. This is all bullish for Bitcoin and the cryptocurrency sector long-term.

It is unlikely that the spread of the Delta strain of the coronavirus and the increased inflation of conventional currencies can explain the latest drop in the cryptocurrency market by more than 50 percent. This event was supposed to happen after bitcoin has continuously increased in price for more than six months and climbed to unprecedented heights, more than tripling its previous price record in December 2017. However, it is possible that the fall occurred a little earlier due to tweets by Elon Musk about the high energy consumption of bitcoin and its carbohydrate footprint, as well as the prohibition of bitcoin mining in China.

[xeroz]

Even though there is a reason or not, the era of Bitcoin right now is still falling down. The BTC itself still cannot break the higher resistance, but always going to the bottom resistance. Additionally, some FUD is still spreading about Bitcoin, moreover from Elon, CHina, and other countries that ban BTC

[sacrotic]

I think no need to debate something we don't know, find solution is better. See pump and dump as opportunity to make money in safe way, use realistic reason to make decision. This is market but our money inside it, be wise.

[Review Master]

I think no need to debate something we don't know, find solution is better. See pump and dump as opportunity to make money in safe way, use realistic reason to make decision. This is market but our money inside it, be wise.

Indeed, it's the best thing to do when high volatility is going on. Anyone can make thousands bucks within few minutes/hours if he/she knows how to play with TA and take advantage of the market when it's going pump/dump because of fomo/fuds. So everyone needs to be wise so that we can increase our portfolio whatever situation is going on.

[UNIVERSE]

No worry and no wonder. The price of Bitcoin will always changes every day. And if it is changing and you are still asking about why up and why down, your day will not be good at all because only asking about the same cycle.
there are moments to drop and moment to rise up. So just follow the market condition and utilize every chance to get the profits.

[tervel]

The value of bitcoin can change by thousands of dollars in a short time period. On the last trading day of 2020, bitcoin closed just under $30,000. In mid-April, it flirted with $65,000. It is currently 34,370 however the BTC remains successful with its jumps and declines.

[Astra]

The value of bitcoin can change by thousands of dollars in a short time period. On the last trading day of 2020, bitcoin closed just under $30,000. In mid-April, it flirted with $65,000. It is currently 34,370 however the BTC remains successful with its jumps and declines.

It's right. Bitcoin, like all cryptocurrencies, has very high price volatility and is capable of rapidly rising and falling in price. So if yesterday the price of bitcoin was more than $ 34,000, now it is already $ 38,529. Over the past day, the price of bitcoin has increased by 12 percent, and over the week by 21 percent. Altcoins are also showing good price growth.
Price movements in the cryptocurrency market are always cyclical. Growth is followed by a fall in prices, which after a while is replaced by growth again.

[Master107]

The value of bitcoin can change by thousands of dollars in a short time period. On the last trading day of 2020, bitcoin closed just under $30,000. In mid-April, it flirted with $65,000. It is currently 34,370 however the BTC remains successful with its jumps and declines.

Fluctuations Constantly happening and could not stop by mere crypto members. The power of demand and supply, and the influence of buy time and sell time always possible to take over the market. Thats why Bitcoin price is unstable and never be at stable condition to see it on flat $34K the whole week. Nevertheless, Bitcoin always be successful though it might be predicted killed 77 times. 

[Cryptoz]

BTC price always has to change movement, both up and down. The FUD coming from China, Elon Musk, and several other countries that ban Bitcoin may make the price falls down drastically.
But sometimes, we also know that this crypto market also always struggles not to hit the bottom resistance. We can see these two days that Bitcoin price is rising up. So never panic with each situation