Bitcoin Dump

[Ricardo11]

Today the price of Bitcoin has taken a dramatic dump. It is coming down from 58K to 54K in last 24 hours. Which is really a big dump . Can we get out of this dump very quickly? Or are we going to go further down? I think it will go below 50K first and then rise again. What do you think? And what is your opinion about the current market situation?

[NotATether]

It doesn't mean anything.

A few months ago, everyone was happy that the price reached 54K. So what is all this FUD about the price I'm hearing about these days? All assets go up and down, that's their nature.

[JoyMarsha]

Buy more by applying a DCA method. For bitcoin to dump further or rise quickly, nobody can ascertain that. What you should have in mind is any price you buy bitcoin at, the price will increase above it, giving you significant profits. However, no need to worry about the current market situation because it's all good.

[Hamza2424]

Today the price of Bitcoin has taken a dramatic dump. It is coming down from 58K to 54K in last 24 hours. Which is really a big dump . Can we get out of this dump very quickly? Or are we going to go further down? I think it will go below 50K first and then rise again. What do you think? And what is your opinion about the current market situation?

What kind of Question is this, I know you want to know others' views but haha most of us are in a sad mood.

TBH OP i wasn't expecting such development, I was in shock because everything was good but the movement of -10% capital is not good, Ahhh I was expecting this week to end above 60k and now we are even on the lower range market is testing our patience level.

I think they should behave with 47k BTCs are they trying to do something ahh let's wait for such stories.

[Makus]

Today the price of Bitcoin has taken a dramatic dump. It is coming down from 58K to 54K in last 24 hours. Which is really a big dump . Can we get out of this dump very quickly? Or are we going to go further down? I think it will go below 50K first and then rise again. What do you think? And what is your opinion about the current market situation?

No one can tell for sure if the price of bitcoin will actually pump or dump, but one thing is certain, take opportunity while you see it now. You can convert this to an opportunity to buy more as it will eventually lead to more profit when the price gets back up. The price of Bitcoin will not always favour you and this is why holding is discipline. If you are not emotionally strong you might end up selling due to fear of loss, and that will lead to loss. I advise that you maximise this opportunity to your benefit.

[Charles-Tim]

Today the price of Bitcoin has taken a dramatic dump. It is coming down from 58K to 54K in last 24 hours. Which is really a big dump . Can we get out of this dump very quickly? Or are we going to go further down? I think it will go below 50K first and then rise again. What do you think? And what is your opinion about the current market situation?

I think I saw similar post yesterday or a day before yesterday. My reply was that the support at $50000 would be strong and bitcoin can not just fall below $50000 just like that. We have seen a bounce back at $53000 first which correlated with what I posted that it is possible we can see support before $50000. But if the price later continue to decrease, a stronger support would be around $50000 which is what we should first be discussing about.

[Husires]

The price of $60k was rejected several times, which is considered a Critical Support Retest, which means that we will not see $71k soon and that the price will be in a new price range whose peak is $60k.


If 53800 is broken, then you can start to panic.

[MUGNIA]

The price of $60k was rejected several times, which is considered a Critical Support Retest, which means that we will not see $71k soon and that the price will be in a new price range whose peak is $60k.


If 53800 is broken, then you can start to panic.

why should we panic if we believe in Bitcoin's rise in the future, especially not using emergency funds, I'd better hold back and close my laptop away from the market and wallet for a while
remember bitcoin once fell like this and strong people will get multiple profits in the upcoming bullrun

[0t3p0t]

It doesn't mean anything.

A few months ago, everyone was happy that the price reached 54K. So what is all this FUD about the price I'm hearing about these days? All assets go up and down, that's their nature.

The best answer I've read so far. We all know that this is the nature of crypto so nothing to worry about the prices going down and we can do nothing about that trend unless we trade short for that. Maybe OP has bought at peak price and if I was on that situation I got no choice but to hodl but if you are just an average investor like me who needs to make withdrawals frequently because of priorities then cutting loss very early is the only choice but if you have stable source of income then no need to panic as prices may bounceback anytime as it seems for me a healthy pullback if I am not mistaken.

[Gurujebs]

Today the price of Bitcoin has taken a dramatic dump. It is coming down from 58K to 54K in last 24 hours. Which is really a big dump . Can we get out of this dump very quickly? Or are we going to go further down? I think it will go below 50K first and then rise again. What do you think? And what is your opinion about the current market situation?

Ideally, I can give my only opinion but the real answer is nobody know the real next thing Bitcoin will be doing because right now, some bags are selling, the US, the Germany and Mt.gox has been moving some Bitcoin lately and nobody knows what there next line of action that will happen again, so if they decide to sell, that means another dump to $54k where support is form but a further will break that resistance to below $50k.

If you are a long term investors, there is no harm in trying to buy some then you average the price later if incase there is further down from where it is trading and I will advice you not to short these market, it's better to have loss in Bitcoin than been liquidated by whales that are playing the game of chess with each other.

[robelneo]

I am glad that I made some profit before this dump and will do some rounds of purchase again as I believe the market will pick up and show strength. According to one article on Cointelegram, the reason is the possible repayment of Mt Gox that is supposed to happen this July.

Bitcoin’s decline below $60,000 may be attributed to the potential start of the Mt. Gox creditor repayments, expected in early July.

The defunct crypto exchange may have started repaying creditors, based on a Bitcoin transfer volume chart for tokens last moved during the past seven to 10 years shared by Charles Edwards, the founder of digital asset hedge fund Capriole Investments.

https://cointelegraph.com/news/bitcoin-drops-below-60k-mt-gox-repayment

So, there's nothing negative about this dump.

 

[Fivestar4everMVP]

Today the price of Bitcoin has taken a dramatic dump. It is coming down from 58K to 54K in last 24 hours. Which is really a big dump . Can we get out of this dump very quickly? Or are we going to go further down? I think it will go below 50K first and then rise again. What do you think? And what is your opinion about the current market situation?

So far and currently, the price of bitcoin is already back above  $57k and heading back to $58k.
One thing with Bitcoin actually is that, it doesn't really take much time before it recovers from a major dump if it's just one entity selling off a lot of bitcoin at a go, so I guess this makes holders of bitcoin much more confident in the asset they hold.

The dump is not a surprise if we are to go by the recent happenings around the crypto industry, talk about mtGox, talk about the government of Germany, all this put together involves hundreds of thousands of bitcoin worth billions of dollars, in fact, I am guessing that we may still see some major dump again before we are finally into the bull run.

[Pastaral]

Bitcoin market is very bad at the moment.  Bitcoin's market was 61K last week and now the market is dumping more.  However, it has come down to 57K at present and investors are panicking because of this.  So selling pressure is high at present.  Bitcoin fluctuates from time to time but it has been doing well since history due to its popularity that people in almost every region know about it.

[Captain Corporate]

I don't have the "exact" reason but we can see that there were a lot of new wallets moving money too, and we had a lot of sale that wasn't just one big sale, it was many of them, which we could only assume that a lot of people caused this and not just a few whales. At the end of the day life is like the market and has ups and downs so we just need to make sure that we know what we are doing and we need to ride the wave. There isn't really anything thats all too complicated to understand, this is a normal life and we just need to get used to this common market movement. Dump is as much of our life as it is with ups as well, you can't have one without the other. This was a steep drop and I am sure that it made a lot of people upset as well, we just need to consider that as normal life.

[bayu7adi]

Many say the response to Mt gox's recent actions was quite shocking... but for some reason I became confused by this... maybe it's true, a dump will always occur when there is an indication that a number of BTC from whales are starting to be moved due to the panic response of some people ... but this shouldn't happen for long... and the dump that occurs should be a bounce back to the next level...

IMO, it will take around 3 weeks to 2 months to recover to a price level above $65k again... let's look at the predictions of many people that after the halving there will be bitcoin at a price above $100k per BTC.