Why Bitcoin is currently weak?

[Legion]

I think what had happened recently is just a healthy pullback and nothing to worry about. I personally do not know what is the real reason behind the dip other than it's natural volatility. I am wondering if there are specific news that drives the price down because I don't have any idea about the current events as I am a bit busy.

Isn't it natural that after botcoin halving we will see short bearish, because there are some things that we should probably know as the cause of bitcoin looking weak. For example the US presidential election, the German government and Mt Gox which caused bitcoin sales. If I think this is the time to buy bitcoin and some potential coins to hold. Because I believe this condition will not last long, bitcoin will go up again.

In fact, most of the time after the Bitcoin halving event, we experience a bearish or consolidation phase and there still are many variables that may influence the direction of Bitcoins prices. Events involving presidential elections in the United States, German government actions, and Mt. Gox’s dumping of its Bitcoins can introduce volatility and huge changes in the market.

However, if you consider the present market environment appropriate for entering Bitcoins and several possible coins’ purchase, then this approach can be quite reasonable. The use of market downturns to purchase with the view it will rebound and the price per Bitcoin will increase forms a sound investment strategy in the long run. These are factors one has to consider when making an investment, especially in trading on cryptocurrencies since investments come with certain risks.

[summonerrk]

Bitcoin is weak because hardly anyone pays with it. Much faster than Litecoin, Tron or USDT networks, and they all charge very small transaction fees. Also, the Ordinals protocol is garbage that effectively paralyzed the Bitcoin network at one time.

[Hamza2424]

Bitcoin is weak because hardly anyone pays with it. Much faster than Litecoin, Tron or USDT networks, and they all charge very small transaction fees. Also, the Ordinals protocol is garbage that effectively paralyzed the Bitcoin network at one time.

Haha, He's not talking about the transaction issues, he's talking about the market price and market strength. Much faster than Litecoin? seems like you are trying to say Lite-coin is much faster than Bitcoin. For the Tron and other networks, they are not as decentralized as Bitcoin is and they are not as capitalized as Bitcoin and they are not backed by a dominant community like Bitcoin.

SO Bitcoin is still strong enough the current weakness in the market is due to correction, panic, and other developments pressure.

[Azharul]

I think that you will be discussion your best topic and opinion in this proper time. Now-a-days if we can see in the cryptocurrency market, we can understand bitcoin or cryptocurrency market. Few week ago we can see bitcoin price is stable in prefer level.But we can see that gradually bitcoin price will go down. But i think US economic space will be a factor of bitcoin down. I believe that crypto currency market or bitcoin will come back quickly.

[Fivestar4everMVP]

Seems to me that the weakness of the US economy is dragging Bitcoin down. Now, do you think Bitcoin can even go lower than $50K this month of September or would you rather think that there can be a big rebound days from now?

To be honest with you, I still find it difficult to wrap my head around why every market action on the cryptocurrency have to be related the US, the US government and their economy does not control bitcoin or the crypto market, and neither is US the country with the most bitcoin adoption, why do we have to always talk about that US when ever bitcoin and the cryptocurrency market in general is under-performing?

Anyways, whether the current decline in the price of bitcoin be as a result of the US economy or not, I am still very optimistic about the price, the price of bitcoin will rise in it's due time, this correction is needed after all, bitcoin can't just keep going up in price forever, there will always be times like this, and we must always have this at the back of our minds and prepare ourselves for it.

[yhiaali3]

The US economy is often the reason for dragging Bitcoin down, a lot of bad news recently such as the US jobs data which was lower than expected as well as fears of a possible recession in the US and the decline in the stock market as the US stock markets witnessed a severe hemorrhage.

All of these reasons and others led to this decline which is expected to continue until Bitcoin reaches below 50K most likely, but I do not care about all of this because I simply believe that we have not seen the top yet and I am confident that there will be a major recovery in the near future perhaps at the end of the year and the beginning of the new year.

[Crypto Library]

This year some major events have happened with Bitcoin, initially it started with Bitcoin halving and then various news and approvals from different organizations and after these again we saw the government of Germany and the government of United States of America gave a large amount of Bitcoin sale. These may be after these events.  effect.

Apart from that, in general we have to keep in mind that Bitcoin market is a volatile market and it is normal that the price will rise and fall.  Moreover, it can be seen that after the completion of Bitcoin halving, the bull season of Bitcoin is going to start in a few months, Bitcoin is making its market correction before that bull season.

[Jating]

This year some major events have happened with Bitcoin, initially it started with Bitcoin halving and then various news and approvals from different organizations and after these again we saw the government of Germany and the government of United States of America gave a large amount of Bitcoin sale. These may be after these events.  effect.

Apart from that, in general we have to keep in mind that Bitcoin market is a volatile market and it is normal that the price will rise and fall.  Moreover, it can be seen that after the completion of Bitcoin halving, the bull season of Bitcoin is going to start in a few months, Bitcoin is making its market correction before that bull season.

We also have to remember that the Mt. Gox repayment is still in it's effect if I'm not mistaken. So it will still have a impact on the market no matter what we see or  think that it doesn't.

But the best part is that if we are looking at the bigger picture, then we should still be accumulating at this point. At $50k'ish, we knows, maybe we could still see in the profits of x2-x3 next year. Just have patience and for sure once we got in a parabolic rise, we will forget all this weak Bitcoin paradigm.

[Lucius]

September has usually been a "bad" month when it comes to the price of BTC, although in general I would not agree that we should be talking about any weakness here - unless you consider that in a halving year people expect much more in each month than let's call them "ordinary years".  Therefore, even if we take into account the possible effects of halving, they should not be expected for at least 6 months after that, so I wonder why anyone expects anything in August or September?

I think that the biggest "weakness" is that people become too pessimistic and have too high expectations, but they don't understand that everything actually goes in its own way and that they just need to be patient.

[Findingnemo]

We can point out 100 reasons globally that might contribute to the decline in the price but in my defence I would argue that it's very common we always see the price goes sideways whenever there's is no major news involved directly with the crypto that might affect the sentiment driven investors. But it's all just need a Sparky news, something that will take the price to the room in no matter.

[0t3p0t]

We can point out 100 reasons globally that might contribute to the decline in the price but in my defence I would argue that it's very common we always see the price goes sideways whenever there's is no major news involved directly with the crypto that might affect the sentiment driven investors. But it's all just need a Sparky news, something that will take the price to the room in no matter.

It could also be that history has repeated itself but I haven't checked out the chart yet and I think that is one reason aside from it being natural or the price is just having a healthy pullback at the moment then it will retrace again next few days or months but I think we are expecting good prices soon just hold on.

[Themepen]

September has usually been a "bad" month when it comes to the price of BTC, although in general I would not agree that we should be talking about any weakness here - unless you consider that in a halving year people expect much more in each month than let's call them "ordinary years".  Therefore, even if we take into account the possible effects of halving, they should not be expected for at least 6 months after that, so I wonder why anyone expects anything in August or September?

I think that the biggest "weakness" is that people become too pessimistic and have too high expectations, but they don't understand that everything actually goes in its own way and that they just need to be patient.

You are absolutely right.September is mostly tough month for Bitcoin price but we need to be realistic. When Bitcoinreward is cut in half it takes time to see effects at least six months. So it is not smart to expect big price changes in August or September. Biggest problem is that investors get too negative and expect too much.

They need to understand that Bitcoin price goes up and down at its own speed and that patience is important. Having unrealistic hopes can cause stress and lead to bad investment choices. It is best to look at long term picture and let market develop on its own.

[Kemarit]

September has usually been a "bad" month when it comes to the price of BTC, although in general I would not agree that we should be talking about any weakness here - unless you consider that in a halving year people expect much more in each month than let's call them "ordinary years".  Therefore, even if we take into account the possible effects of halving, they should not be expected for at least 6 months after that, so I wonder why anyone expects anything in August or September?

I think that the biggest "weakness" is that people become too pessimistic and have too high expectations, but they don't understand that everything actually goes in its own way and that they just need to be patient.

You are absolutely right.September is mostly tough month for Bitcoin price but we need to be realistic. When Bitcoinreward is cut in half it takes time to see effects at least six months. So it is not smart to expect big price changes in August or September. Biggest problem is that investors get too negative and expect too much.

They need to understand that Bitcoin price goes up and down at its own speed and that patience is important. Having unrealistic hopes can cause stress and lead to bad investment choices. It is best to look at long term picture and let market develop on its own.

Also if we look at this cycle, it's totally different as we have reach a new all time high prior to the halving. And yeah, August (a ghost month), and then September are historically bad month for us.

And there are events like the geo-political, and then the Fed rates in the US that are very influential in the price movement as well. I do agree with the long term picture outlook, short term it could be bad as in the last 2 months, but if we look at the bigger picture and zoom in, we might at the end of the year hits a new all time high.

[Freemind]

I sincerely believe that anything can happen, but always taking into account the United States elections. Whether we like it or not, the US market is the determining voice of where the market will go. From time to time I like to read articles like the ones you link in your post, but I don't like to be influenced by what they say in those articles since in 99% of the cases they only serve to manipulate. As we have seen in recent weeks, Mt. Gox creditors have not sold (at least the vast majority of them) the Bitcoins they have received, something that many people feared and that some media and specialized sites "announced"

And yes, I think Bitcoin can fall below $50,000 and then regain value again, whoever wins the election, it's just that depending on who wins the election, that recovery in value could be faster or slower.

[JoyMarsha]

As of the moment, Bitcoin is standing at $54,334.40 which, of course, is not what many of us who are hodlers are expecting this month of September after a lousy August performance. Since September 1, the price has been on a steady decline from around $57K to now at $54K...with even more possibility of another slide down the hill even getting into the $50K level and lower.

Due to the way Bitcoin has been experiencing a price decline recently, hitting it to $54k, which is supposed to skyrocket as anticipated, is not enough reason to declare Bitcoin to be weak. We have known to be a strong and trusted asset that works on demand and supply of its price to increase or decrease. However, for the price of Bitcoin to recently begin to experience a correlation of price, that would mean one thing, there's the huge sale of Bitcoin from those who have plenty of Bitcoin in their disposal.