Bitcoin Price Down Without Any Genuine Reason

ali-saeed (59)in #bitcoin • 7 years ago

Bitcoin Price was headed towards $12,000 and was very close to it since 19 hours ago. The dip in price is not obvious but there are some reasons that have combine effect on the price of bitcoin.

Image Source : https://coinmarketcap.com/currencies/bitcoin/#charts

First reason is another glitch in an exchange in Japan due to which some customers were able to buy bitcoin worth trillions for zero yen but these transactions were cancelled before they were able to sell bitcoin for yen. However there is criticism from Japanese customers who are complaining about the poor backend management and they also lack proper support.

Next reason is that this downtrend can be the signal for more faster uptrend as Coinbase and Bitfinex both are going to implement Segregated Witness (SegWit) scalibility upgrade for bitcoin. This upgrade will resolve major problems related with bitcoin like speed of transaction and also the fees for transaction.

#crypto

7 years ago in #bitcoin by ali-saeed (59)

$31.17

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prettyprecy (52) 7 years ago

Hmmm, after all said and done, I just hope bitcoin doesn't stay down for a long time because so many crypto currencies are dependent on it. I hope people don't get discouraged

$0.05

4 votes

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authorfriendly (49) 7 years ago

All good reasons, of course but could just be the resistance. Someone should make coin that is tied to variance

$0.04

2 votes

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rollandthomas (74) 7 years ago

Price reacted to a 4 hr demand zone at $10400. In order for price to continue higher, it must get through a stack of sell orders at $11000 and $11600 as indicated by the red circles. If the demand zone at $10400 is broke, there is one other demand zone at $10000. If this demand zone is broke, look for price to go back down to $8400 as indicated by the light blue arrow. Price has it my 1st ($10000) target and came close to my 2nd ($12000) target. My 3rd target still remains $17000.