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RE: BTC - What caused the dip in Bitcoin today? More sellers than buyers...

in #bitcoin5 years ago

Bitcoin hasn't lost any momentum imo. The market thinks 10k is an important level for Bitcoin. It's not; it's unit-bias. I would even go so far as to say there are still more buyers than sellers even now. There's just a small majority of whales who bet against the market during times like this. They're going to get burned.

All the actual momentum is coming from the halving event, and no amount of random news is going to change that. These little hiccups mean nothing. Can we even call it a dip? The change from $10500 to $10100 is only 4%. Maybe in the stock market that's a lot but in the cryptoverse that's simply normal day to day behavior. In my view the real dips are the 25%-40% retracements.

The market is building pressure at this unit-bias 10k level. Price is being suppressed by nothing but fluff, and when that fluff disappears Bitcoin will spike up to 11k or beyond in less than an hour. The market is going to remain overwhelmingly bullish for at least another 6 weeks as halving hype gets stronger and stronger.

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Did you see that $.25 steem there briefly? I think I scared it away though when I took a screen shot of it.

I just happened to check the price right before reading your comment.
Hopefully taking this screenshot to show you it's currently at $0.27 will drive it up like yours did :-)

Dip/retracement... tomato/tumato

It's all in the eye of the beholder.

Agreed on the dip thing....10500 to 10100 ... ha
I'm surprised people even bother with this...

Those watching the chart need things to talk about on a daily basis, nods head...

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