Bitcoin price discussion and analysis

[Garpal Gumnut]

BTC now 21.8k, other than microstrat, there are a lot of other BTC investors starting to face margin calls now as everything in crypto starts to unwind. Binance had a big hiccup in transactions overnight as well, now its fixed but will just mean the sell down becomes faster.

Stocks wise coinbase has gone from 350+ to 52 as of trading close last night.

Its dotcom crash all over again.

If you look at the volume over the last 3 days on BTC it is nowhere near the volume when it had that dramatic drop from over $60, not to mention the drop in $ terms.

I'd be expecting higher volume coming, as you say, as all the borrowed money being called back.

It is not going to be pretty.

I'm sure Tulips went the same way.

gg

 

[grah33]

with inflation and money printing, it might just start to go back up again

 

[Trader X]

Good background analysis piece on what happened at Celsius. In short, a storm of withdraws created a liquidity crises. Moral of the story, if the interest rates up to 17% offered seem to good to be true then they likely are. You deposit your crypto into an unregulated entity, they then pay you interest until they stop and your crypto essentially becomes their crypto. Your recourse? None

"The Israeli-American company Celsius announced last night that it is freezing the assets of its users - 1.7 million in total, according to the company's latest count. That is, people who deposited their coins - be it Bitcoin, Ether or anything else - have lost all access to them, can not withdraw the coins, exchange them, pay with them for other loans they took or sell them. Will they ever be able to get their assets? Only time will tell."

 

[peter2]

Posted by The Fly, (with my censorship).

 

[Trader X]

While Celsius, the shadow crypto bank, is busy hiring restructuring lawyers to stave of liquidation, let's not forget the impoverished country of El Salvador and its Bitcoin legal tender gamble. Down 50% or $52 Million on its BTC, should it be a surprise that Bitcoin is an abject failure as a digital currency? Should the Bitcoin luminaries who celebrated and encouraged this financial folly now step in to top-up the shortfall? Interesting insights in this article.

 

[waterbottle]

BTC knocking on 20k... Wow... They're all sh! T coins

 

[Tyre Kicker]

I’d almost consider buying BTC if it falls another 20K.

Almost.

 

[Stockbailx]

BTC knocking on 20k... Wow... They're all sh! T coins

BTC beginning its nightly decent to glory...Can see it breaking the 20k and them sum! Not a bad product to sell if you play your cards right?

 

[greggles]

Bitcoin under $20,000 is going to be a self fulfilling prophecy. The selling pressure will come from those who want to exit above $20,000 and are convinced that they will be able to buy in again below this or who simply want to cash out before major selling commences below $20,000. Fear will get it under $20,000 as there simply won't be enough buying to stave off all the panic selling.

Bitcoin going below $20,000 will trigger huge liquidations that will drive it below its 2017 peak. More pain coming. Bitcoin currently at $20,277 and heading inexorably towards that critical $20,000 level.

 

[Trader X]

Bitcoin going below $20,000 will trigger huge liquidations that will drive it below its 2017 peak. More pain coming. Bitcoin currently at $20,277 and heading inexorably towards that critical $20,000 level.

The $20k price level does seem to be a critical support level for Bitcoin based on price action. Every time BTC approaches $20k buying comes in to keep it above that level. Interesting article in Decrypt about this...

What Happens if Bitcoin Falls Below $20,000?​

Some notable quotes...
"If these levels break, $20k $BTC & $1k $ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves. We can also expect that there will be some otc dealers and that will be unable to hedge properly and might go belly up."

“I think many are fearful of a liquidation cascade occurring with the likes of Celsius being margin called, and now having a liquidation price of around $17,000 on their BTC position,”

 

[Garpal Gumnut]

The $20k price level does seem to be a critical support level for Bitcoin based on price action. Every time BTC approaches $20k buying comes in to keep it above that level. Interesting article in Decrypt about this...

What Happens if Bitcoin Falls Below $20,000?​

Some notable quotes...
"If these levels break, $20k $BTC & $1k $ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves. We can also expect that there will be some otc dealers and that will be unable to hedge properly and might go belly up."

“I think many are fearful of a liquidation cascade occurring with the likes of Celsius being margin called, and now having a liquidation price of around $17,000 on their BTC position,”

It will happen all of a sudden.

All the listed Coin outfits are shorted.

Although BTC clung around $30,000 for a month recently, the shorts have increased dramatically as have defaults and closure of withdrawals. .

gg

 

[Trader X]

It will happen all of a sudden.

And as the final curtain approaches on the speculative frenzy to buy into thousands of virtual currency projects, the crash of all these crypto casino tokens will no doubt cause a tidal wave of litigations such as this...

Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme​

 

[Stockbailx]

BTC has crawled this morning to 20500 mark. But for my money has just retraced into it bearish form and has just set itself up to break through support of 20000. if not contain its self at that mark and continue correlation, until it collapses further in its true form. BTC really got nothing going for its self any more and I've been selling since around the 26000 mark, and look forward for more bargains. To good to be true?

 

[moXJO]

Getting close for me to buy bitcoin. Just needs to halve.




Then maybe halve again.

 

[againsthegrain]

Getting close for me to buy bitcoin. Just needs to halve.




Then maybe halve again.

ha I said this before, we all joking around atm.

 

[explod]

Just hovering. Don't put up a pin

 

[againsthegrain]

Joel nearly had a house deposit in crypto. Now most of it's gone after the crash

The financial fate of many Australians will be decided over the next few days, as the price of many cryptocurrencies plunges and one major crypto-lender locks customers out of their own accounts.

www.abc.net.au

And everybody was saying bitcoin is such a investment and stepping stone bla bla

 

[Stockbailx]

Joel nearly had a house deposit in crypto. Now most of it's gone after the crash

The financial fate of many Australians will be decided over the next few days, as the price of many cryptocurrencies plunges and one major crypto-lender locks customers out of their own accounts.

www.abc.net.au

And everybody was saying bitcoin is such a investment and stepping stone bla bla

Goes well if your following trend and participating in the sell off! Who says what goes up doesn't come down! Oils the one to watch also!

Perfect consumer affairs if you ask me?

 

[moXJO]

Joel nearly had a house deposit in crypto. Now most of it's gone after the crash

The financial fate of many Australians will be decided over the next few days, as the price of many cryptocurrencies plunges and one major crypto-lender locks customers out of their own accounts.

www.abc.net.au

And everybody was saying bitcoin is such a investment and stepping stone bla bla

They should have followed the 'moxjo trading method':

 

[Stockbailx]

They should have followed the 'moxjo trading method':

Good to read that Inflation is the probable cause of BTC fall from grace! Something worth keeping an eye on!