Bitcoin Plummeting 11% to $37,980

Yeah we posted BTC monthly ETF chart awhile ago..... if you look at it was virtually 3 months of straight down candles.....

Clearly were tons of trapped buyers. Not surprising at all BTC breaking down.
 
Classic Head-and-Shoulders pattern here. Look out below.



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RedSun said:
Do a 20 or 30-day correlation study between Gold, Bitcoin with other indexes. Gold is down 0.23% today and Bitcoin down 10%.

Gold has been rising from beginning of the year. Not QQQ or Bitcoin.
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To be fair, you are looking at paper gold, not real physical gold.

The reality in the physical bullion world is quite interesting, to say the least.
 
I still don't understand why Bitcoin volatility persists if it has institutional support like I've heard?

It seems the slightest bad news tanks Bitcoin anywhere from 5-15%. It doesn't seem to make sense. These kind of moves happen in penny stocks or illiquid commodity related stocks due to the underlying volatility.

My guess it doesn't really have as much support from institutional traders as claimed. Look at that dog PTON. After puking on terrible news there are still analysts willing to upgrade it.
 
nitrene said:
I still don't understand why Bitcoin volatility persists if it has institutional support like I've heard?

It seems the slightest bad news tanks Bitcoin anywhere from 5-15%. It doesn't seem to make sense. These kind of moves happen in penny stocks or illiquid commodity related stocks due to the underlying volatility.

My guess it doesn't really have as much support from institutional traders as claimed. Look at that dog PTON. After puking on terrible news there are still analysts willing to upgrade it.
More...


I hear your points. Think currently it's also due to the markets a lot as well, they've been coupling pretty close together recently and both equity's and BTC have been on a parabolic move from a macro chart standpoint (although BTC is worst). So, more market selling we get, it's also carrying over to BTC.
 
nitrene said:
I still don't understand why Bitcoin volatility persists if it has institutional support like I've heard?

It seems the slightest bad news tanks Bitcoin anywhere from 5-15%. It doesn't seem to make sense. These kind of moves happen in penny stocks or illiquid commodity related stocks due to the underlying volatility.

My guess it doesn't really have as much support from institutional traders as claimed. Look at that dog PTON. After puking on terrible news there are still analysts willing to upgrade it.
More...

But here what "support" you want institutions provides? Those banks only agree to provide the platform or the tools for traders to trade. Banks never agree to put down their money to "support" Bitcoin prices. That is just mis-conception.

What I see is that Bitcoin is a pure piece of virtual commodity. It has no fundamentals to it. When traders get money or capital, they want to buy and trade it. But when traders want to raise cash, they sell pretty much everything. Since Bitcoin is a very volatile virtual commodity, no one wants to hold onto it. Cash is always the king. Traders sell everything to raise cash.
 
The problem with Bitcoin is that, no one knows where the "value" is. Or any price floor.

What is the energy and computer cost to mine one single Bitcoin? Costing $40,000 or $10,000? Someone knows this number.
 
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