Bitcoin (BTC) Through a Nasty and Fearsome Dip
Bitcoin price plummets below $56k as it drops $15k over the past 24 hours. Bitcoin dropped below $56k yesterday and the sellers pushed the cryptocurrency toward the bottom of its weeklong price range. During the past 24 hours, Bitcoin fell by some $15,000. At the time of the news, the price of BTC was trending at 48,389.50 USD
Paolo Ardoino expressed: Congrats to whom bought the dip – Bitcoin.
Community response: It was a nasty and fearsome dip, one which I definitely, absolutely, most gratuitously took advantage of by sitting out the dip until yelps and squeals of delight formed at the low 40s.
I was prepared but didn’t buy all at Pico bottom. Still happy though. Started around 50505 to 44444. Magic meme numbers.
Strong hands absorbed coins from weak hands in fear. They are now distributing. In May, they formed a HL trend before they dumped more. So, be careful. Stable coin supply is falling more, indicating that money is leaving the market.
Whales ratio dumped, when strong hands (of course whales) absorbed the coins. Now it’s heading the peak again, also indicating big whales exchange inflow. The total market activity is ultra-low.
Analyze the situation again and again. We know crypto and we know the manipulators. The situation can flip quick. Even just to form a bull trap, we can always pump crazy to 53k to nuke afterwards. Only the data, will show us what is happening. Don’t rush to trades, max your risk management and please, don’t let you guide by fear. Zoom out. In my opinion 2025 – 2030 will be the golden era of crypto. Don’t cry about a relative loss of 50% if you’re long-term holder. I will accumulate my coins the way down, accumulate more in the bottom. But please, always use money you that’s available and you don’t need to pay your rent, or other bills. Don’t take out loans.
What is triggering the dump? Do you know that? If that’s the economy situation they don’t care about funding rates. If you check the CME chart instead, you will detect the May pattern. With the May dump institutionally they did a big deal.
Why is most of the selling always coming from Bitfinex? Waiting to buy lower. Can’t trap us in Paolo. Learned from May dipper. You can start the printing machine now that Plan B got proven wrong.
I am 100% BTC believer, but calling this the dip is way too optimistic.
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