Bitcoin Price Drops by Over $400 For No Apparent Reason

Things are not looking too great in the world of cryptocurrency right now. The Bitcoin price is experiencing an unexpected market correction once again. As a result, the Bitcoin price is now down to US$5,360 and it is possible the value will keep moving lower going forward. There is no real reason for this sudden bearish attitude whatsoever, as it seems market manipulation is in full effect once again.

Sudden Bitcoin Price Correction is Quite Steep

Not too long ago, we saw the Bitcoin price correct from US$5,800 to US$5,500 and slightly lower. At that time, it was expected this would be the only correction the Bitcoin price would see in the near future. Sadly, that is not how cryptocurrency markets work, as another correction could be looming on the horizon at any given time. It seems we now have such a correction on our hands right now, although no one knows when it will end.

To put this into perspective, the Bitcoin price is now hovering around US$5,360. It is a far cry away from the $6,000 all-time high, to say the very least. With this bearish momentum in place, it seems highly unlikely we will see a positive trend reversal later today. We have seen stranger things in the world of Bitcoin and cryptocurrency over the past few months, though. A reversal could occur at any time, but things may also go from bad to worse in the blink of an eye.

All of this negative momentum also has a negative impact on the overall Bitcoin market capitalization. Right now, that market cap sits at just under US$89.5 billion, which is a lot lower than the US$92 billion of a few days ago. This 6.78% value decrease out of the blue will probably send the market reeling for quite some time to come. Altcoins are suffering from extreme volatility right now as well, which means there is virtually nothing to get excited about right now.

A silver lining to all this is that substantial Bitcoin trading volume is still in place as we speak. Over the past 24 hours, slightly under US$2 billion worth of Bitcoin has changed hands. That is a more-than-respectable number, although it is also a bit lower relative to the past few days. It is very difficult to find any positive signals related to Bitcoin in the trading markets right now; that much is rather evident.

For the time being, Bitfinex remains the world’s largest Bitcoin exchange in terms of trading volume. Bithumb is in second place, as it has taken a significant lead over bitFlyer as of right now. In South Korea, the Bitcoin price still sits well above US$5,400, and it seems this “premium” is slowly becoming the new normal as far as Bitcoin is concerned. Then again, it will be interesting to see how things play out in this regard.

Most people would like to see the Bitcoin price go up from here, preferably as soon as possible. Whether or not that will happen remains to be determined. For now, it seems unlikely we will see any major progress being made whatsoever, although the tide could always turn at any given moment. Bitcoin is still in a good place when looking at the bigger picture, even if the current price trend tells a different story.

  • Justin Ferron

    Overbought and corrections are the best reasons…

    • Brian Brah

      16 million coins and 7 billion plus people on earth seems very underbought.

      • Rosphinx

        He was referring to the overbought at markets level not planetary level :P. There is an indicator RSI (Relative strength indicator) that indicates this overbought in the daily charts.

  • Mihai Stan

    It’s called a correction … enough reasons there since it happens in every damn market on the planet.

  • Ian Law

    The BCH pump / BTC dump misfired !

  • Cyberdexter

    Since the beginning of the month bitcoin has gone up $1,500+ and now it’s going down “without any real reason”… uffff.

  • Rosphinx

    This 3-4 days dip is very good for bitcoin because in the daily chart the RSI was overbought.
    Now with this correction, bitcoin will have new strength to push the 6000+. So the syntagm “without any real reason” is a bad way to look at this situation.

  • crypto pathfinder

    strange usually there is some news on the possible reasons why.

    • Rosphinx

      Bitcoin can have a correction without any bad news in the media. As any other makets.

    • Bobby

      Chinese people of congress just said Bitcoin is a “disaster”. They just commenced today…..

  • leonardo luciano Pereira

    simple : Some bigs playrs know how much more or less btg price will be. and they has ben sold or hold down the btc, becouse they think that the price is not good

    • crypto pathfinder

      lol btc-g is one of two forks coming up. its a stretch for it to be down so much just for that reason. and again the two fork coins are free! jamie diamond must have started bad talking bitcoin again. then turn around and have his company buy the dip!

      • leonardo luciano Pereira

        You need to analyze the market expectation. in the bch they have already started with 500usd. today everyone who contributed to the increase in btc, think that it may be the same value then a great special. and if the price of the new currency to 10 dollars.? How do you think the market will behave? go up or down, find the price of btc at almost 6k usd? Market, it’s speculation

        • crypto pathfinder

          I can tell you must be new to the market, cause you missed two variables one folks were buying up bitcoin with? alt coin money selling of their alt coins! many of crypto articles to support that point! lol two alt coin prices are still very low so its not as if they dumped bitcoin to go buy back alt coins!

          so in other words folks were dumping their alt coins just to buy up bitcoin proof? like I said many of articles to support this point! lol and to take advantage of free fork coins. free is free even if its at a low price its still free, which a lot did not take advantage of last time there was a fork 99% thought btc cash would flop, it didnt lol so now folks are a little wiser buy up bitcoin to get free fork coins, hmm with what? alt coins money dump alt coins proof? again check cmc 99% of alt coin prices are down. then when you get your free fork coins guess what get back into your favorite alt coins at a discount price!

  • leonardo luciano Pereira

    correction , no way!!!! if ou will receive dividends, you will sell before you receive? Guys dont try to find reason, just see true. manipulation marketing. In one company, who is administrate the company could not buy market share, because they have some good infomation. and in criptomarket? they can buy and manipulate the market

    • crypto pathfinder

      I agree with u on that there are forces that we and even these crypto news papers do not know about! I know institutional traders (the ones that trade millions of coins) can send waves into the market. anyway we will see if some negative news comes out that might be the reason. but notice the news papers currently dont have an idea. strange, starting to feel like the stock market.

  • Bobby

    Chinese National People’s of Congress is going on now and they said Bitcoin was a “disaster”. They are debating crypto regulation. NEO holding strong against the Bitcoin………

  • domy Cryptoanalysis

    actually there is a reason!! Lots of people talking about china’s congress position on BTC and Crytpos and that the ban will continue. Nothing is official until now. All predicitions

  • Neo

    That’s JP putting money on it , and taking it out

  • TW

    6%, not a huge deal since in a year it is up 700%+ even after the small drop.

  • Tony Merwin

    This guys needs a proofreader.

  • David

    Guys… I have about 10,000 bitcoins.. I’m getting ready to cashout and so does my old bitcoin friends in the bitcointalk forum. They have quadruple more than me. Sorry, we didn’t do 6 grand..

    • MarleyHouse

      Since you’re rich, would you mind to do a little charity over here please? My mother need meds and im trying to find a way to make money rapidly, my money is locked in the red sea for the moment.

    • Alex

      buy a pet

  • bishop911

    This correction was quite predictable. I’m not the least bit surprised it’s under $5200 now. I sold half my BTC at $5700, with order to rebuy at $5300. For patient investors, this type of market movement is pure gravy. Only people that are worried right now are those that bought in at $5800 because of their fear of missing out.

  • won yong jin

    Without any reason? how about a needed correction. and it bounced right back there after wheres that article?

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  • Jan Mark Taleon

    Sehr informativer Artikel, danke!