RE: REASON FOR BITCOIN MASSIVE SELL OFF? Learn my personal opinion and share yours
I believe it is the Kazakhstan political unrest that has caused the price fall in BTC, because I have read and watched different crypto content creators pointing towards that direction as the cause in unexpected price movement of BTC.
Some people believe Kazakhstan house over 5% of BTC miners and that's a huge number of miners and if most of them should sell their position it would have a great effect on the price of BTC, and this will lead to panic sells from other investors around the world.
I have no clue when we see a change in the price movement, because it got scary when BTC reached $39k, hence, anything is possible, as we can see the price fall to as low as $30k, which will affect the ALTs market greatly. Let's hope for the best.
Nice informative and interactive topic @crypto.piotr
hi @menoski
If FED announcement and unexpected situation in Kazakhstan drove down prive of Bitcoin by ONLY one level of support, then I wouldn't be afraid of reaching $30k. It would mean, that BTC need to drop this support line and also another one (at approx $34-35 level).
It would require some massive negative news. Possible, but not very likely to happen.
ps. Solid upvote on the way :) Thanks for that comment
Yours, Piotr
BTC is showing quite a good sign for just getting only below one level support, inspite of both negative news. It's quite encouraging for holders and the entire cryptocurrency sphere.