patrick.net

Bitcoin Price Crashed Back To $17,000: Here's Why It's Dropping
By Vincent Figueras
11/26/20 AT 8:20 PM

KEY POINTS
RSI has been in overbought territory since October
The government is reportedly about to announce new rules on wallets
OKex has resumed withdrawals
Bitcoin has experienced its largest pullback in the rally on Thursday, missing the chance to reach a new all-time high on the backdrop of strong institutional and retail demand.

Bitcoin opened Thursday at $18,719, tried to breach past $19,000, only to be met with strong resistance on its way up. Upon the strong rejection, Bitcoin slid down, going as low as $16,205 before closing at $17,170. It’s the largest pullback so far in this 2020 rally that saw Bitcoin went from $10,000 on Sept. 5 to a 2020 high of $19,172 on Nov. 24.


According to Matthew Dibb, CEO of Stack Funds, leverages have been unwinded in a move many have already expected. The funding rate in the futures market has risen sharply to 0.098%, which was a sure sign of overleveraging. When the price of Bitcoin dropped, the funding rate also went back to 0.011%. This is a sign that excess leverage has been weeded out, Coindesk reported.

On the technical side, the rally has appeared overextended for some time now. The RSI has been indicating that Bitcoin was already on overbought levels since Oct. 20. The price drop Thursday allowed RSI to go back to bullish territory again, allowing the current rally to breathe for some time before resuming again.

On the fundamental side, multiple factors may have affected trader sentiment, further amplified by the fact that Bitcoin was nearing its previous all-time high.

https://www.ibtimes.com/bitcoin-price-crashed-back-17000-heres-why-its-dropping-3089972

Isn't it cute the way coiners pretend they have real investments and not speculatives schemes?

Onvacation says

Question for bitcoiners, if the money you put into bitcoin gets used by miners for electricity, hardware, rent, food, hookers, and blow; how do you get your money back out?

Serious question. I think the answer is greater fool.

Onvacation, I am really sorry for you that Bitcoin hit a new all time high today. You seemed so excited about an alleged dip that happened over Thanksgiving?
Well, you may still hope for another correction :)

https://www.wsj.com/articles/bitcoin-hits-all-time-high-of-19-786-topping-record-from-december-2017-11606750573

Hope dies last.

G36 says

You seemed so excited about an alleged dip that happened over Thanksgiving?

I think I said it in one of the 3-4 post going on this topic........ but it would get a bump after Thanksgiving as everyone talks with family and sits down and gets them to buy some right then and there. "Crypto is on fire, you should get in Uncle Jim and cousin Bobby." It will flame out like it did last time and crash. I'd be a seller right now, but I'm guessing a lot of people are holding from last time and will get screwed again thinking it's going to $300k. Good luck.

WookieMan says

G36 says

I'd be a seller right now

How can you be a seller now if you would have sold everything at 18k as you said 4 days ago? Do you even realize how ** you sound?

G36 says

Onvacation, I am really sorry for you that Bitcoin hit a new all time high today

Bigger Fools.

Any answer for my question:Onvacation says

Question for bitcoiners, if the money you put into bitcoin gets used by miners for electricity, hardware, rent, food, hookers, and blow; how do you get your money back out?

Onvacation says

G36 says

Onvacation, I am really sorry for you that Bitcoin hit a new all time high today

Bigger Fools.

lol, yeah sure, people making money with the best performing asset are fools. I bought almost 2 BTC at 14k ish. up over 10k in 1 month. What a great feeling to be a fool!

G36 says

I bought almost 2 BTC at 14k ish. up over 10k in 1 month. What a great feeling to be a fool!

lol, $10k in a month. Enjoy it. Add a 0 to that I'll maybe start getting interested in Crypto. So many better ways to make money.

G36 says

Do you even realize how ** you sound?

Not sure your point when boasting about $10k in gains. Do you realize how you sound? Not sure if you're 23 or something, but a $10k gain is nothing. Zilch. Again, wake me up when we're talking 6 figures.

G36 says

Bigger Fools.

lol, yeah sure, people making money with the best performing asset are fools. I bought almost 2 BTC at 14k ish. up over 10k in 1 month. What a great feeling to be a fool!

That's what I'm talking about.

WookieMan says

G36 says

I bought almost 2 BTC at 14k ish. up over 10k in 1 month. What a great feeling to be a fool!

lol, $10k in a month. Enjoy it. Add a 0 to that I'll maybe start getting interested in Crypto. So many better ways to make money.

G36 says

Do you even realize how ** you sound?

Not sure your point when boasting about $10k in gains. Do you realize how you sound? Not sure if you're 23 or something, but a $10k gain is nothing. Zilch. Again, wake me up when we're talking 6 figures.

says the guy who owns zero bitcoin :) In which asset have you invested 28k and gained 10k in one month. I'll wait :)

G36 says

says the guy who owns zero bitcoin :) show me another asset where you invest 28k and gain 10k in one month. I'll wait :)

Buy a kilo of blow and sell it to hookers.

exactly. you cant show me one. Its all hate talk. not more.

G36 says

WookieMan says

G36 says

I bought almost 2 BTC at 14k ish. up over 10k in 1 month.

lol, $10k in a month. Enjoy it. Add a 0 to that I'll maybe start getting interested in Crypto. So many better ways to make money.

G36 says

Do you even realize how ** you sound?

Not sure your point when boasting about $10k in gains. Do you realize how you sound? Not sure if you're 23 or something, but a $10k gain is nothing.

So Wookie tells us making 10k on a 28k investment (in 1 month!) is nothing. At the same time he tells us after a quick correction in Bitcoin, he would have sold at 18k!!
Yeah, that makes sense, the guy who only cares about six figure gains tells us he would have sold at 18k. He sounds dumber and dumber with each post.

lol f.ing lol

G36 says

says the guy who owns zero bitcoin :) show me another asset where you invest 28k and gain 10k in one month. I'll wait :)

So you took my advice and sold then? Good decision. If not, you haven't made $10k in a month. You have unrealized gains that can evaporate overnight while you sleep.

But if you want to compare, NVIDIA is up ~120% this year. You also seem like a one trick pony, concerned about crypto only. I make $20k/mo sitting on my ass bud. Focusing on one market is too risky. But enjoy the roller coaster. I'm glad you sold though, so you banked that $10k for when it plummets and runs sideways for another 2-3 years.

yeah, sure, thats why you told us you would have sold everything at 18k. No matter how you spin it, your BS makes little sense. Once you can afford one Bitcoin we can start taking you seriously.

G36 says

yeah, sure, thats why you told us you would have sold everything at 18k. No matter how you spin it, your BS makes little sense. Once you can afford one Bitcoin we can start taking you seriously.

I would have sold, but I'm not one to invest in fake "currency" as you guys like to call it. Anyone still holding BTC right now "shooting for the moon" is in for trouble. I said there would be a holiday bump. I was right. Just because you don't like what I say, doesn't mean it's wrong. I've given you the benefit of the doubt multiple times, but you keep getting offended. I don't understand why if your investment is solid. Stop being so defensive of it.

WookieMan says

G36 says

yeah, sure, thats why you told us you would have sold everything at 18k. No matter how you spin it, your BS makes little sense. Once you can afford one Bitcoin we can start taking you seriously.

I would have sold

Why would you have sold? (you told us that after the correction, anyone can do that).
Why would you have sold if you only care about 6 figure gains, hot shot?

all talk, no action. Afford one BTC and you can start talking.

G36 says

Why would you have sold if you only care about 6 figure gains, hot shot?

Dude, you need to be careful. You clearly don't know what you're doing. I think you're assuming I'm talking about the price of BTC going to six figures. No. no. I'm talking about risking 6 figures on it and gaining 6 figures. You've gambled an average used car on it from what you've posted. Congrats. I hope that $10k gets you an average vacation to St. Lucia at their version of a Best Western. Should be a good time.

Still doesnt explain why you would have sold at 18k if you only care about 6 figures? You dont even own a fraction of one Bitcoin? You post daily on Bitcoin posts but cant afford even a fraction of one 1 BITCOIN but tell us you would have sold at 18k?

Your patronage of Bitcoin continues to feed bitcoin "miners" all over the world.

G36 says

You dont even own a fraction of one Bitcoin?

My FOMO got so bad I bought eleven satoshis.

When's the moonshot?

Currently crypto is valued in fiat. What will crypto be valued in when fiat fails?

Why do you coiners think it is the "currency of the future"?

Onvacation says

Currently crypto is valued in fiat. What will crypto be valued in when fiat fails?

History suggests that when a fiat currency fails, first is chaos and then foreign currency/specie comes into play, but foreign currencies have always been based on specie of some sort until the US dollar became fiat. I think it's either going to be specie (some commodity) or a STABLE foreign currency, so that would be the Renminbi. It won't be any currency based off from the US dollars or part of the old Breton Woods system.

So long as bitcoin is supported by people that still have liquid wealth, it may survive - but if it's all speculators it will collapse spectacularly - a Russian or Chinese seeing the price drop and chaos in the Western world may bail. Seems like the value of bitcoin would be dependent on those willing to purchase it in countries where the currency has not collapsed.

Bitcoin isn't usable as an actual currency, the transaction time takes far too long, and the transaction cost is enormous relative to the amount you're transferring if everybody is trying to do transactions. It seems to me that if the US dollar collapses, there will be a rush to sell for something that has liquidity which bitcoin really does not. Also, everybody with a collapsed currency will be moving into something tangible and liquid and since bitcoin really does fail to be very liquid due to the transaction time combined with the fee for a transaction, that bitcoin will ultimately be very harmed.

Initially people may attempt to trade assets for bitcoin, but later discover they cannot buy bread and toilet paper, and as a result abandon it. Once it proves itself to not be a store of value in an emergency, everybody may try to cash out, including those in nations with stable currencies.

Does my logic seem reasonable?

Onvacation says

Why do you coiners think it is the "currency of the future"?

I think it's because they've never actually tried to move a coin from one wallet to another so they don't know the transaction cost. If they did, they'd know what its transaction time is, and transaction cost was.

https://themoneymongers.com/bitcoin-transaction-fees/

The more people doing transactions means the higher the transaction fee. If you want to wait, say, a month, you can get a lower transaction fee.

Also miners collect transaction fees in terms of bitcoin themselves.

Full disclosure - I've always thought cryptocurrencies and "blockchains" were a scam. They don't scale - blockchain is a slow database.

richwicks says

Does my logic seem reasonable?

Yup, 100%. The responses won't be reasonable that you get from crypto guys though. You know nothing because you don't have any... so buy now and you'll become all knowledgable. That's basically where all these threads go, as 20 year olds sink all their net worth into it and get excited over gains that might pay for a vacation. Yet they don't realize when the power goes out their "currency" is 100% worthless.

It's kind of sad in all honesty. Chasing a get rich quick scheme. Not understanding terminology of anything, yet spouting off how it's gonna go to $300k. You ask why, and they say just because basically. Or you don't know because you don't have any. It's like having a working knowledge of plumbing but you're not a plumber. Just because I don't do it for a living or hold crypto, doesn't mean I cannot be well versed if not an expert on it.

Rinse and repeat. I already know the responses you're going to get. Enjoy.

Full disclosure, I was editing when you were writing, so maybe I changed my thinking. Kind of loopy right now.

WookieMan says

It's kind of sad in all honesty. Chasing a get rich quick scheme. Not understanding terminology of anything, yet spouting off how it's gonna go to $300k.

Maybe it WILL go to 300K - could go higher. Who knows?

I just don't think it's a safe haven, I think it's the exact opposite of one in fact. I don't see how it can be used as a currency because the more transactions that are made in a period of time, the more expensive it gets to do a transaction. This is the failure of a distributed blockchain.

A house isn't a safe haven either, everybody thinks it's one. What are you going to do when there's riots in your area? What if you're in the boonies and cannot get food? Farmers will do OK I think, but if things are really bad, they're not going to be getting any gasoline or fuel and it's not like farmers have oxes to pull plows today. I'll probably be working for a farmer trading specie for food to give them liquidity and in exchange I have a place to stay and some food to eat. Provided they don't blow my head off as I approach the farm..

richwicks says

STABLE foreign currency, so that would be the Renminbi.

Unless that Commie shithouse of cards collapses even earlier.

richwicks says

Farmers will do OK I think

Farmland coincidentally is getting expensive, especially within reasonable driving distance from cities. I am thinking of buying a hundred acres or so within a couple of hours form where I live, but good plots go very quickly these days.

https://www.forbes.com/sites/billybambrough/2020/11/19/leaked-citibank-report-reveals-bitcoin-could-rocket-to-300000-price-by-end-of-2021/?sh=61b518d66eab

Incredible. Leaked Citibank report reveals Citibank analysts estimate Bitcoin will rocket to 300k by end of 2021! Imagine what that will do to the haters who hope it will go to zero. Lol

Onvacation says

G36 says

You dont even own a fraction of one Bitcoin?

My FOMO got so bad I bought

My theory all along. You missed the boat and are now trying to bash Bitcoin with the hope that Bitcoin goes lower so you can afford at least a tiny piece of the pie.

G36 says

My theory all along. You missed the boat and are now trying to bash Bitcoin with the hope that Bitcoin goes lower so you can afford at least a tiny piece of the pie.

'Cause they're not making any more pie.

exactly! There will never be more than 21M Bitcoin! You finally got the scarcity part down!

Finally, we agree on the traits of money!

lol

Dbr6 says

I am thinking of buying a hundred acres or so within a couple of hours form where I live, but good plots go very quickly these days.

Do your research big time on farmland. It is an easy carry if you have the cash, but there's considerations like soil quality, drainage, location, etc. The farmers are all experts in this and will screw you every chance they get. Like any industry. Also, from my experience when you go to sell it, the neighboring farmer usually is the one that wants to buy it unless there's industrial, retail or residential development coming. That's when you make bank from appreciation. Or even develop it yourself if you're inclined to (pain in the ass, but where the $$$$ is).

G36 says

exactly! There will never be more than 21M Bitcoin! You finally got the scarcity part down!

Artificial scarcity. Actual scarcity, like the above farmland comment is of actual value. As cities grow and suburban subdivisions pop up there's less farming land. Thing is that land feeds livestock and people. Bitcoin does none of that. BTC literally does nothing except pay electric utilities a fuck ton. It's why BTC is a trading tool. Not an asset or investment. There's no actual value at all, which is why you guys get so defensive. And I think you know it.

Wookie says
"artificial scarcity"

no shit Sherlock. What do you think programmable money is? Bitcoin doesnt grow on a farm, so it cant be naturally scarce.
You just cant help but keep embarrassing yourself?

WookieMan says

Do your research big time on farmland. It is an easy carry if you have the cash, but there's considerations like soil quality, drainage, location, etc. The farmers are all experts in this and will screw you every chance they get. Like any industry. Also, from my experience when you go to sell it, the neighboring farmer usually is the one that wants to buy it unless there's industrial, retail or residential development coming. That's when you make bank from appreciation. Or even develop it yourself if you're inclined to (pain in the ass, but where the $$$$ is).

I am thinking of it as partially investment, partially possibility to get out of city if things go south, and partially place where I can retire. This creates a lot of restrictions wrt what I will buy, thus making process slow. Best would be something that has about 50% farmland and 50% forest for hunting, some water as in a permanent stream, and away from E. Texas whiggers/coonasses who will screw you over whenever possible (that is what my W Texas redneck friends are telling me, although I do not know how much truth is in it. Perhaps it is their perception that everyone who lives in swamp is evil). I know enough friendly locals to figure out if area is decent or not.

Wookie says
"which is why you guys get so defensive."

there is no need to get the defensive. Your comments are the laughing stock. You cant afford a fraction of one Bitcoin and tell us you would have "sold everything at 18k". A minute later you tell us you only care about 6 figure gains. You lost it and dont know what you are writing. At this point you throw whatever BS comes to mind in the hopes that something will stick.

My suggestion: talk on topics you actually know something about or have a stake in.

WookieMan says

It's why BTC is a trading tool.

No. It's a speculative scheme that depends on incoming money to pay the power bills. The only way out is to find someone to buy it from you. Bitcoin has no practical use and takes the equivalent of two years of power for the average American home to "mine" one bitcoin.

Having said that my eleven satoshis should be worth millions when btc shoots for the moon.

Onvacation says

Having said that my eleven satoshis should be worth millions when btc shoots for the moon.

So btc trolls did make you to buy some, lol. This is the sole reason for their activity.

G36 says

Wookie says
"artificial scarcity"

no shit Sherlock. What do you think programmable money is? Bitcoin doesnt grow on a farm, so it cant be naturally scarce.
You just cant help but keep embarrassing yourself?

Lol, I'm totally embarrassed ;) You keep falling in the traps and don't know it. That's the sad part. Enjoy dude. You have no clue what you're doing. Programable money.... lol.

FuckCCP89 says

Onvacation says

Having said that my eleven satoshis should be worth millions when btc shoots for the moon.

So btc trolls did make you to buy some, lol. This is the sole reason for their activity.

FuckCCP, respectfully, I disagree.
This run is driven by institutions. Nobody here can make the smallest dent in Bitcoins price. Square, PayPal, Guggenheimer, hedge funds are pouring millions of USD into Bitcoin. Sure, some people like Wookie pretend they are big shots but in reality they cant buy a single Bitcoin.

OnVacation puts his money into physical silver coins. I think he should just keep doing this.

Nobody here wants to convince you to buy crypto. Just please stick around when the euphoria starts. I want to see the reactions :)