Why Bitcoin is going down so fast and up so slow!? It took almost a week to go to 9700$ and only 16 hours to go back to 8800$!
Why Bitcoin is going down so fast and up so slow!? It took almost a week to go to 9700$ and only 16 hours to go back to 8800$!
A common reason for this kind of price action is that confidence in an issue builds and the price slowly creeps up; then a few larger players (e.g., institutional investors) decide it's time to sell, sometimes due to momentum slowing, sometimes due to technical analysis (e.g., a prior resistance level is reached), and this causes a snowball effect as other investors quickly exit to avoid missing their opportunity to sell near the perceived top.
That is probably true. What we (people) have to do is, we do not have to sell; when these large players/investors wants to buy again they have to pay the price :)