It is always an issue for cryptocurrency holders to sell Bitcoin in Dubai before it is too late. As the market begins to fall sharply, people panic and they sell Bitcoin extensively during the bear period.
The popularity of Bitcoin comes from the origin of why and how it is created. The alleged developer of Bitcoin, “Satoshi Nakamoto” created Bitcoin to serve society to overcome the drawbacks of the current financial and monetary system. The idea of cryptocurrencies emerged even before that but Satoshi was the “person” to bring the pieces together and program the digital gold. Perhaps it might not be possible without the financial crisis that burst in 2008. That was a wake-up call for people to establish something better than the current financial system.
Even though Satoshi is not known to the public, the benefits of Bitcoin do not need any further explanation. The popularity of Bitcoin reached its peaks at the end of 2017 and 2020. The bearish market cycle follows the bullish and people see those red candles as a signal to sell Bitcoin immediately.
Dubai is one of the centers for cryptocurrency trading, especially Bitcoin. Individuals freely buy, hold and sell Bitcoin in Dubai. As they wonder where to buy Bitcoin, they also consider where, when, and how to sell Bitcoin in Dubai while they can before the dump. People may face hardship if they want to sell Bitcoin in Dubai but some crypto-exchange such as Coinsfera which offers cryptocurrency exchange services in 4 different countries and is the first Bitcoinshop in Dubai, can meet their needs.
What to Do if BTC Is Falling? Time to Sell Bitcoin?
Cryptocurrencies, especially Bitcoin is a volatile asset and it carries the risk of losing value. Even though the investors track the graphs attentively using technical analysis, BTC is sensitive to abrupt sentiment changes of people and it is hard to predict the future price.
Negative news such as limiting the usage of Bitcoin in national laws, or pessimistic tweets by influencers can disrupt the graphs. The best example of this could be the tweets of Elon Musk. He is the CEO of Tesla and SpaceX and also famous for his interest in Bitcoin. Most of his tweets introduced cryptocurrencies to crowds and it caused a price increase in Bitcoin. However, the decision about the stopping sale of Tesla with Bitcoin during May 2021 caused an almost 50% drop. Since then people take the tweets as a buy and sell signal for Bitcoin.
People have different risk tolerance, and it usually depends on how they perceive Bitcoin technology. Some want to sell Bitcoin Dubai even with the smallest drop. People usually with a less understanding of Bitcoin are the ones who sell first. As those people sell Bitcoin, the smallest dip becomes significant and it causes other people to sell their bitcoins.
Another reason for huge selling is the stop limits that people set beforehand. The stop limits lower the losses if the price of Bitcoin drops instantly. The huge sale of Bitcoin triggers those sell limits and as a result of a large sell-out, the dollar value of Bitcoin goes even lower than expected.
In this process, if you have not sold your Bitcoin, you wake up with the shock of your losses. Financial analysts always advise putting stop limits if the market is unpredictable. Not putting stop limits and being late to sell Bitcoin can cause you to lose a significant part of your investment.