Bitcoin Forum

Curious since this is actually a bit annoying. But can anyone send a reference or source as to who/why is keeping the price of btc above 1k for this long?

*Yes I want it to fall, nothing to hide here*

Till now since I have came across knowing bitcoins I never heard a genuine reason about why the price is getting high and then low or vice versa. Only logic given to me is that the demand and supply have a difference and that's the reason.
By the way man why you want the price to get low :( ?

Because I want to buy in more obviously, Bitcoin's price floating above $1k means it's almost not worth it to me to trade right now(Unless it rises considerably above 1k, maybe $1.3k or so but that's not going to happen)

I have some invested in Monero too. Also the price staying above 1k without any valid reason means its being manipulated and that's never a good thing.

It could have something to do with the decisions on the exchange-traded funds (ETF) being considered soon.  There's a few big players in the game (https://cointelegraph.com/news/barry-silbert-now-competes-with-winklevoss-twins-solidx-for-launching-first-bitcoin-etf-in-2017) and there's a lot of speculation at the moment (http://seekingalpha.com/article/4044517-bitcoin-etf-approved-march-2017-black-swan-asymmetric-risk-reward).  I think there will be a decision making hearing next month (http://www.newsbtc.com/2017/02/06/sec-faces-march-11-deadline-bitcoin-etf-decision/).

This is the main reason. The price will still increase until March 11 when SEC will decide whether ETF is granted. So for now, we are waiting for the decision, but the consensus is that the SEC will not approve it so its up to us on how to play our bitcoin to earn until the SEC decision is handed down.

I'm sure that OP is a trader. He wants the price of bitcoin to get low again so that he can buy bitcoin and sell it on high price, or he can also hold it and wait again until the bitcoins price gets high again so that he could earn huge profit from it. But I think bitcoin would be stable on $1000 and the next PUMP would be $1500, though I am not sure if it is really going to happen.

Those are somehow the same thoghts I have.
The actual price is good for the coins I already have... but somehow I would like to have more.
And of course I would like to get them a little cheaper than the price is at the moment.
But who knows. Maybe in a few months we will remember this time as the time where bitcoin was still cheap...

I am also was asking and searching information of why the price for bitcoin behaves itself so. And the only reply I found out is demand.

I think, one of the factors why bitcoin is keep floating on 1,000$ price +++ is because of the support of the community and also the big investors who are playing in the market and also those people who creates hype which cause for the bitcoin to be stable at that price mark and i believe that bitcoin price will be more stable after a few months @1,000$.

For this same reason why I always ask myself why do we need to bother ourselves in trying to find answers to everything or reasons to everything. When the price is going down we ask questions and find a way to link it to a reason then again the price is rising we are still looking for a reason to attach it to. Whether the reason is known or not, those who will lose will still do and those who will win and make profit without even bothering about reason.

What's confusing is that transactions confirmation times are increasing (https://bitcointalk.org/index.php?topic=1801222.msg17944442#msg17944442) while transaction fees are spiking (https://bitcointalk.org/index.php?topic=1801222.msg17944442#msg17944442).  So, while the bitcoin network is under stress, the price keeps increasing (https://bitcointalk.org/index.php?topic=1802107.msg17953316#msg17953316) which seems counter intuitive.  Might all this be related to the ETF speculation, or is there something else in the works?

You may get your chance to buy in a cheaper price if ETF fails to be approved on March 11. But if it gets approved, I am sorry to tell, you may not see cheap price again. Maybe your 1.3K is not that hard to achieve when everything goes right regarding ETF.

The BTC price increase could be insider trading

There are people who *might* already know the bitcoin ETF will be granted by the SEC.

They're buying now expecting the price to go higher when the announcement is made.

I doubt that we will see below $1000 ever again, unless something drastic happens.  the signs were all there it was testing and testing 1050 for weeks and even the chinese couldnt stop it.  it will be at $2000 by the end of the year, dont miss out.  ;D

a trader and bitcoin believer will never want bitcoin price fall down .

i will prefer to see the bitcoin price keep growing day in day out and getting profit while the growth. also so far there is no strong reason why bitcoin should fall , the bitcoin market even getting better and better , a lot of investor coming , so why it should go bearish?

I am willing to bet 100% that a lot of this (especially everything you're seeing right now) is anticipation for the ETF decision coming up in around 2 weeks or so.

There isn't really anything important to reference of whatever, but the fact that it is sitting this high means there are people all around the world anticipating the ETF application result and, if it is approved, then expect the price to go WAY up VERY quickly.

This is bitcoin best features it's scarcity that makes the demand higher and supply very scarce and this what makes the price to surge,and about the price I don't think it will get 10% lower of it's current price,once it slide down it always bounce back.

It means that our new technology shows how much progress has been made in making bitcoin easier to use. The bitcoins become more robust and predominant from other currencies. Bitcoin’s performance may now be tied to the stock market and the demand and supply. I think the main reason behind bitcoin’s price rise into $1000 this year is because of major global political and economic disturbance, including Trump’s election, change in the banking sector.

This is the best answer I think. That ETF thing will make a boost to investors trust rating though when registered, it will really not make much of a movement.
Add up the PBOC taking steps into having more knowledge into blockchain, although they are dont want bitcoin and want their own that is still a question for many. Why blockchain? Then it continues the research to bitcoin.

The reason why it still so stable in 1000$ is because there are a  lot of user that started to believe in bitcoin and started to used bitcoin more frequently, so it increase the demand so the price is at over 1000$ and can be stable at that point

The increasing demand too is an reason for the price growth which is the basic for every commodity as well assets. Now the scenario with bitcoin is different. It is simply unpredictable what's driving it forward, because the China bitcoin market too is not in a state to have control.

I guess $1000 is now the new psychological supporting point. However, this is still not rock solid. Any interesting news from PBoC may just destroy it again...

Cryptocurrency is heading the right direction and at the moment no alt-coin can challenge bitcoin's position.

It sounds like the potential ETF is making the price jump up. If the ETF isn't approved, the price will almost definitely have a significant drop. No one knows what will happen so just keep an eye on it.

I think people are buying in hopes of bitcoin skyrocketing if the ETF is approved. If it doesn't get approved, most likely those people will sell while the price is still high.

But even if it does drop by then, I don't think it'll be that big. Most likely we'll see $800 or $900 as the floor and get stable again after the ETF drop, if it does drop.

I could see the price drop to $900 or even lower if the ETF is not approved. That is still a high price compared to this time last year.

If the ETF does get approved, then I agree that the price would stay high and could even go higher.

Just physics at work. Supply is decreasing with every halving, demand is increasing as people wake up to the new reality of things: Price goes only up in the long term, so it is unavoidable that sooner or later 1000 would become the new floor, and we may never see 1000 again eventually, just like we will never see 100 again. Its all a matter of time.

The demand on bitcoin currently I'd say from already existing bitcoin users and the new ones joining the community, perhaps even the current attention and care from the Chinese market.. With the improved media coverage IMO the price should remain within a high range and maybe even above $1000 for a while.

I think that is what most of us are waiting, I'm happy the price of bitcoin keeps going up but at the same time I’m not a great trader so I don't want to risk buying bitcoin now and then a dump happens, so I will wait for a decrease in price, and then buy more bitcoin, if that price reduction ever happens.

I think that it's simply time for bitcoin to reach such a level.
The demand is there, and the growth during the last year has been steady.
Sure, a little bounce back can be expected soon, but a price of about 1000$ seems fair to me.

900-1k seems to be new floor and looks like  it has good foundation . It will be very very interesting to see where we land on 11th, personaly i do not think the ETF not being approved will have such big impact we might see drop down to 800-900 range and then slowly work our way up to 1100 usd. But if it gets approved we might see 1700-2000 USD prices very fast

As always, it's supply and demand.

More people want bitcoins every day, while the supply is limited.

Sure, things like bad news/rumors/FUD can affect demand, but as Bitcoin spreads, expect steadily growing demand.

These aren't shares of some company, traded on a stock exchange. It's closer to real estate or precious metals... fixed supply, increasing demand.

Don't count on the price falling to some preconceived level. We may never see sub-$1000 again. Better to either buy immediately and hold, or wait until any substantial dip to buy and hold.

Trading is a sucker's game.

I know what you want and what you feel as a trader but as a holder I want it this way. And this is the reason while price is keep on moving forward.


It's normal when the price is increasing it's basically indicating that the demand is very high. And I'm guessing the soon approval of ETF has something to do with it.

SO as early as today, they keep on buying (my guess).

Remember that not everyone who buys Bitcoin is a trader or holder. Many people buy bitcoins to use them, often as a means of international transfer.

Some use them to pay for goods and services. I'm sure others use them for other purposes as well.

In terms of reference there are lots of reasons but all of them are just speculations since we really can't see actually the action when trader do the buy and sell. So it's an obvious that people's view about the current trend is one of the big factor why the price sitting above or close to $1,000.

The resistance building above $1,000 is a great scene since we can expect a lot more in the coming months or even days or weeks. If you are planning to buy then put some bravery to buy at the current rate and play along with the price.

Oh yes, consumption of bitcoin is the real deal when it comes to the price of bitcoin. And it still it will end up to supply and demand.

I can see that big percentage of consumption / usage of bitcoin goes to gambling and trading which is a normal thing for us.

Since it gives anonymity, there are real gamblers out there that likes to gamble with it and helps the price of bitcoin by buying bulks of it.

that is right. The price might drop below $1000, but very briefly.

I have no idea what's keeping the price this low. We really should be double the current price at the moment. I think it maybe to do with segwit and BU but your guess is as good as mine.

The current condition of bitcoin is really strong. remember the PBOC's decision to block the withdrawal on the three biggest exchange site in chienese. Does it give serious impact for bitcoin? I don't think so.

I guess it's because bitcoin users are more and more, and also search for bitcoin increased so as to make the price of bitcoin floating above the price of $ 1,000. I think this is a good thing, and will probably continue to grow.

People realize it's worth far more than it costs, so no matter how many people sell there are buyers. You may wait a long time for a drop below 1000 and it will not last long. 1000 is the new 255.

When it drops below $1000, it will be a short period. Then the price will be above $1000.

https://www.bloomberg.com/gadfly/articles/2017-02-27/winklevoss-bitcoin-etf-bet-is-a-countdown-to-zero-or-less

But if some really bad news comes out against bitcoins or some big scams happened then prices may trade below 1000$ for longer time otherwise it may be a just a regular trading movements. But for quite some time, not big corrections happened in bitcoins prices may be some corrections may come soon or later.

Yes. The price might be reflecting the anticipation of the SEC's decision on the Bitcoin ETF. Honestly I wanted the price of Bitcoin to go down so I could buy more but since we got to this point, I now want the ETF to be approved. I want to see a $2000 Bitcoin by June or July.

The fact that the price is still climbing, do people here not think someone already knows that it might be surely approved and he is buying every Bitcoin he can right now?

The same thought had crossed my mind also. It is possible, but I am a little wary buying BTC at this price. But if the ETF gets approved, I'll be buying like its going out of fashion  :)

when ETF is approved and you find out about it through public channels and you decide to buy and then act on it, by that time it is already too late! because you are buying into a mini bubble.
people are buying right now and in the past couple of weeks and those who were aware of it before have been buying for years.

Or not a mini bubble but a Bitcoin price that is over $1300 and climbing fast to $2000 if the ETF gets approved. Deanero, if you are planning on buying Bitcoin after the ETF approval why not take a small to medium risk now and add more later if the outcome is positive?

The risk might be huge and we are expecting a correction any time now and we must not hide that. The chances for the ETF to be approved are slim and people are having high hopes that i would get through but i am not sure that is the only reason for the price to climb and break the records.

I agree, buying a bit now makes sense. Even if the ETF is not approved, I believe the price will continue to rise.

If the ETF is approved, it will just speeden up BTC rise in value

Bitcoin has been undervalued for years, the marketcap is too small, so the natural price is $1000+, and we are still very low, the next actual bubble will be huge. The people expecting a big correction will get fucked as usual, shorters will never learn.

My take is to hold long term and forget about trading.

Long term holding is always a good thing, but that doesn't mean that you should discard trading (assuming you know how to trade and understand how the market works). Trading allows people to increase the number of their coins as the volatility lends itself perfectly for short term trading. Instead of sticking to one of the two options, you can do both holding and trading at the same time. Just put aside a certain amount of coins in cold storage for the long term, and use the other part of your coins and fiat for trading purposes.

It will be beneficial in two ways;

1) Your coins for long term holding purposes will gain value.
2) You manage to increase your coin count through trading, and thus gain even more profit.

The market quite often moves in a repetitive manner, which allows traders to easily exploit these price swings to gain profits.