Bitcoin Forum

As the title says I'm wondering why the price is stagnating at that price level, I understand that MTGox fiasco (which I think we are past that by now) and China has affected the price and made it drop to the current level, but it's been a while I didn't see any bit movement, is it due to low traded volumes? or someone is directly or indirectly affecting/controlling) the price ( as for indirectly I can think of the bitcoin sized by the US goverment and being sold for millions of $ worth ) but that alone doesn't explain the current price level as volumes are not that significant, the other thing I think of is the possible lost of trust being it permanent or temporary (due again to chinas indecisiveness) but with such low prices (the lowest in more than half a year on an average of a week period people not buying makes me really wonder)

same question was asked when bitcoin was stagnant around $6 for months

Because silence prevails before the typhoon :)

e-bay is thinking, overstock is using, Google venture is backing... tide is coming ;)

 

Nobody could give you an answer to that; it's all speculation. I'd rather it stagnated than fell, that's for sure. I'm sure we'll see a rise soon enough on the back off some big news though. I think it's only a matter of time before a really big merchant accepts it, but then some bad news could also push it back down. Swings and roundabouts really. All we can do is wait and see.

We can't ever explain the exact cause for a price but we can explain possible factors:

. Massive amount if interest in Bitcoin has been happening lately

. Lots of headline news that has wormed its way into mainstream media

. All of the above will mean more trade volume which should lead to more stable prices

. Governments have been openly declaring their intentions over the currency which should also increase the trade volume

It's interesting, if a market is really small and there isn't a lot of buying and selling either way going on then fuck all happens and the prices stay low, but when there's a massive spark of interest from people that's when anything skyrockets as people buy in and get more interested, then things start to settle down more over time as people get used to whatever happens to be new at the time. I wouldn't worry too much and just be happy your holding a currency that isn't going to get devalued any time soon unless the devs do something stupid, I'd actually say if Bitcoin stays like this for another year and doesn't move past $500 is when you should consider altcoins or other investments.

I don't think anything big is going to happen with Bitcoin until we see another collapse, but that will mean that selling Bitcoin will be pointless, I'd be surprised if it went past $1000 again without a collapse, $1000 just seems a bit too high for me right now because everyone is too calm.

I have a theory:

In BTC we have 2 kind of price dynamic:

1- Going up/down a step:
This kind imo are the real backers of the BTC concept. When this kind of adpter grow occur they will seldom be affected by bad news in general. But this kind of user is harder to get, it is harder to go up a step.

2- Jumping in a step:
These are all the speculative + capital flight ppl. Those are very susceptible to bad news and in most cases responsible for the volatility.


So we can jump on a step and go very high, but the gravity will always pull us back to the step which prevent us from going lower than that steady adopter base.
Well that's how I see things.

I guess that stability could mean that there aren't many speculators or capital flight ppl around.

Since 90%+ of all Bitcoin trades are speculative, we can conclude that Bitcoin is speculator driven.

Right now, Bitcoin is coming to the apex/crossover point where an important resistance trendline meets a very significant support trendline. Speculators all want to see which way Bitcoin is going to go before committing to a position, and since everyone has the same idea, Bitcoin is stagnating in this increasingly narrowing range, but probably not for too much longer, and when it moves, it could do so with quite some ferocity, in whatever direction.

It's becuase of a subject we don't even know about yet probably.

China is attempt to launch an attack against BTC...

YOU BET YOU ARSE BTC has big things coming.. big things.  When China has to resort to this http://www.coindesk.com/china-moves-disrupt-access-major-bitcoin-websites/ kind of crap to fight BTC you know BTC is winning.

How many new coins of the 3600 a day are being sold on exchanges to pay for miners costs and how many are they holding?  It would be nice to know how much fresh fiat per day is entering the bitcoin market to keep this $450 steady price.  If every new coin was being sold that would be 1.6 million per day in fresh fiat injected in the market.  I don't think its near that high though.  Maybe 50% of new coins are being sold?

When the United States Airforce has to resort to this:

http://morallowground.com/wp-content/uploads/iraq-war-shock-and-awe.jpg

...kind of crap to fight Saddam Hussein you know that Saddam Hussein is winning!

because the effects of China 6*10^23 bans, gox fiasco, malleability issues and other stuff are already priced, people accepted the loses and took already a position, and no more panic selling. Now the buyers and the sellers are facing each other, waiting for a move.

For me is far more provable a rise sooner or later, because of some good news that are adding momentum for a new rise somewhere in future

I think it would be nice to have data on volume traded per day in recent days, I'm looking for such a thing, but can't find a global index, maybe I'm looking in the wrong place, also while I take this with a grain of salt, this article present the chinese situation as being the opposite of what we know of https://bitcointalk.org/index.php?topic=611044.0

Stagnation, Bubble, Crash - whatever Bitcoin does it's negative.

Stability, Success, Correction - and all is well with world.

It was not against saddam, it was against "terrorism". Did they kill terrorism?  No. Did they rob us from freedom? Yes.

Would that be the same terrorists that the CIA are funding into existence all over the world?

There is a war on to take away your freedom. 'Terrorists' are one of many phenomena used to justify the waging of it.

But that particular war was against Saddam Hussein (oil deals in EUR instead of USD!? Don't be such a silly boy Saddam!), who as most of us knew all along, and everyone knows by now, had absolutely nothing to do with Al Qaeda or terrorists. Infact, they were his political enemies.

Anyways...Bitcoin is stagnating at this price reason for one reason. Bulls aren't confident enough that it is going up in order to buy, and Bears aren't confident enough that it is going to go down in order to sell. The reasons for that I outlined above.

I think the fall of mount Gox caused a lot of investors to think twice about leaving large amounts of Bitcoin in online exchanges. So most (including myself) took the majority of their Bitcoins out of the exchange that they were in, and places them in a hot wallet or cold storage.

Therefore, there is less access to quick trading, and investors are holding off and waiting more than trading.

Also, I'm sure a lot of traders have limit buy orders in the low 400s and high 300s. So that price is hovering in the mid 400 range, and as it dips down it triggers these low 400 buy orders that keeps the price propped up.

This for sure resumes the outcome of bitcoin, either positively or negatively, and if there is a meaning to my question is to know if the balance is towards case one or case two right now

Let's get this straight.  It was not against terrorism... it was for oil.

It's simple, we are stagnating because
 - nobody is willing to buy above $460
 - nobody is willing to sell below $430

But why people are willing to buy above $460 or sell below $430 is a good question...  :)

No, it's because people are afraid of the coming total price collapse in 45 days by expert Mark Thomas Williams:

http://professorbitcorn.com/

Best bet is to sell everything now.

later he'll say that by "1 share" he meant 1/100th of a Bitcon

Nope the truth is that you never had your freedom, thats the first step to realize.

It is not stagnating though it does look like that to morons.

It has been pulling itself out of bear into a bull mode. Take a look at the charts/indicators and you will see it move daily.

I would like to add: Fools look at the price. Traders look at volume along with various other stats.

It feels like it'll breakout soon. Who knows though I thought that a few weeks ago too  :P