Ironically this forum is full of millionaires.

The question I have is, 'how much more ammo do the sellers have?'.

You can only sell bitcoin once

Stop being an odious little toad.

Someone just bought 40000 coins

Another 1k shorts..approaching 30k again

I would be sleeping soundly if i was holding one of the 28500 short contracts open after that performance. Not

Ha! Probably short. What could go wrong?

Yes. Bit of a Somme going on!

Bfxdata not showing that yet. Source?

Hilarious watching this bear whale just market sell over and over lol.

No manipulation in btc they say

And your point is what exactly? We aren't all penniless college kids you know..

232 on finex lol

At the time of posting it was. I see we dropped another 3. Hold me!

Actually it is a nice time to buy.

I see we dropped 3 dollars on low volume.

Bears back in town? Lol

And most of it is extra shorts up to 28400

Timber!

Order book on finex looking very bullish (though often a mirage). Shorts at 27700. Longs over 25 million.

I get the feeling the market is waiting for something. Perhaps if this 5000BTC bid goes through we will see some real heavy buying on exchange.

We are at an interesting inflection point. Interest in bitcoin is very low and the price is low. But at the very end of a bear market this is how it should be. Traders are shorting something they think has no future to extreme levels. But the price fails to go down any further. And just in the distance the technicals may be about to blossom. I suspect the bull will be reawakening soon and the opportunity to buy in at 235 will have been squandered by many.

Right. I seem to recall a story on reddit about bitcoin citadels. Makes sense.

How do you know?

Yeah the price dumping from 238 to 231 in 2 minutes overnight is natural selling.

Anyway after the next three months it won't matter a jot. The log trendline is rapidly falling towards the current price.

Look at the orderbook on huobi to see the truth. The volume is almost entirely fallacious.

It is just heavily short whales dumping the price lower to prevent buying in response to GBTC trading at a hefty premium to the exchange price. If a 5000 coin transaction goes through then things could get interesting really quick.

The price could be forced lower by selling down the orderbook further but we all know that is just someone manipulating the price lower to induce panic - it isn't natural selling. There are still 27000 shorts hanging over the market like a sword of Damocles. Shedding 5000 brought us up from 213 to 243. Already they are starting to creep back up.

I am buying here. I see value in the low 2xx's. After the high volume reversal bears have failed to break resistance between 200 and 220 on 5 successive attempts. Bullish announcements abound. Capital investment roars ahead. It is just a matter of time before the price fights higher.

I wouldn't be surprised if we retake 240 today.

Edit: a further 500 shorts just opened. Now up to 27500.

I am still waiting for your prediction about Coinbase running with their users funds to come true. You have a tendency to..how shall I put it..see the glass half full. I am sure you are great fun at parties.

Most people would say that after one day of thin trading at a massive premium to the exchange price it is far too early to see how this will play out.

For now the large traders with an interest in the price falling are selling the price lower to try and prevent average joe from getting excited about GBTC and start closing the arb upwards.