Weekend rally past 600?

[Mayuyu48]

how can people buy $789 from auction if they can buy it for $600 in exchange?

This deserves a facepalm. You try buying 30000 btc at $600 in 1day and tell me if you succeeded without pushing btc above $800.

sorry my fault, i understand what you mean
hard to no pushing price if someone buy bitcoin with huge volume like that
maybe someone trying it right now and psuh the price

[piramida]

people who lost at the auction may now be buying in coins at the exchange.
These may be people that wanted to go and buy bitcoin anyway.

it would make sense especially since they know that the price was at least $X. but takes some more time I'd think

[zimmah]

people who lost at the auction may now be buying in coins at the exchange.
These may be people that wanted to go and buy bitcoin anyway.

it would make sense especially since they know that the price was at least $X. but takes some more time I'd think

Yes, most exchanges take days or weeks to register and confirm bank account and ID and address and all that. And than it takes some time for the funds to arrive as well. So I would be surprised if they were able to get their funds in this quickly.

But still I believe they may buy bitcoin from other sources now that they lost the auction.

[maker88]

Looking to me like we may have popped above $600 for the last time before another weak leg down. If we can stay = or > $570s, might look ready to pop up finally, but more sideways would not surprise me either, especially with everyone so bubble-hungry.... market may want to punish those longs bleeding swap fees.

or not.

[zimmah]

seems like we are back at $630 for now, next stop $660 (or $666)

probably some resistance at $680 as well, but after $700 and $750 it will probably gain traction.

[jbrnt]

As far as I know, the auctions results are not out yet. Bitcoin price has shot up $30 within two hours again. Do you think someone have inside information and they are buying before the bid prices go public?

[Syke]

This deserves a facepalm. You try buying 30000 btc at $600 in 1day and tell me if you succeeded without pushing btc above $800.

Why all in 1 day? This auction is taking over a month. I guarantee I could buy up 30k btc in a month without moving the price a noticable amount.

[BitchicksHusband]

people who lost at the auction may now be buying in coins at the exchange.
These may be people that wanted to go and buy bitcoin anyway.

This is what I think will drive the price up.  I don't think anyone was "manipulating" the price so much as the big buyers were not buying because they might win the auction and they don't want to drive up the price in the meantime OR end up with too many coins.

Now that most of them lost, they will need coins fast.

[Torque]

people who lost at the auction may now be buying in coins at the exchange.
These may be people that wanted to go and buy bitcoin anyway.

This is what I think will drive the price up.  I don't think anyone was "manipulating" the price so much as the big buyers were not buying because they might win the auction and they don't want to drive up the price in the meantime OR end up with too many coins.

Now that most of them lost, they will need coins fast.

Yeah, agreed that by "fast" you mean they are sensing something on the horizon and want to get in quickly before the 'thing' happens.  

I also find it interesting that Coinbase bid in the SR auction.  In the past, they have stated that they are not interested in holding btc per se, but act as a broker who buys from the exchanges on behalf of users/merchants.  But as witnessed during the run up in November, they quickly ran out of coins and could not replenish them fast enough.  It seems the liquidity wasn't there, and that was with only a handful of exchanges (including Mt. Gox, the major one at the time).  Now today we have what, over a dozen or more prominent exchanges, all fighting over the same amount of coins?  Yikes.

I wonder then, have they changed their stance and now wish to have a significant supply of coins on hand for something in the near future?? Hmmm...mmm...  

[zimmah]

This deserves a facepalm. You try buying 30000 btc at $600 in 1day and tell me if you succeeded without pushing btc above $800.

Why all in 1 day? This auction is taking over a month. I guarantee I could buy up 30k btc in a month without moving the price a noticable amount.

that would take time, effort, and risk.

you would risk the price moving up naturally during the month, or risk having the exchange gox you

[mmortal03]

Yes, most exchanges take days or weeks to register and confirm bank account and ID and address and all that. And than it takes some time for the funds to arrive as well. So I would be surprised if they were able to get their funds in this quickly.

But still I believe they may buy bitcoin from other sources now that they lost the auction.

Who says they didn't already have accounts and had already been buying prior to the auction?

[mmortal03]

As far as I know, the auctions results are not out yet. Bitcoin price has shot up $30 within two hours again. Do you think someone have inside information and they are buying before the bid prices go public?

Well, we do know that they haven't been transferred yet: https://blockchain.info/address/1Ez69SnzzmePmZX3WpEzMKTrcBF2gpNQ55

[bitcon]

things heating up around here. expect $800 "soonish"

[wobber]

things heating up around here. expect $800 "soonish"

How soonish? 2015?

[Wolf Rainer]

I bet at that, we will past 600 by this week end to start July above 600 and go fast to the 700 the first days. And the whales know it´s a fact, that´s why they put a 500 btc sell order at $600 to keep it cheap and trying to buy before it goes rally up.

Who was right? 

[Gargulan]

The trend heading to 700 is strong.