Price going up for no apparent reason?

[pattu1]

Just normal price action.   Once we broke above resistance at 230, everyone saw the breakout.   Miners and traders wouldnt sell at 240 if they thought the price would soon be higher.  Fundmentally, people are already taking long positions ahead of the halving.

The spike over $260 was unexpected.
Have all the sellers disappeared?

Probably price wants to test the $300 level highs we hit in March and July.
Given the current strength of the bulls, I would say there's a good chance
we'll get there.

If it crosses those levels, then a bull run is confirmed.
Will be interesting to see how this plays out.

[chennan]

So, what's the general consensus for the increase in price? Gemini taking its toll on the market, China's recent influx of transactions, or just a combination of both?  It's easy to say both, but I would like to hear what everyone thinks is the major cause for the bulls to be let loose.

[Ibian]

It's just the market man. No magical unicorn reason. More people are positive than negative now, it always changes eventually.

[bitwarrior]

Still hoping for a steady rise until bitcoin will reach $300 plus. This definitely has something to do with china, just take notice who is leading the bull run when in comparing the market exchange rate of bitcoin across the board?

[spiderbrain]

So, what's the general consensus for the increase in price? Gemini taking its toll on the market, China's recent influx of transactions, or just a combination of both?  It's easy to say both, but I would like to hear what everyone thinks is the major cause for the bulls to be let loose.

There's been massive amounts of positive news during the bear market, so it's all stored up behind the damn once people realise they're not going to be able to buy in cheaper. Another interesting thing at the moment is Chinese devaluation in combination with capital controls, so there's trillions in hot money in Yuan wanting to get out at the moment. That said, I don't know how easy it is for people to actually buy and sell bitcoin in China these days, but today's moves are much bigger in Yuan (10%) that in US$ (5%) so that points to something.

[cbeast]

The market doesn't need a reason, it's already baked in.