Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[iram3130]

If we will break through $480 I will make a party, holding hard.

Lol, 480 is not big resistance, it will break easily tommorow.

[1714697414]

1714697414

[1714697414]

1714697414

[1714697414]

1714697414

[1714697414]

1714697414

[1714697414]

1714697414

[coins101]

[ ... ] contractors and others thru my house in that it is being remodeled and they asked what the KNC jupiter miner was in the  basement (5 seperate occasions [ ...)]  in each instance they all acted like they found me growing pot in the basement

so from the looks on faces and rapid change of context after stating this ...I asked if they heard of it ..universally they had heard it was for drug deals and illegal was it not? [ ... ]

Well, buying illegal drugs is certainly one of the things that attract some people to bitcoin.

I would even guess that the July 2012 price bubble was due to drug users and dealers adopting bitcoin.  The price drop after the SilkRoad seizure shows that hat such use contributed significantly to the demand.

Someone noted that the LocalBitcoins BTC:USD volume has been increasing:


Looking closely, the volume was actually flat from January to late May, then jumped up by 30%, and remained flat until twoo weeks ago, when it had another large jump.

That rise in LocalBitcoins traffic in late May coincided with the still-unexplained sudden price rise from ~450$ to ~650$.  

I understand that one advantage of buying through LocalBitcoins, rather than at an exchange or Coinbase, is to avoid the KYC/AML controls of the latter.  So, could it be that the late May mini-bubble was due to a surge in demand for illegal drug traffic?  The opening of OpenBazaar perhaps?

But then why didn't we see another price increase over the last two weeks, to match the the sharp rise in LocalBitcoins volume?

Silk Road was a road block for bitcoin

A road block, or free advertising to the masses?

[coins101]

Spam, update



https://bitcointalk.org/index.php?topic=781216.msg8805239#msg8805239

Lets stop the selling pressure by big merchants

[JorgeStolfi]

Silk Road was a road block for bitcoin

Oops, I got the date of the SilkRoad bust wrong, sorry.

What is the current explanation for the July 2013 drop?

[klee]

Did we ever have in BTC history a battle like this one at 480$ ?

Maybe 1$ (I was not around).

Last thing I can remember is the 100-130$ period but more stretched in time.

From the pre 266$ bubble (and after the 10$) I can't remember anything too..

EDIT: Maybe the 5$ on 2012 and 10$ same period, more stretched in time too

[JorgeStolfi]

Oops, I got the date of the SilkRoad bust wrong, sorry.

Actually I got the wrong drop.  The SilkRoad bust news on Oct/02 caused the price to drop sharply from ~125$ to ~85$, but it mostly recovered within 2 days.  Presumably there was fear of bitcoin itself being banned, or some such.

The price increased only by 7$ from Oct/4 to Oct/13, when the October pre-bubble suddenly started.  It is not obvious that there was a connection between the bust and the bubble.

[klee]

War of the Walls

[NotLambchop]

^Not a wall.

I noticed a pattern:

[Davyd05]

Interesting hash rate back up to 240,000,000 gh/s still believers on the mining side eh..I guess people felt speculation was to risky...lol

[Schickeria]

War of the Walls

This looks more like a suckers battle. Selling pressure is just as low as buying pressure. The real resistances are at higher levels and real support on lower levels.

A meaningless weekend battle  

[esse83]

What is the current explanation for the July 2013 drop?

Markus sold 31k BTC on June 2nd which marks the start of the drop from ~$130 to ~$60.

Markus also sells every now and then, and for some reason the price values are correct this case. His biggest sell occurred on June 2nd

Sell 31k BTC, receive $4 million, re-buy 15k BTC, spend nothing. Awesome! Here is the corresponding chart (http://bitcoincharts.com/charts/mtgoxUSD#rg60zig15-minzczsg2013-06-02zeg2013-06-02ztgSzm1g10zm2g25zv) for this day, just to show that these trades (from 8:00 to 10:00 am) actually occurred “on-market”, and had a significant effect on the price.

Not sure what explains the rest of the downtrend, but this likely ignited it.

EDIT: perhaps this sheds some light on the continued downtrend.

From May 2013 they became less active (to the point of insignificance for price movement), buying smaller amounts until July or so, when they start selling more than buying.

[ChartBuddy]

Explanation

[kodtycoon]

BOOM..


wall moved up to 480.5

[abercrombie]

Someone noted that the LocalBitcoins BTC:USD volume has been increasing:

My short term outlook as a person that has a local advertisement to buy BTC at Bitstamp.  These are the OTC trenches outside of the manipulated buy & sell wall exchanges.  

Sellers come out in droves when BTC is above 500.  I don't have enough money to keep up with all the sell offers over 500 and I can discount Bitstamp to bring out the truly desperate sellers.  

At this current price in the 470-480 there is a huge lack of sellers, nada, for the last few weeks I haven't bought OTC.  My conclusion is that there are a lot of holders stuck above 500 that are willing to break even or sell at a slight loss.   Any rise above 500 is being met with strong sell resistance in the world of OTC.

[molecular]

^Not a wall.

I noticed a pattern:

[rebuilder]

Oops, I got the date of the SilkRoad bust wrong, sorry.

What is the current explanation for the July 2013 drop?

The same as every other bubble - market action. Most people act in reaction to price movement - the price is going up so they buy, or it's going down so they sell. Lacking heavy liquidity, the market swings violently and usually overreaches in both directions, only to correct back to something perhaps resembling fundamental value, or perhaps a longer-term speculative cycle not yet fully visible.

[tarmi]

obvious bot is obvious.

[klee]

Action again? Hope so!

[pinky]

My conclusion is that there are a lot of holders stuck above 500 that are willing to break even or sell at a slight loss.   Any rise above 500 is being met with strong sell resistance in the world of OTC.

Price confirms this behaviour, because any rally gets hammered hard. I guess we really need one major panic, before new ATM is possible.

[Hiro_Y3k]

It is time for the walls to come down