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

[Voodah]

Someone ate a 1k chunk from 110. I think we might go a bit higher yet..

[1714214880]

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[derpinheimer]

Someone ate a 1k chunk from 110. I think we might go a bit higher yet..

More dan dat yo. And der she blows!

[solex]

Might be that the upward trend since yesterday is initiated because of the official 47,5% haircut of large bank deposits in Cyprus?

http://www.reuters.com/article/2013/07/30/cyprus-bankofcyprus-idUSL6N0G03312013

Page not found.

http://www.reuters.com/article/2013/07/30/cyprus-bankofcyprus-idUSL6N0G033120130730

Honestly. Cyprus is dead news in the Bitcoin world. Now, if Spain or Italy announced a similar theft of deposits - that would be different.

[hyphymikey]

...and 111

[gog1]

there is little depth on the bid side, a 5k BTC dump would send us back to 104.

just someone wants coin really bad hitting up all the ask.

[noodle_dam]

there is little depth on the bid side, a 5k BTC dump would send us back to 104.

just someone wants coin really bad hitting up all the ask.

but why?

[hmmmstrange]

bitstamp over $100

[Ares]

there is little depth on the bid side, a 5k BTC dump would send us back to 104.

just someone wants coin really bad hitting up all the ask.

If they wanted it really bad they could have just put a wall up at 108 or lower and let it get eaten away at, because there's no reason to suspect it wouldn't. This seems more like either multiple whales fighting for coins, or someone with inside information that is in a rush to get coins.

Also, I think it's inevitable that of the almost 200 countries in the world, some of them are going to wake up to Bitcoin and have the funds to just mow down on them just like this and potentially put themselves at a massive financial advantage in the future. Kinda surprised it isn't already happening. For the cost of one fighter jet you could get yourself quite a few shiny bitcoins.

[derpinheimer]

there is little depth on the bid side, a 5k BTC dump would send us back to 104.

just someone wants coin really bad hitting up all the ask.

If they wanted it really bad they could have just put a wall up at 108 or lower and let it get eaten away at, because there's no reason to suspect it wouldn't. This seems more like either multiple whales fighting for coins, or someone with inside information that is in a rush to get coins.

Also, I think it's inevitable that of the almost 200 countries in the world, some of them are going to wake up to Bitcoin and have the funds to just mow down on them just like this and potentially put themselves at a massive financial advantage in the future. Kinda surprised it isn't already happening. For the cost of one fighter jet you could get yourself quite a few shiny bitcoins.

...? Yesterday bid walls were put up at 100 and high 90s after the rise.. and only about half eaten. Do you really think a bid wall at 108 would be eaten? 1k at 107 hasnt been touched. 109 got ate. And then the buyers continued.

There is no selling pressure atm.

[ChartBuddy]

[vokain]

COMEBACK TRAIN HAS NO BRAKES!!!

[justusranvier]

just someone wants coin really bad hitting up all the ask.

but why?

1) Inside information about something that will cause greater demand for bitcoins in the near future.
2) Someone desperately wants to get their funds out of Mt Gox and are willing to incur significant slippages to do so via buying bitcoins and withdrawing them to another exchange.
3) Some random new trader with a significant amount of dollars to spend wants some bitcoins.
4) Large account holders have given up on trying to withdraw USD, so Mt Gox is speculating with their deposits.

[Ares]

there is little depth on the bid side, a 5k BTC dump would send us back to 104.

just someone wants coin really bad hitting up all the ask.

If they wanted it really bad they could have just put a wall up at 108 or lower and let it get eaten away at, because there's no reason to suspect it wouldn't. This seems more like either multiple whales fighting for coins, or someone with inside information that is in a rush to get coins.

Also, I think it's inevitable that of the almost 200 countries in the world, some of them are going to wake up to Bitcoin and have the funds to just mow down on them just like this and potentially put themselves at a massive financial advantage in the future. Kinda surprised it isn't already happening. For the cost of one fighter jet you could get yourself quite a few shiny bitcoins.

...? Yesterday bid walls were put up at 100 and high 90s after the rise.. and only about half eaten. Do you really think a bid wall at 108 would be eaten? 1k at 107 hasnt been touched. 109 got ate. And then the buyers continued.

There is no selling pressure atm.

109 got eaten fast, which means that if this was just one single person, they wouldn't be buying into walls, but rather just re-filling their 109 wall.

[justusranvier]

There is no selling pressure atm.

All the major payment processors have stopped using Mt Gox, so the selling pressure their operations create has also moved.

[derpinheimer]

there is little depth on the bid side, a 5k BTC dump would send us back to 104.

just someone wants coin really bad hitting up all the ask.

If they wanted it really bad they could have just put a wall up at 108 or lower and let it get eaten away at, because there's no reason to suspect it wouldn't. This seems more like either multiple whales fighting for coins, or someone with inside information that is in a rush to get coins.

Also, I think it's inevitable that of the almost 200 countries in the world, some of them are going to wake up to Bitcoin and have the funds to just mow down on them just like this and potentially put themselves at a massive financial advantage in the future. Kinda surprised it isn't already happening. For the cost of one fighter jet you could get yourself quite a few shiny bitcoins.

...? Yesterday bid walls were put up at 100 and high 90s after the rise.. and only about half eaten. Do you really think a bid wall at 108 would be eaten? 1k at 107 hasnt been touched. 109 got ate. And then the buyers continued.

There is no selling pressure atm.

109 got eaten fast, which means that if this was just one single person, they wouldn't be buying into walls, but rather just re-filling their 109 wall.

Except when walls are refilled, they stop being sold into. Unless its really small sellers, they can be dumb and continually eat at the same walls.

You dont sell with the anticipation that the price will, at worst, remain the same. People take bid walls because they hope its a good price AKA, near the top, AKA, the price will go down.

[solex]

It wouldn't surprise me if every single whale buy since $65 was by a different person. There are a lot of people very interested in this new phenomenon, and they each have their own circumstances, plan, entry point, tolerance for goxxing, and fear of missing the train.

[Wagner2014]

It's climbing high on relatively low volume. Not convincing, is it? Someone's been working hard though to move the price up over the past few days. The question is why? And will it work?

[derpinheimer]

@solex: Personally I would imagine that its a few large groups that brought this rally on. Not 1 person, no, but maybe 2 or 3 groups.

It's climbing high on relatively low volume. Not convincing, is it? Someone's been working hard though to move the price up over the past few days. The question is why? And will it work?

Thats because there are no more asks...



It was 150k 3 weeks ago or so. Now just 73k.

[vokain]

i feel like more fiat could/should hit bitstamp

[derpinheimer]

i feel like more fiat could/should hit bitstamp

Well, 10% spread pretty much confirms this is a fear driven price increase [as any new non-whale buyers are unconditionally better off at bitstamp]

Then again, most of the buys are whales... Still, they could easily send 350k to bitstamp and claim and pre 110 asks, giving them an average price of $104/BTC versus... $111