Looks like we've lost the price point. This will be a roller coaster until we reach $666 or $450/$420.
Hopefully we just hit $666 long enough for some rocket fueling stability.
Your above assertions make little sense to me.
Really, we cannot know for sure what is happening in bitcoinlandia, and there can be a variety of explanations regarding experiencing relatively low trade volume and the direction of the price, and some of them are more convincing than others.
Over the past couple of months, when we generally went up from $403 to $470 on relatively low volume, and then had several price correction attempts to $435, that continued to be on relatively low volume. During that price movement process of relatively low trade volume from $403 to $470, the theory is either that: 1) the bears (sellers) are running out of coins to sell (and no one else really wants to sell when the price goes lower than $440), or that 2) the price is being manipulated by whales (large holders of coins).
After we witnessed the last 72-hour period of fairly decent trade volume appreciation and also based on the extent of the upwards price movement from $450 to $470 and then additional movement nearly to $500 and getting stuck there and then volume going up a bit more to break through $500, the second theory about BTC prices being manipulated becomes less convincing (although the manipulation theory still has a low chance of being true, and no matter what, with such a small market cap, there is always some manipulation that is going to be occurring in the BTC space… From here, we need at least a 100x price/market cap appreciation to considerably lessen the ease of price manipulations).
Anyhow, so initially when the volume picked up at around $450 in order to push the price up, it appears that the volume had to pick up in order to successfully get through the seller resistance (there were a lot of for sale coins stacked in the $450s and $460s). It would not have been possible to push the price up from $450 on low volume, and that got us into the $470s.. so anyhow that volume pick up was a bit of a sign of a price battle… and I think that the bears would have been tolerant of staying in the $470s price range for a while, however, the bulls had different ideas to push us into the $490s… which is no problem with me (and any other BTC holders). Yet, thereafter we were in the $490s on relatively low volume, and we experienced an additional boost in volume in order to get BTC prices to move into the lower $500s and largely stay in the lower $500s.
It’s not uncommon to have lessening trade volume coming after a major price movement, and many of us recognize that phenomenon as a price consolidation period. Accordingly in a consolidation period there will tend to be some incremental lessening of trade volume while each side tests the consolidation range and attempts to figure out what to do next (it may not last long, but there may be some volume fluctuations based on some consolidation and disagreement about what price range bitcoin should be). In that regard, each side is considering whether they should attempt to push the price up or attempt to push it down.
Even though currently trade volume is going down a little bit, and it is really kind of soon to call it, and I doubt that we are going to continue to experience low trade volume in the near future. Yeah, I don’t know for sure, but like I suggested above, I think that the bears would have been quite a bit more content with a price range in the $470s, because the various anti-bitcoin propagandists and corporate shills could have continued to relatively convincingly spew out their bullshit propaganda that bitcoin is dead, failing and gonna crash, blah, blah blah etc.
The ability to spew that kind of baloney negative information about BTC becomes quite a bit less convincing the higher and the longer that the BTC price remains above $470 and worse if BTC prices remain a significant number of dollars above $470 (like we are now approaching the mid $530s and higher on a variety of exchanges. Accordingly, if the price stays up, it becomes almost a self-fulfilling prophecy that people buy because they believe BTC prices are going up.. and maybe even people stop selling their BTC because they think the price is going up.. which also creates additional upwards price pressures.
So, in the end, my above description and assessment does not mean for sure that BTC prices are going up, but it pretty much means that bitcoin is not currently in a stable price position, so either there is going to be a price battle that brings BTC prices back down or we will be going up, and at the moment, there seems to be a bit more of an inclination towards upwards price movement, unless some bears can come up with a large number of coins to drive BTC prices below $470 or lower… NOT an impossible occurrence, but I am inclined to think we are going a bit up from here… and prices going up could be on either low volume or high volume.
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