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

[dexX7]

I just don't see bitstamp rising much higher at the moment, not even to 120.
The problem bitstamp has is that while it is rising (as you described), mt.gox is falling (ever since that 1000BTC ask wall appeared, there has been downward pressure). And while bitstamp has been getting stronger - they are sustaining about the same volume as mt.gox at the moment - they still can't defy mt.gox price leadership endlessly. Not when there is a huge mountain of BTC to buy up at the same time...

We are falling? Didn't really watch, but we are between 122-123 more than 4 hours.

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[icekiss]

I don´t believe that the price on bitstamp, drop back to 117.xx, with this buying pressure right now.

There is lots of buying pressure, right. But it can't move the price, and at some point the buyers are out of fiat. Then its the turn of the sellers again (just the nature of every exchange ever ), which will move the price (simply because the ask walls are way weaker). This equation only changes if mt.gox rises significantly, amplifying the buying pressure.

I just don't see bitstamp rising much higher at the moment, not even to 120.
The problem bitstamp has is that while it is rising (as you described), mt.gox is falling (ever since that 1000BTC ask wall appeared, there has been downward pressure). And while bitstamp has been getting stronger - they are sustaining about the same volume as mt.gox at the moment - they still can't defy mt.gox price leadership endlessly. Not when there is a huge mountain of BTC to buy up at the same time...

We are falling? Didn't really watch, but we are between 122-123 more than 4 hours.

from 123.5 to 122.5. So "falling" is really saying too much. But yes, there is downward pressure. The price just can't really fall because of the bid walls, same as bitstamp can't rise because of ask walls (though to be fair, there is much more fiat on mt.gox, so movement is easier there then on bitstamp a.t.m.).

By the way, did anyone notice that in the last days we often had bitstamp and mt.gox pulling in different directions? Like right now mt.gox is pulling down while bitstamp is pulling up? Wonder when for the first time bitstamp will win and mt.gox follows...  

[samson]

These askwalls and bidwalls seem far too high considering there's such low volume.

I wonder if this is a kind of DOS against Bitcoin itself.

Someone with enough USD and BTC on the exchanges could create an artificial situation like this and pull the plug either way whenever they feel like it.

[ManBearPig]

Bid pressure is surely but slowly rising. Jump up to a channel around $127 in a couple of days?

[bobdude17]

These askwalls and bidwalls seem far too high considering there's such low volume.

I wonder if this is a kind of DOS against Bitcoin itself.

Someone with enough USD and BTC on the exchanges could create an artificial situation like this and pull the plug either way whenever they feel like it.

This. These walls are way too coordinated.

Who would be selling right now, when Bitcoin is so obviously getting geared up to go?

[Miz4r]

I don´t believe that the price on bitstamp, drop back to 117.xx, with this buying pressure right now.

There is lots of buying pressure, right. But it can't move the price, and at some point the buyers are out of fiat. Then its the turn of the sellers again (just the nature of every exchange ever ), which will move the price (simply because the ask walls are way weaker). This equation only changes if mt.gox rises significantly, amplifying the buying pressure.

Not so sure about that, lots of fresh fiat is arriving now from people moving over from Gox and they want to buy cheap coins. First the coins moved from MtGox, now the fiat is following in strong.

[Coinseeker]

These askwalls and bidwalls seem far too high considering there's such low volume.

I wonder if this is a kind of DOS against Bitcoin itself.

Someone with enough USD and BTC on the exchanges could create an artificial situation like this and pull the plug either way whenever they feel like it.

This. These walls are way too coordinated.

Who would be selling right now, when Bitcoin is so obviously getting geared up to go?

So what are you guys suggesting the purpose and thus end result would be?  Speculating of course.

[Ares]

These askwalls and bidwalls seem far too high considering there's such low volume.

I wonder if this is a kind of DOS against Bitcoin itself.

Someone with enough USD and BTC on the exchanges could create an artificial situation like this and pull the plug either way whenever they feel like it.

This. These walls are way too coordinated.

Who would be selling right now, when Bitcoin is so obviously getting geared up to go?

So what are you guys suggesting the purpose and thus end result would be?  Speculating of course.

Ares' tinfoil hat thesis:

Satoshi, with his massive holding of coins, is keeping the price down stable until he sees an infrastructure that warrants new ATH prices. This will minimize violent rises and crashes, and make Bitcoin look much more viable.

[justusranvier]

Who would be selling right now, when Bitcoin is so obviously getting geared up to go?

BitPay

[wonkytonky]

These askwalls and bidwalls seem far too high considering there's such low volume.

I wonder if this is a kind of DOS against Bitcoin itself.

Someone with enough USD and BTC on the exchanges could create an artificial situation like this and pull the plug either way whenever they feel like it.

This. These walls are way too coordinated.

Who would be selling right now, when Bitcoin is so obviously getting geared up to go?

So what are you guys suggesting the purpose and thus end result would be?  Speculating of course.

put walls.. buying cheap .. release walls..    sell high

edit: i'm buying slowly on bitstamp thank you walls!!

[ChartBuddy]

[samson]

These askwalls and bidwalls seem far too high considering there's such low volume.

I wonder if this is a kind of DOS against Bitcoin itself.

Someone with enough USD and BTC on the exchanges could create an artificial situation like this and pull the plug either way whenever they feel like it.

This. These walls are way too coordinated.

Who would be selling right now, when Bitcoin is so obviously getting geared up to go?

So what are you guys suggesting the purpose and thus end result would be?  Speculating of course.

Ares' tinfoil hat thesis:

Satoshi, with his massive holding of coins, is keeping the price down until he sees an infrastructure that warrants new ATH prices. This will minimize violent rises and crashes, and make Bitcoin look much more viable.

My theory is that someone is artificially propping the price up while attempting to sell a huge amount of coin.

[Ares]

These askwalls and bidwalls seem far too high considering there's such low volume.

I wonder if this is a kind of DOS against Bitcoin itself.

Someone with enough USD and BTC on the exchanges could create an artificial situation like this and pull the plug either way whenever they feel like it.

This. These walls are way too coordinated.

Who would be selling right now, when Bitcoin is so obviously getting geared up to go?

So what are you guys suggesting the purpose and thus end result would be?  Speculating of course.

Ares' tinfoil hat thesis:

Satoshi, with his massive holding of coins, is keeping the price down until he sees an infrastructure that warrants new ATH prices. This will minimize violent rises and crashes, and make Bitcoin look much more viable.

My theory is that someone is artificially propping the price up while attempting to sell a huge amount of coin.

There has been an overabundance of good news, and i've watched ask walls start to get eaten real quick only to be shot down with a huge market sell. If it really was someone looking to dump a lot of coins, I think they would let their progressively higher ask walls get eaten, instead of bitchslapping every rally attempt.

[Rampion]

It's just that there is no rush, neither to buy nor to sell. No panic ATM.

There's definitely someone selling little by little as soon as the price goes up a small %, but he is doing it in the right way, avoiding sleepage.

Anyhow, IMO more time passes with this stability, more sellers will get impatient. Fiat is slowly decreasing on Gox, while at Bitstamp there's still pocket money,  and I really do not see how that could change fast. I don't see buyers getting nervous.

[phatsphere]

Since you're bored check this out http://www.proofofexistence.com/

sorry for offtopic, if this is even possible: do they calculate the private key as a sha256 and derive the public address? if so, my guess is they keep the private key and will soon scam everyone :-(

[Miz4r]

Anyhow, IMO more time passes with this stability, more sellers will get impatient. Fiat is slowly decreasing on Gox, while at Bitstamp there's still pocket money,  and I really do not see how that could change fast. I don't see buyers getting nervous.

I have a different point of view here. First lots of coins left Gox, but fiat remained pretty high so price went up obviously. Then the ones with fiat on Gox realized that something was going on, prices on other exchanges were significantly lower and they felt stupid for paying more for their bitcoins on Gox. So after a few days you see fiat leaving Gox now as well to go after the cheaper coins on the other exchanges (look at total bid sum/ask sum at blockchained.com, the picture says it all). Equilibrium will be restored soon with the end result being that MtGox has lost a lot of its former dominance and other exchanges have gotten closer to MtGox in terms of volume.

[bobdude17]

These askwalls and bidwalls seem far too high considering there's such low volume.

I wonder if this is a kind of DOS against Bitcoin itself.

Someone with enough USD and BTC on the exchanges could create an artificial situation like this and pull the plug either way whenever they feel like it.

This. These walls are way too coordinated.

Who would be selling right now, when Bitcoin is so obviously getting geared up to go?

So what are you guys suggesting the purpose and thus end result would be?  Speculating of course.

My reason was the conference. And it still kind of is related to it. My guess now is that Big Money works in groups, Big Money has friends. And their friends now see Bitcoin in the same light the rest of us do(at least profit-wise) - but they're not quite ready. They need to get some internal infrastructure ready for the conversion to Bitcoin. Also they might be waiting on Bitcoin exchange infrastructure to accommodate their level of planned buying; can current exchanges handle multiple buys of millions of dollars?(I am asking, I don't know) So they get back to their Big Money friends like "Yes, we get it now. We just need a few days to get everything in order. Please just hold the price for a short time, to stop a panic buy among current holders(and other companies), so we can start the real buying at these prices when we're ready." This would more than pay for the money their friends spent holding the price, at these volumes its just too easy for them.

My guess would be is that they know a gold rush is inevitable, and that it will be a race. Not everyone knows they are going to end up having to run in this race, but the ones who do want to have a stable starting line as they're walking up, so they can make sure to get their affairs in order without any kind of panic.

As in, this stability is the "take your marks" portion of the race.

[bobdude17]

Ares' tinfoil hat thesis:

Satoshi, with his massive holding of coins, is keeping the price down stable until he sees an infrastructure that warrants new ATH prices. This will minimize violent rises and crashes, and make Bitcoin look much more viable.

Not bad actually. I'll have to think on this.

[Miz4r]

Too much tinfoil hattery, need more solid speculation based on facts and logical reasoning.

[ChartBuddy]