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

[xxjs]

We now have a 16-17 USD diff between stamp and gox. It seems that the "1 BTC several times a minute"-arbitrageur has used all his steam for the time beeing. Awaiting more arbitrage as soon as fiat (deposits) have moved from gox to stamp.

This arbitrage, and more to other exchanges, should provide some damping to the dump/panic buy movements on gox. Maybe the next bubble (entrepreneurs having temporarily too much faith in bitcoins rapid world takeover) will be a tad more leant back.

[MickeyT2008]

@BitAddict:  I though for a moment that your profile pic was this chap from the Bull Ring here in the city centre in Birmingham, UK.  Maybe he'll be buying Bitcoins today too?  Or perhaps he's cleverer than that and he bought his stash when 10,000BTC was only enough to buy a pizza

[Le Happy Merchant]

movement

[grovestr]

Gary move out, only 41k BTC left on mtgox. Buy your chep coins before the others.

[el_rlee]

Gary move out, only 41k BTC left on mtgox. Buy your chep coins before the others.

Is plus500 still binding his CFD to the gox value? Could be easy money...

[FNG]

Gary move out, only 41k BTC left on mtgox. Buy your chep coins before the others.

38,000

[derpinheimer]

Gary move out, only 41k BTC left on mtgox. Buy your chep coins before the others.

38,000

41292 BTC, liar  

BTW, support is abysmal right now. 8k buy to $150. 8k sell to $132.50

I think this confirms that this is a rise based on MtGox fear, not good news. [If people are worried their money is fake, then they wont be placing bids.. just market orders.]

[FNG]

Gary move out, only 41k BTC left on mtgox. Buy your chep coins before the others.

38,000

41292 BTC, liar  

BTW, support is abysmal right now. 8k buy to $150. 8k sell to $132.50

I think this confirms that this is a rise based on MtGox fear, not good news. [If people are worried their money is fake, then they wont be placing bids.. just market orders.]

bitcoinity showing 38.38k

Looks like clark moody shows different..either way..not much on the exchange

[smoothie]

Bitcoin is doing it's "creeeeep up". 

[tarmi]

41292 BTC, liar  

BTW, support is abysmal right now. 8k buy to $150. 8k sell to $132.50

I think this confirms that this is a rise based on MtGox fear, not good news. [If people are worried their money is fake, then they wont be placing bids.. just market orders.]

add to that very low volumes on bitstamp...

price is up to 128, but volume is only 4500.

no depth neither...

[markjamrobin]

41292 BTC, liar  

BTW, support is abysmal right now. 8k buy to $150. 8k sell to $132.50

I think this confirms that this is a rise based on MtGox fear, not good news. [If people are worried their money is fake, then they wont be placing bids.. just market orders.]

add to that very low volumes on bitstamp...

price is up to 128, but volume is only 4500.

no depth neither...

Why no volume on Bitstamp?

[tarmi]

Why no volume on Bitstamp?

because people are leaving mtgox.

the rise on mtgox is just fear, not actual rally.

[SheHadMANHands]

We now have a 16-17 USD diff between stamp and gox. It seems that the "1 BTC several times a minute"-arbitrageur has used all his steam for the time beeing. Awaiting more arbitrage as soon as fiat (deposits) have moved from gox to stamp.

This arbitrage, and more to other exchanges, should provide some damping to the dump/panic buy movements on gox. Maybe the next bubble (entrepreneurs having temporarily too much faith in bitcoins rapid world takeover) will be a tad more leant back.

I see no panic at Gox.  It has 4x the 24hr volume now, and buyers have "eaten" through ~ 6000 bitcoins at a $145 ask price in the last 24hrs alone.  There's been a lot of resistance more recently on the way up ($145/$146 levels, for example), but the buyers have continued to push through.

No one seems to be looking to sell at $142/$143 levels anymore, regardless of whether there's much on the order book.  You get a lot of slippage selling into the order book now... would be much better off just putting up a wall at $146 or something.

[manfred]

Aside from a few people (or one person) puting up ask walls, BitStamp is straight up dead.

We were sleeping, since it was night. Sunday night. What is wrong with you?

Just last week I was able to market sell BTC500 there with about 0.7% slippage (I mean sell with one click). I think it was a fair deal, since the intention for me was not to make petty money but to realign the portfolio for the purchasing of more silver. For a trade of this size, it worked very fine. The largest volume I have done there in one day was BTC1,800.

Keep some BTC, man. You might feel sorry otherwise.

The biggest BTC bull ending up missing the train would be ironic.

He told bitcoin was going to be $100,000 by the end of the year, right?
So what are you doing selling bitcoins!?  

To pick the right time to exit from any investment is a lot harder than to enter it. Maybe its a sign of the times.

[tarmi]

I see no panic at Gox.  It has 4x the 24hr volume now, and buyers have "eaten" through ~ 6000 bitcoins at a $145 ask price in the last 24hrs alone.  There's been a lot of resistance more recently on the way up ($145/$146 levels, for example), but the buyers have continued to push through.

panic would bring mtgox price to 200+ in no time.

people are smarter then that.

smartest among them (whales) bought bitcoins @ 68 $.

[Tzupy]

People should stop thinking that there are only 41k BTC on Gox. Just 3 days ago there were 55k BTC on the ask side and IMO the 'missing' 14k BTC are still on Gox,
waiting to be dumped at the right price. You'll see them again, probably within a week (some of them sooner), together with their offspring. 

[SheHadMANHands]

I see no panic at Gox.  It has 4x the 24hr volume now, and buyers have "eaten" through ~ 6000 bitcoins at a $145 ask price in the last 24hrs alone.  There's been a lot of resistance more recently on the way up ($145/$146 levels, for example), but the buyers have continued to push through.

panic would bring mtgox price to 200+ in no time.

people are smarter then that.

smartest among them (whales) bought bitcoins @ 68 $.

The fact that ~ 6000+ bitcoins have already been listed at an ask price of $145, and fulfilled, should say something.  There is resistance, but people are still placing market buys.  There is no selling pressure, probably partially because there'd be a lot of slippage currently to the downside and no one seems to want to pick up at $142/$143 now when they'd be better off putting up an ask wall at $146...

Also, Mt Gox issues have been known by bitcoin day traders, etc., for months now.  If anything has been "priced in" for a while, it's that.  It seems much less likely, as one user posted, that this is some 4-month delayed panic buying that, coincidentally, just happens to be perfectly timed with big news.  People have been talking about "panic buying" on Mt Gox for half of 2013 now.

Just my thoughts though...

[tarmi]

The fact that ~ 6000+ bitcoins have already been listed at an ask price of $145, and fulfilled, should say something.  

I am not surprised that 6k ask wall was filled, but rather someone actually placed an 6k ask.

I find it very risky to sell btc on mtgox.

[rpietila]

Aside from a few people (or one person) puting up ask walls, BitStamp is straight up dead.

We were sleeping, since it was night. Sunday night. What is wrong with you?

Just last week I was able to market sell BTC500 there with about 0.7% slippage (I mean sell with one click). I think it was a fair deal, since the intention for me was not to make petty money but to realign the portfolio for the purchasing of more silver. For a trade of this size, it worked very fine. The largest volume I have done there in one day was BTC1,800.

Keep some BTC, man. You might feel sorry otherwise.

The biggest BTC bull ending up missing the train would be ironic.

He told bitcoin was going to be $100,000 by the end of the year, right?
So what are you doing selling bitcoins!?  

Better yet, how are you going to buy silver with gox dollars?  I haven't seen a PM dealer yet that takes those. 

LOL, in April I took goxusd as payment for silver and gold You will find it in my public diary, those were the days when commissions abounded... The need to buy back silver now is a direct result of those actions in the spring. I took a long vacation in between...

(This time we are talking about selling in bitstamp, as evident from the quote)

After this reduction, bitcoins are still my largest holding by asset type. They are spread in multiple companies and jurisdictions, and - thank you for taking care about me - it is unlikely that I would be able to sell them all in a panic. In April I had a scheme to sell BTC2000, but managed to sell only about BTC300 before the price crashed (the following day). Then I bought back 3 times the amount and then some. Next adjustment down will be about 20%, when the first of the following happens:
- Price rises to 1000-2000
- It generates a 2013-style bubble, even if price is less than 1000
- In March, 2015
- Need to purchase something and bitcoin is most (tax-)efficient to sell.

My prediction that Bitcoin would go to $300k by the end of the year did both good and harm. Financially it ended up doing good. I bought a lot of "unnecessary" bitcoins above the core position after the crash. Now I can sell them at wash (or better), and buy back the silver cheaper.

[SheHadMANHands]

The fact that ~ 6000+ bitcoins have already been listed at an ask price of $145, and fulfilled, should say something.  

I am not surprised that 6k ask wall was filled, but rather someone actually placed an 6k ask.

I find it very risky to sell btc on mtgox.

Assuming the person(s) placing that ask wall don't:

(1) Have special relationship that allows them to withdraw for some additional fee.
(2) Have insider information of an upcoming partnership announcement that resolves all withdrawal issues.

They may still just be betting that the price will fall.  They can then re-purchase those bitcoins on Mt Gox at a lower price.

Thus far, that hasn't been working out well for them.