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

[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

[jofus87]

Back to 478.94

jaguarsfan.gif

[ChartBuddy]

Explanation

[Sitarow]

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

When it was recovering from a drop that went just over $2 BTC.
It stayed at $4-$6 range untill the new ASIC tech BFL was taking pre-order's and then shortly the subsidy reward dropped from 50 to 25 BTC a solved block.

We are not at the stagnant technology stage so I expect the network to fall in line with market conditions.

Any good crypto needs a solid network of participants to be worth what BTC is today and in the future.

Note, that the internet is what it is today because the participants continue to use it as the main network.

[Walsoraj]

XRP pump!