Buying pressure stacks up.

[XXthetimeisnowXX]

wellll, since most of the money and coins and activity are there, most businesses use this as a reference to what the value of a coin is. not that i agree with this. i wish it went of a system that averaged the exchanges. but a lot of businesses use that too. like coinbase. they are taking the average to come op with how much it is to buy and sell. right now its 94.82 per bit to buy on there. to sell its ...oh scratch that just changed 95.42 to buy and 94.76 to sell. ok so hooray we are pushing the price up even on coinbase. better?

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[cryptostart]

Without these whale buys we would be down to 80s or lower by now, so the general market theory may not be so accurate for MtGox right now.
I have a theory on what the buying whale is trying to achieve: he's depleting the BTC stash on MtGox badly, so the price will rise to 120,
and then he'll dump. That will be the mother of all dumps, the price will drop to 50s. Repeat.

Agreed +1

[BitChick]

Without these whale buys we would be down to 80s or lower by now, so the general market theory may not be so accurate for MtGox right now.
I have a theory on what the buying whale is trying to achieve: he's depleting the BTC stash on MtGox badly, so the price will rise to 120,
and then he'll dump. That will be the mother of all dumps, the price will drop to 50s. Repeat.

Agreed +1

With a nice increase in price the new investors will get greedy and keep buying more and the price will rise in spite of the dumps so I do not see that even the whales can control the price if it increases quickly enough.  The amount being "dumped" could be eaten up without much notice and the price could easily go to $266 and beyond this time.  If the price does get up to $300 or more, then it will be very difficult for it to drop to $50.  Many buyers will be on the sidelines thinking "I should have bought when it was $99" and so on.

[btc237ftw]

The buying pressure keeps stacking up!

[solex]

"Past $100". Why are we using mtgox as reference?

They are still the biggest.

http://bitcoincharts.com/markets/currency/USD.html

But I agree there is a frozen-fiat premium in there...

[Nemo1024]

I am at a loss. The sell side of the Order book at Bitstamp has been much higher than the buy side for the past week or so, but the price keeps climbing up (currently at $93.15).
My intuition says that if the supply is higher than the demand, then the price should have gone down. What gives?

[solex]

When you see an order-book think of a tug-of-war where forces are pulling apart, not a collision or fight.

Sellers want high prices, buyers want low prices.  The overhang of sellers orders on Bitstamp don't want to be sold a few dollars lower where the buyers are sitting. Supply might look large but it does not mean it will move down and take out the smaller demand side.

Also, sentiment changes things. If Gox is going up the sellers on Stamp might move up their orders because they think they can get a higher price, buyers might move up as they are worried they might miss the train. It's all in flux.

[Birdy]

I am at a loss. The sell side of the Order book at Bitstamp has been much higher than the buy side for the past week or so, but the price keeps climbing up (currently at $93.15).
My intuition says that if the supply is higher than the demand, then the price should have gone down. What gives?

The seller side on Gox is extremely low, just a while ago you could buy more than 125k Bitcoins under $200, now it dropped to <70k Bitcoins.
The other exchanges do still follow Gox, but now with a bigger gap due to the withdrawal problems.

Also long time perspective is good for Bitcoin and no current hack or law drama, people aren't in a hurry to sell their coins.

[bitfromit]

Everyone say goodbye to double digits. 101.79

http://www.bitcoinity.org/markets