Looks like the 13.5 bid wall is holding up. But for how long?

[Edward50]

Looks like bitcoin finally broke through the $14 barrier, and it is holding long enough in the $13 barrier long enough to test that $13.5 dollar bid wall and set a new psychological price of $13 a bitcoin. 

The bid wall has fallen from over 10,000 bitcoins to 7,000. But it is obviously not a fake bid wall as it has not disappeared and is still holding strong. Who ever is buying so many bitcoins at $13.5 is taking a huge risk as I think that once that bid wall is sold we will be testing the $12 pricing soon. Maybe one last gamble by someone to keep the bitcoin price artificially high? I think that this 13.5 bidwall may hold for a few days and we should see $12 pricing by Sunday/Monday.

It seems the price will not shoot up to $14 range easily as there are many sell orders between 13.9 and 13.95.

This is my take on the current bitcoin price and where it is going. Please share what you think and what you think about that $13.5 bidwall and how long it will hold up? 

[kiwiasian]

You want the price to be lower...?

[Edward50]

You want the price to be lower...?

I want to keep this post technical and where you feel the bitcoin price is going. I do not want it to be a debate on how one should feel where bitcoin price is going, or how I am a bad troll because I think the bitcoin price is falling and will be lower. Lets look at the obvious, it is in a huge downward trend since the peak at $30.

If I wanted bitcoin to be higher or lower, this is where I feel the price is going.

[BTC Economist]

Well it is the weekend now so it could very well be tested in the next 48 hours.

[Nagle]

Looks like bitcoin finally broke through the $14 barrier, and it is holding long enough in the $13 barrier long enough to test that $13.5 dollar bid wall and set a new psychological price of $13 a bitcoin. 

The bid wall has fallen from over 10,000 bitcoins to 7,000. But it is obviously not a fake bid wall as it has not disappeared and is still holding strong.

There was one single bid of over 7,000 BTC at $13.50 yesterday, and that bid was retracted and replaced with one below 6,000 BTC. So the wall is weaker. The price is getting close to the wall; there are only 750 BTC above the wall.

Once the wall falls, it's straight down to $13.2.

Remember, every day miners generate about $100,000 in BTC at current prices, and some (most?) of that is sold. To keep the price up, somebody has to put about $100,000 of new money into the system each day. If new money slows down, we should see what we're seeing - a slow, steady price erosion.

[The_JMiner]

Remember, every day miners generate about $100,000 in BTC at current prices, and some (most?) of that is sold. To keep the price up, somebody has to put about $100,000 of new money into the system each day. If new money slows down, we should see what we're seeing - a slow, steady price erosion.

Until 2012 when the bitcoin per block is 25? You think?

[Edward50]

Someone is trying to do one last gamble at 13.5, I think he is stupid because if he pulled out of that position it would let bitcoin fall into the $12's or lower. He could then buy at that lower price. However, once that wall falls and the price goes lower, it should all be downhill from there. I do not think anyone will attempt again to try and hold the price higher with those bid walls.

This person probably already took huge losses already and is trying keep what value he has. But this bid wall will probably just add to his huge losses already.

[joulesbeef]

Someone is trying to do one last gamble at 13.5, I think he is stupid because if he pulled out of that position it would let bitcoin fall into the $12's or lower. He could then buy at that lower price

could be that someones interest are more long term, and a stable bitcoin helps it get adopted.

This person probably already took huge losses already and is trying keep what value he has.

he might not view them as loses when he picked up most of his coin at a much much lower price...mining.

There was one single bid of over 7,000 BTC at $13.50 yesterday, and that bid was retracted and replaced with one below 6,000 BTC. So the wall is weaker. The price is getting close to the wall; there are only 750 BTC above the wall.

they were actually beating down the wall early AM this morn, they couldnt get through but it was a good fight.

[CurbsideProphet]

could be that someones interest are more long term, and a stable bitcoin helps it get adopted.

This is what I'm thinking.  Maybe an early adopter trying to provide a support.  Looks to be a losing battle though, the ask side is swelling up.  If that wall gets taken down or out, it's going to be very interesting. 

[osmosis]

Looks like bitcoin finally broke through the $14 barrier, and it is holding long enough in the $13 barrier long enough to test that $13.5 dollar bid wall and set a new psychological price of $13 a bitcoin. 

The bid wall has fallen from over 10,000 bitcoins to 7,000. But it is obviously not a fake bid wall as it has not disappeared and is still holding strong.

There was one single bid of over 7,000 BTC at $13.50 yesterday, and that bid was retracted and replaced with one below 6,000 BTC. So the wall is weaker. The price is getting close to the wall; there are only 750 BTC above the wall.

Once the wall falls, it's straight down to $13.2.

Remember, every day miners generate about $100,000 in BTC at current prices, and some (most?) of that is sold. To keep the price up, somebody has to put about $100,000 of new money into the system each day. If new money slows down, we should see what we're seeing - a slow, steady price erosion.

Except a lot of miners are holding their coins, not selling. So its not true that it takes $100,000 each day to keep the price up.

[joulesbeef]

>Except a lot of miners are holding their coins, not selling. So its not true that it takes $100,000 each day to keep the price up.

it is a poor guestimation based on the idea that 80% of existing miners are new and want to immediately sell to get back their investment costs.

and yeah the number is bogus, but the idea is true, we do need money coming into the system daily, to keep up the price. What that number is, i dont know, but I am sure it is less than 100k.

Ad while retail growth is not where I would like to see it, looks like gambling growth is picking up. With Us restrictions on internet gambling(yay, Freedom!!!!), it could be one of the killer apps that keeps bitcoin propped up until traditional commerce becomes bigger in bitcoin. that and failing economies.

[Edward50]

Do any of you want to speculate why this person decided to put a bidwall at $13.5? Does $13.5 have any relevance?

Is he thinking that a $12 dollar bitcoin will look much much worse than a $13.6 bitcoin?

What do you think?


Looks like the battle is going to begin, they are 80 bitcoin away from hitting his final defensive wall at $13.5. Lets see how long he will hold in there!

[Oldminer]

Looks like the battle is going to begin, they are 80 bitcoin away from hitting his final defensive wall at $13.5.

Make that 2 BTC

[cbeast]

It is the weekend. People need money for beer and other vices. It will go back up when we go back to work Monday.

[RogerR]

If he is an early adopter who sold 10k bitcoins around $25, it may be a great time for him to buy some back at whatever price he sees fit. If was to place a 7k wall at 12, it may as well bottom out at $12.50 without ever filling his order. So maybe he just wants to get his 7ks before that happens - even at the risk of seeing further price depreciation down the line.

A smart investor always considers what his/her bid does to the market.

[GeniuSxBoY]

What day do EURO transfers come back online?

[Oldminer]

What day do EURO transfers come back online?

18th..possibly..

[GeniuSxBoY]

And then the fees come back the 27th?

[Oldminer]

https://support.mtgox.com/entries/20273158-announcement-extension-of-reduced-trade-fees

[Nagle]

The wall is gone.  The price just dropped below 13.5.  There's no support until $13.10, and no significant support above $12.90.