[2018-04-12] Coindesk - Bitcoin Breakout: Price Jumps $1K in 60 Minutes

[Lucius]

Bitcoin rallied over $1,000 in an hour this morning, having spent a better part of the last two weeks trading sideways in a narrow price range.

The cryptocurrency clocked a two-week high of $8,055 soon before press time and is currently trading at $7,850, according to CoinDesk's Bitcoin Price Index. The move marks a 13 percent gain from the previous day's close of $6,939.

https://www.coindesk.com/bitcoin-breakout-price-jumps-1k-in-60-minutes/

What you think about this,1000$ up in less then 60 minutes-Bitcoin can not be compared to anything else.And now let's see if price can stay above 7000$ for few days-I hope this is not bull trap

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[Palmerson]

This is an unexpected increase. But I don't think it's a trap. The market has long been waiting for price growth. No one expected such rapid growth, but assuming that the market is in the hands of whales it is logical. They will not be slow to raise the price of the coins. In their interests as quickly as possible to raise the price that everyone wishing to buy coins didn't manage to make it at low prices.

[kevoh]

Being searching all day for any bit of positive news that might have caused the sudden spike and found nothing. I will be leaning towards the price being manipulated till I find something or the price stays strong for long.

[hatshepsut93]

Since there's no big news that can explain this jump, the current explanations are as follows:

1. Market manipulation. Maybe some whales are creating a bull trap only to dump their bags and than buy back cheap coins.

2. Insider trading - maybe there are some major positive news that the broader audience hasn't heard yeat.

3. Some huge investor decided to buy in - this can be some billionaire or even some central bank.

[RodeoX]

There are only 2 things that can raise the price. An increase in supply. Which did not happen because bitcoins supply is constant. Or an increase in demand. Someone bought a chunk of coins.

[richardsNY]

There are only 2 things that can raise the price. An increase in supply. Which did not happen because bitcoins supply is constant. Or an increase in demand. Someone bought a chunk of coins.

Mind explaining why you think an increase in supply will raise the price? It doesn't really make sense to be honest, unless you refer to something else. More supply means more coins finding their way into the market, which translates into more potential selling pressure. It could have been a large player trying to get rid of people's exit points between the $7000 and $8000 levels to stimulate a potential increase. Getting rid of these exit points means less selling pressure eating away precious liquidity, which order books are several lacking. I am glad that I bought myself some coins below the $7000 level, because it was just a matter of time before the market will be heading up again.

[Satisun]

Being searching all day for any bit of positive news that might have caused the sudden spike and found nothing. I will be leaning towards the price being manipulated till I find something or the price stays strong for long.

I think only reason for it to rise is that the price has dropped too much recently.

[Irvinn]

Such a decent increase in the price of bitcoin is most likely an accident. However, with such accidents, he can start and grow in his price for a long time. Everyone is already waiting for the growth of bitcoin, and someday he must begin to rise. This can begin with such an seemingly random jerk up, which can provoke its further growth.

[vit05]

I still find it incredible that the volume seems to be very low. That dynamic market with many buy and many sales seems to have disappeared. So this leads to a book with few orders where a whale can pick up several degrees of the book and raise the price immediately or drop a lot. It is a totally unexpected market..

[aoluain]

Ok supposing someone ir a group bought into bitcoin, how much would it take
to affect the market as we saw today $1000 increase in 60 minutes?

[Egoitss]

One of the versions (rumors) is that there were too many shorts in market what causes money loss for exchanges so they pushed price up to cover them.

[Kemarit]

One of the versions (rumors) is that there were too many shorts in market what causes money loss for exchanges so they pushed price up to cover them.

So are you saying that exchanges are pumping it and practicing the old but effective way of faking the trade volumes? Well, I'm not sure about that theory but who knows. For me this is clearly a pump be we don't know who are source of all of this. Institutional investors? Whales pouring more cash, or big entities with inside information? Its all speculation. But if you are going to look at the TA, the double bottom was hit few weeks ago so it makes sense that a break out will follow. But for whatever reasons for the pump, one should be cautious and not to jump for joy. Although is really welcoming to see the price going green again by at least 5% or more. 

[Lucius]

It seems like something serious happens and not only quick pump&dump-price is now 8100$ and it seems that this is not the end.Yesterday price is also touch 8000$,but after short time it fell down to 7500$.I was expecting to see 7000$ this morning or something like that,but BTC have gone out of the long winter and is currently in the early spring phase.We all know how things look in the spring,everything is green and full of optimism-and BTC is also in the green,17.50% up in last 24 hours

[Alex077]

To be exact, the price has increased by 1200 less than in 30 minutes.It's hard to say why: that this was different assumptions, but this strong growth looks like in November-December 2017. I think that the rate will be above 7000$ if the negative news will not appear. I expect good growth above the level of 10 000 by the end of April.

      

[Grossmann Jr.]

I don't think that it is organic, the price was manipulated somehow. Not enough positive stuff happened to increase the price so immediately

[Apex Investments]

Dollars to donuts this is the big institutional investors jumping into the space.  The price jump was accompanied by a huge surge in volume which is clear indication that someone big was buying.

Remember, there was news that both Soros and Rockefeller's investment funds were investing in the space so I think that we are starting to see the start of institutional investors in crypto which is a bullish sign for prices. 

[FrueGreads]

I won't put a lot of hope in this jump. Maybe we can see some follow through, but the markets are still very irrational in my opinion, and probably manipulated. For me this changes nothing, and I will just continue to hold my coins, either the price continues to increase or starts falling again.

Of course that assuming that bitcoin will work, the price can't continue to follow, and will eventually go up again, as more people buy. The thing is, that nothing changed in terms of regulation or adoption, so I think this move means nothing.

[Benni Scherz]

Hope it's an ongoing trend and soon we will see prices from December 2k17

[nice_hoody_bro]

Wonderful news, but it is a bit unusual... no intereting news with postive impact, why have bitcoin gained so much

[Notcalculator]

There's almost always a rapid drop after a rapid rise. Though i guess, this sends a bit of optimism. Just worried about the possible manipulation. Why now though? If this is a manipulation then they think bitcoin has reached its bottom. Which is not bad considering it was around 6k-7k.