Battle for the Single Digits

[Edward50]

This will be the last great bitcoin battle fought. Will the market manipulators who have been keeping the price of bitcoin high for so long and have put up their defenses at every major price point be able to hold back the stable real price of bitcoins.

They defended the price with lots of money, putting up huge bidwalls at every price point on the fall down to a stable price.

They seem to have put up one last defensive wall at $10 and $10.1 of only 5,000 bitcoins. This is their final pathetic atempt to stop the inevitable fall into the single digits where bitcoins will flourish and be affordable for all people to use and invest.

If you look at the market depth you will see that they have given up after the $10 dollar wall is broken, there is absoultely no bid walls all the way down to the $7 range. This clearly shows that most of the buying was done by a few market manipulators and when they pull out you will see the small buys by the average investor.

The manipulators lost tens of thousands of dollars in there grand scheme to try and push the price back up higher. How stupid could they have been knowing that miners are making over 7,000 bitcoins a day and they would have to continue throwing thousands of their dollars into buying all those bitcoins.

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[Crazy]

I sure hope so, at least till I unload my last 10BTC. Waiting for it to hit MtGox. C'moooon confirmations ;|

[Nagle]

Just hit single digits at $9.98.

[proudhon]

8.90

[Edward50]

What the hell, this wasn't even a battle, they just surrendered at the first sign of attack.

I thought they were winning as the price went into the $11's, next I look it is in the $8's.

[Mousepotato]

FUUUUUUUUUUUUU I shoulda bought at 8.7!!!

[SgtSpike]

SUDDENLY

$10.30

[ryepdx]

Massive bounce? Flash crash? What's the overall trend?

We're in the middle of some very emotion-driven moves here. No telling what might happen.

[Edward50]

Massive bounce? Flash crash? What's the overall trend?

We're in the middle of some very emotion-driven moves here. No telling what might happen.

It will bouce back and forth a bit as it takes little money to move the market right now. However, the current trend is down and with making a new low at $8.7, these new lows are almost always taken lower within a couple of days.

[Piper67]

Massive bounce? Flash crash? What's the overall trend?

We're in the middle of some very emotion-driven moves here. No telling what might happen.

Nah, we're in the middle of a massive sell off of Mybitcoin and Bitomat coins. Prices will be really juicy for the Asian markets that will be waking up in 5 to 8 hours.

[Nagle]

There's no market depth right now. There's only 3000 BTC of depth between $8 and $11.  A day ago, there was 30,000 BTC of depth. So small trades can kick the price all over the place. The price has ranged from $9.7 to $10.5 in the last two minutes.

[ryepdx]

Lots of opportunities for lucky/skilled speculators, it sounds like.

[lemonginger]

There is very little resistance between here and $8 or so.

Interestingly enough, I think $6-$8 is a good consolidation price for BTC for the forseeable future until more infrastructure comes online, better clients are built, etc.

I sold the few hundred BTC I had laying around yesterday and will buy back in about $7 or so. In the meantime, I will use bitcoins as I need them but not hold them.

[proudhon]

Yeah, I'm confident we'll go below $9 again before this is over.

[ryepdx]

Interestingly enough, I think $6-$8 is a good consolidation price for BTC for the forseeable future until more infrastructure comes online, better clients are built, etc.

Agreed. Ultimately that slew of "OMG, RETURNS OF 3,000%" articles did us more harm than good. We were thrown out into the limelight too soon. But I suppose it was a sorely needed learning experience. When we return, it'll be with a much better infrastructure.

[OgNasty]

Nah, we're in the middle of a massive sell off of Mybitcoin and Bitomat coins. Prices will be really juicy for the Asian markets that will be waking up in 5 to 8 hours.

As sad as it is to say, I hope this is what we're seeing.  Otherwise it might be game over...

[bitclown]

Massive bounce? Flash crash? What's the overall trend?

We're in the middle of some very emotion-driven moves here. No telling what might happen.

Nah, we're in the middle of a massive sell off of Mybitcoin and Bitomat coins.

I've yet to see any evidence of MyBitcoin/Bitomat coins currently being spent. The sellers are casual miners and "investors" who are disappointed they didn't become millionaires overnight. Most of them have probably no idea about how Bitcoin work and what makes the technology so great. They just want their fiat, so good riddance.

[error]

I still haven't seen your explanation of what makes you think anyone was manipulating the market to prop up prices.

[ManOfKnight]

What a day of trading...looks like it is holding steady at $9.30 USD right now on MtGOX.   From $12.33 to $9.30?  That is a BIG drop...not as bad as June...but still a big hit on confidence.

[Minsc]

I think the people buying all those coins trying to hold up the price are the early adopters who got millions of coins.  But they weren't rich and all their money was in coins so to get money, they have to sell their coins and like the guy who put up a bidwall at 6.66, he bought thousands of coins at that price, but if all his income was in bitcoins, that means he had to sell them for cheaper to be able to buy less coins back at a higher price to try to prop the price up.

Every time an early adopter sells their 10,000 coins, they need to find investors with $70,000 to pay for that or the price collapses.  There are millions of coins stored by early adopters and there's nowhere even near the amount of money willing to buy them.  If there were bitcoin shops, sure it would be good but like I said in https://bitcointalk.org/index.php?topic=41905.0 bitcoin shopping is too cumbersome for the layman.