Big pop up again

[manismanja]

yes you are right for now a lot of signals that happen sometimes the price goes up to $ 6k and sometimes it also goes up to $ 7k and hopefully this is a good start to be able to increase prices.

[1713442348]

1713442348

[1713442348]

1713442348

[1713442348]

1713442348

[audaciousbeing]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.

Saying we see another pump as it appears would mean there was a dump in the first place but what if we look at it this way, major players are in the market to make money and any situation is a good situation for a day trader because he does not have the patience to hold long term so the little profit he can make in a short period is enough if he can ensure there is huge turnover in making this happen. As a day trader, you buy at the $5,900 range then rather than wait to let it touch $10000 which might not happen any time soon, you are taking any gain of $500 to $600 in few days. I think its a good win.

Bringing government into the equation is expanding the theory beyond simple comprehension because saying government is trying to bring the price down would mean they are dumping bitcoin and admitting they must have bought the same bitcoin at a higher price since the price has not gone so lower in recent time and them dumping would sure be trading at a loss. Now coming to buy when its low, would then mean they have to go source for external fund or be able to buy lower than what they purportedly held before the dumping exercise. Maybe I am missing something, but it does not add up.

[MChain]

frankly we could be a lot lower than we are.  I'm grateful for that.

Give it time. This bear market may continue for years. Just like it's been after MtGox crash

[milenium]

Just at these price levels, large buyers, they move the price upwards

[Febo]

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up.

There is nothing like a "diamond solid ground in which miners will never let bitcoin go". Miners with more expensive electricity will just stop mining when price goes under $5000.  That will reduce difficulty and the rest miners will get more bitcoin for same hash power invested.

[Richeniko55]

That's the reason I think we won't get below $5800.

[1Referee]

Miners with more expensive electricity will just stop mining when price goes under $5000.  That will reduce difficulty and the rest miners will get more bitcoin for same hash power invested.

The majority of the miners aren't even selling their coins at spot prices anymore with how much more they can get for these coins by selling them privately.

I have contacted various miners to sell me virgin coins this year, but they (those that actually did reply) wanted me to pay a premium of 50% per block + fees, which just points out that miners aren't in such a horrible position at all. Buying a whole block with such a premium is too much for me, but if anyone can hook me up with a miner willing to mint 1BTC to one of my addresses for a $2000 premium (premium over spot value at the time of minting) hook me up.

[figmentofmyass]

But as a trader, you perform technical analysis, and if you apply TA, I don't really see $6k anymore as a bottom, unless you believe in what, a quintuple bottom at this point? I mean we were discussing a triple bottom a month ago, now it has bounced back, so quadruple bottom is at play if it keeps going up.

that's how i felt about the price action in 2015. we kept hammering the $200 area (sometimes wicking below for a short time) and bouncing back. for me, that's usually a sign that support will fail and we should be ready for lower levels.

but amazingly, the level held. and if you look at the bitstamp chart and cut off the wicks, it looks like a quadruple bottom.

honestly, you never know with BTC. sometimes we find unicorns on the charts here.

So out of any TA, there must be a fundamental reason for this. The only fundamental analysis I can do towards this solid $6k resistance is the cost-of-mining-1-bitcoin theory, which true or not, becomes a self fulfilling prophecy at this point.

what about a simpler explanation: strong demand exhausts supply. demand from investors. it doesn't matter who they are or why they're buying, but that's more believable to me than miners perpetually propping up the price.

[cold cool]

The more we fall, the more opportunities the market offers. A fall in the market gives investors opportunities.

[asidamani]

frankly we could be a lot lower than we are.  I'm grateful for that.

Give it time. This bear market may continue for years. Just like it's been after MtGox crash

It is different this time. There are more users this time. The bear market could finish in the next few months.

[pooya87]

frankly we could be a lot lower than we are.  I'm grateful for that.

Give it time. This bear market may continue for years. Just like it's been after MtGox crash

It is different this time. There are more users this time. The bear market could finish in the next few months.

the bear market ended a while ago. this is just a residual effect and some people wishing it to continue some of them have the power to make it continue so they are dumping to push it down.
and it is basically because they believe bitcoin will soon be $50k in a short time and ... $1 million eventually. so imagine if you have $10k and price is $10k so you can buy 1BTC which will be $1 million. but if it drops more you can buy 2BTC which will be worth $2 million which is why they keep hoping for the bear market to continue and push for it.

[figmentofmyass]

the bear market ended a while ago. this is just a residual effect and some people wishing it to continue some of them have the power to make it continue so they are dumping to push it down.

its waaaaay too early to say. how are you so confident the bear is done?

in any market, this whole $6000-$12000 trading range could be a bearish consolidation. i'd love to see things turn around, but by all trend-reading techniques i know, this is still a bear market. break above $8500 (higher high) and we can start believing otherwise.

[napi]

yes you are right for now it seems like a lot of really good moments to buy bitcoin and use it when the price of bitcoin falls to be able to buy as much bitcoin as you can.

[MChain]

frankly we could be a lot lower than we are.  I'm grateful for that.

Give it time. This bear market may continue for years. Just like it's been after MtGox crash

It is different this time. There are more users this time. The bear market could finish in the next few months.

So? The price is not ~300 bucks either like it used to be back then.

[STT]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

I wouldnt say its just like that, we got people watching like hawks looking for entry and when to catch a tide for ride up and so on.  BTC is famous for its speculators of course.     The scenario I see now is of a negative trend but also exhaustion and the end of that trend.  People typically get gloomy at their most extreme on the tail end of this negative trend but the important note is we already fell, its too late to be gloomy now the smarter thing is keen eyes looking for a change in the prevailing wind.

Doesnt have to happen but my view of this 'sudden rise' is people carefully noting and entering for a possible rise.   It takes more then one factor but for a global market its complicated to see all points of views in all currencies.  In some very troubled currency like Turkish Lira for example they already are grateful to hold some BTC I think

[gabmen]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.

Looking at how the price moved this year, i think there's logic behind what you said dude and probably that's why all these speculations indicating that we'll bottom out at 4 or 3k isn't that valid. Whales and high holders have the say in this kind if market.

[cellard]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

I wouldnt say its just like that, we got people watching like hawks looking for entry and when to catch a tide for ride up and so on.  BTC is famous for its speculators of course.     The scenario I see now is of a negative trend but also exhaustion and the end of that trend.  People typically get gloomy at their most extreme on the tail end of this negative trend but the important note is we already fell, its too late to be gloomy now the smarter thing is keen eyes looking for a change in the prevailing wind.

Doesnt have to happen but my view of this 'sudden rise' is people carefully noting and entering for a possible rise.   It takes more then one factor but for a global market its complicated to see all points of views in all currencies.  In some very troubled currency like Turkish Lira for example they already are grateful to hold some BTC I think

In order to profit from the hedge that bitcoin delivers against fiat currencies deprecating against it, you must own bitcoin before your local fiat currency crashes.

The problem is just like in previous fiat disasters, people usually don't own BTC when the fact happens, they start looking into it after the fact, which mean is harder to obtain. You must have some longer term planning. So if I was turkish I would have already BTC instead of waiting for my currency to dump 25%.

Also most people are computer illiterate and don't know how to act fast. But it's only a matter of time they start catching up.

[Coffee135]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

I wouldnt say its just like that, we got people watching like hawks looking for entry and when to catch a tide for ride up and so on.  BTC is famous for its speculators of course.     The scenario I see now is of a negative trend but also exhaustion and the end of that trend.  People typically get gloomy at their most extreme on the tail end of this negative trend but the important note is we already fell, its too late to be gloomy now the smarter thing is keen eyes looking for a change in the prevailing wind.

Doesnt have to happen but my view of this 'sudden rise' is people carefully noting and entering for a possible rise.   It takes more then one factor but for a global market its complicated to see all points of views in all currencies.  In some very troubled currency like Turkish Lira for example they already are grateful to hold some BTC I think

In order to profit from the hedge that bitcoin delivers against fiat currencies deprecating against it, you must own bitcoin before your local fiat currency crashes.

The problem is just like in previous fiat disasters, people usually don't own BTC when the fact happens, they start looking into it after the fact, which mean is harder to obtain. You must have some longer term planning. So if I was turkish I would have already BTC instead of waiting for my currency to dump 25%.

Also most people are computer illiterate and don't know how to act fast. But it's only a matter of time they start catching up.

Do you have a guarantee that Erdogan will not prohibit the use of cryptocurrencies? He is a dictator. What does not fit in his head for him evil. Turks in any case will lose their savings even if they have dollars and bitcoins. That's the price people pay for bringing dictators to power.

[horse_white]

This is what Wall Street call "price discovery".

Wall Street loves meaningless buzz-phrases like that.  Drives me insane sometimes.  If you read an analysts report, you'll see bloated "analysis" which purports to show why a stock is going to be higher or lower.  In other words, it's fluff.  If they were honest, those analysts would write that they're pulling predictions out of their asses.

Anyhow, I didn't realize bitcoin had dropped so much.  I haven't seen it below $6k for a while now, but sometimes things happen when I'm sleeping and then gets reversed by the time I wake up.  I'm fine with where it's at right now, which is around $6.3k.  I don't pretend to know where bitcoin is headed, but frankly we could be a lot lower than we are.  I'm grateful for that.

This is how they secure their comfy positions up there. Use a bunch of senseless jargon so normal folk like us get headaches trying to decipher it and just end up hiring an "expert", whose track record isn't much better than a monkey pressing buy or sell buttons.

Economics as a study is complete nonsense if you ask me. Its theories of "perfect efficiency" only work in a vacuum. For real life, there's something else involved. We call it greed, fear, and rationality. I don't think they've figured this out fully yet, but they sure are trying.

[timerland]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.

There definitely seem to be big players within the market that want to accumulate large amounts of BTC at these levels. And thus, support at this $6k level is still extremely strong at the moment.

I'm not sure about the theory of a government or some cartel trying to keep prices down. There is simply no proof of that right now.

What we are seeing however, is that there is a huge demand for cheap bitcoins under $7k. And even though prices could well dip below that figure, it's unlikely that BTC will continue to drastically decrease in value much more, meaning that we're probably close to the bottom. Buying right now for the next bull market is definitely a smart thing to do, imo.