WHAT IN THE WORLD JUST HAPPENED!???

[edgycorner]

Probably the best recovery in the history of Bitcoin.



But how did this happen!?

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[exstasie]

Probably the best recovery in the history of Bitcoin.

I guess you've never seen a real Bitcoin shakeout or capitulation. Check out the Silk Road crash in October 2013, or the January 2015 crash. This is nothing compared to those.

But how did this happen!?

Bears went on a fishing expedition which failed. They dumped into thin books, trying to pressure the market down by making new lows. Buyers snapped price back like a rubber band, driving price right back where it came from. That squeezed the bottom shorters, who are scrambling to close their losing shorts now. This kind of action is called a "short squeeze."

[pawel7777]

I'm no expert, but from I learnt so far from internet self-proclaimed TA experts - professional term for this pattern is: green dildo giving a a birth to the new bart.

[BitHodler]

I was literally about to speed up my dollar cost average purchase by two days because of the dump to $6100 and when I was about to buy Bitcoin from my local exchange, the price instantly shot up to +$6400 lol.

I still bought in since I'm buying for long term purposes, but that was definitely an interesting development. Should we feel bad for those who got their shorts demolished by that peak or should we say f.you bears!!

Either way, the price is still hovering far below the $7000 mark so we haven't really booked much progress in the grand scheme of things. It's a tiny movement that gave some people a form of hope and others frustration.

[pitiflin]

Bears went on a fishing expedition which failed. They dumped into thin books, trying to pressure the market down by making new lows. Buyers snapped price back like a rubber band, driving price right back where it came from. That squeezed the bottom shorters, who are scrambling to close their losing shorts now. This kind of action is called a "short squeeze."

In reality what happened is, some idiots tried to influence the price, fucking failed. Some whale or a bull didn't want the dip to be a success so he risked his money. Or people just collectively came together and bought bitcoin(yeah right!).

Probably the best recovery in the history of Bitcoin.

No. Definitely not. This recovery was hardly a recovery. The price shot up only by a couple hundred dollars, not a big difference.

[adaseb]

Basically the order books in Bitmex were thin and the open interest was crazy high. If you had enough money in Bitstamp, Kraken and Coinbase you could easily manipute the market anyway you want. The mark price is a 1/3 of each of those exchanges and usually the algo bots follow those exchanges.

IF you want to see this live then add the exchanges to:
https://bitcoin.clarkmoody.com/tickers/

And you will see that if you start dumping or pumping at once on those exchanges then algo bots will start dumping and pumping on Bitmex. Basically similar to what happened when the bull whale started buying 30K worth of BTC in the last few weeks.

The Bitfinex price was higher than the other exchanges so what happened was the algo bots market sold into Bitfinex at a premium and just went long on Bitmex. Then they waited a few hours for prices to settle and collected the difference.

 

[shield132]

Best? Oh, no. There exists no best because it is bitcoin's nature, just see some past charts, many similar recoveries have happened in hours too. Nothing to talk about recover, it's rise is much interesting. Did you remember how price rised by 4000$ in one day this winter? It's a really serious deal, especially when price was 8K or 10K at the moment.

[STT]

Bears went on a fishing expedition which failed. They dumped into thin books, trying to pressure the market down by making new lows. Buyers snapped price back like a rubber band, driving price right back where it came from. That squeezed the bottom shorters, who are scrambling to close their losing shorts now. This kind of action is called a "short squeeze."

In reality what happened is, some idiots tried to influence the price, fucking failed. Some whale or a bull didn't want the dip to be a success so he risked his money. Or people just collectively came together and bought bitcoin(yeah right!).

Probably the best recovery in the history of Bitcoin.

No. Definitely not. This recovery was hardly a recovery. The price shot up only by a couple hundred dollars, not a big difference.

Way too many people thinking about whales moving everything when whales follow the trend of a market just like everyone else.   Even if entities like the Mt.Gox fund controller is around, he is doing the opposite of trying to make a big splash.
The range we're in is quite set, going back many months we been bouncing around these points.   Its easy money to buy at one end and even sell the other, we do pass the line sometimes but I imagine quite a few people had orders to buy there and it was enough to close out those short attempts.

  Any time short selling fails, its a sudden shift as they are not true sellers and it happens in every market a short seller is just a future buyer

[pooya87]

~
I guess you've never seen a real Bitcoin shakeout or capitulation. Check out the Silk Road crash in October 2013, or the January 2015 crash. This is nothing compared to those.

why go a long way back! we have a much more recent one and this is nothing compared to that. i can't remember when exactly this was but you can probably find the topics of it. basically some whale(s) went mad then in less than 10 minutes they cleared the orderbooks up and down. i believe it was @$1100ish price when price dumped down to $975 then jumped up to $1350 (March 10). it was pretty funny to see.

[Asrael999]

Futures Expiry manipulation attempt

[chickenado]

Best? Oh, no. There exists no best because it is bitcoin's nature, just see some past charts, many similar recoveries have happened in hours too. Nothing to talk about recover, it's rise is much interesting. Did you remember how price rised by 4000$ in one day this winter? It's a really serious deal, especially when price was 8K or 10K at the moment.

Everything is possible in this market place big recover and big dropped it seems normal, many think that  big whales is making big wave to manipulate the price but for me personally it just the demand versus supply  usually matters.

[Tytanowy Janusz]

Whale take another whale for a trip to the end of leverage. 1 whale shorted to caused panic. Bigger whale bought his short and pushed price to make him rebuy.

Way too many people thinking about whales moving everything when whales follow the trend of a market just like everyone else.   Even if entities like the Mt.Gox fund controller is around, he is doing the opposite of trying to make a big splash.

We have whale investor and whale speculant. There are whales with houndreds of milions slowly investing fallowing trend and short term speculats puting dozens millions into shorttime trade willing to cause panic or euphoria.
For example to break 6k to cause panic. I've personally met person who speculates on DAX (https://en.wikipedia.org/wiki/DAX) on 1 day period (for example he shorts at the opening causing red dildo to scare others and rebuy at the end of session). These are trades where you can, in 1 day, earn milions or loose milions if you will be driven up/down by bigger whale.

[hengha]

When the price of cryptocurrency changes dramatically, all cryptocurrencies are closely related to whales. I think this is the same reason!

[talkbitcoin]

that is the beauty of a market that is maturing and eventually invalidating the meaning of a "whale" as they become small fishes against the much bigger market.
this is once again proof that you can not go against the market like this or you will be crushed. having a lot of money doesn't make someone a whale. that knowledge is what can make you a real whale.

[1Referee]

that is the beauty of a market that is maturing and eventually invalidating the meaning of a "whale" as they become small fishes against the much bigger market.
this is once again proof that you can not go against the market like this or you will be crushed. having a lot of money doesn't make someone a whale. that knowledge is what can make you a real whale.

Just because of what happened yesterday doesn't mean that something has changed and whales are less relevant now.

We can only guess what happened just because it's likely to think in a certain (obvious) direction, while we might be completely wrong on this. It's easy to say for people here that bears got burned because they tried to trigger this or that reaction, but there is so much more that we don't know about that might have triggered that reaction, that blindly assuming x happened isn't the right way to move forward.

Psychological manipulation is just as important as physical (actual spot market) manipulation.

[reflector]

The current crypto world was relay on whales and government gaint so they are all trying to bleed the cryptocurrency in this year. So we will buy more crypto and hold for this year then only we will earn more profit on next year. So these are the main reason for crypto disaster and future market is depends on current investors so try to buy more bitcoin and altcoin then only we are all expect good jump in future.

[STT]

Whale take another whale for a trip to the end of leverage. 1 whale shorted to caused panic. Bigger whale bought his short and pushed price to make him rebuy.

Way too many people thinking about whales moving everything when whales follow the trend of a market just like everyone else.   Even if entities like the Mt.Gox fund controller is around, he is doing the opposite of trying to make a big splash.

We have whale investor and whale speculant. There are whales with houndreds of milions slowly investing fallowing trend and short term speculats puting dozens millions into shorttime trade willing to cause panic or euphoria.

I dont doubt they exist, I just think even a whale must obey the tides.   Its the natural effects which move the oceans of the world and the whales are within that change same as the rest of us.   Its foolish for them to fight a real trend thats taking place, they are quite likely to lose money

Futures Expiry manipulation attempt

Here this has some credit as at this point in time a contract does expire.   I think its called pinning where the open declared interest on a contract wants to pin the price to fulfil a profit scenario for the expiry of that contract.

https://www.investopedia.com/terms/p/pinningthestrike.asp
Here we go, the link explains how a price gains special significance at these critical times.   I can believe this over just the idea of a whale did it, because its an entire market range of speculators now interested in a price.   Same happens without prompting as we approach the 200 day average price, just because people hold this number as a magic reference so it becomes magnetised

[buwaytress]

Preeetty sure I've seen really similar flash spikes/dips and I've not even been peering at charts for much longer than a year.

I saw this happen actually while making a trade, didn't think much of it amid the Ripple hype, what's curious is that even these smaller movements are getting people excited. Don't get me wrong, not crapping on anybody, just thought we'd all be a bit dulled out by now.

I'm no expert, but from I learnt so far from internet self-proclaimed TA experts - professional term for this pattern is: green dildo giving a a birth to the new bart.

Don't know about others but this shrewd amd succinct analysis has made me reevaluate my stance on TA. Perhaps there are, after all, experts still roaming these halls.

[jrrsparkles]

I think the mining cost of bitcoin makes the prices to stay at the above level since the current bitcoin crash happening since January 2018,ANd also the short term investors who understands that the prices were moving in a range so they are juet keep bumping and dumping at certain range.

[shulio]

Bulls said NO, not anymore to bears and signaled a pump. After that we are now at 6800 dollars.