What caused this sudden ~10% increase in Bitcoin Price?

[MatTheCat]

Maybe this?
http://www.coindesk.com/chinas-central-bank-governor-pboc-wont-ban-bitcoin/

But that is old news, that is not why the price suddenly shot up today. I was wondering myself if there was some piece of news that was released today that I missed. But in browsing the forum and google, I cannot find any news consistent with the price boost today. Maybe the general market is anticipating a price boost after the 15th and decided to get in early on it. I bet we'll be trading in the 500-600 by the end of the week.

This was instigated on the Chinese exchanges a few minutes before the USD exchanges jumped on board (many trading bots respond to action across all exchanges). The Chinese exchanges which may or may not be largely faked volume. It also coincided with a cross over of the 1 day MACD, similar to jump from $400 - $580 - $710 in March of which this $340 - $410 - $475 jump is thus far a near perfect fractal of, with decreased price ranges and time spans. It also coincides with a full moon in China (it was evening in China when pump was kicked off).

As I type, Huobi is front running the cross exchange price action and has formed quite a different chart from Bitstamp.

I personally don't think the lowest low is in and I find it incredible that genuine Chinese investors are clamouring to pile into Bitcoin right on the eve of their central banks deadlines on banks working with Bitcoin exchanges. Sure, there may be yet another 'work around' just like the last time but the writing is surely on the wall for Bitcoin in China. The PBOC will not tolerate such an obvious and easy means of capital flight, tax evasion and undermining of their economy, should it be allowed to grow, so they will make sure it doesn't, without actually banning Bitcoin itself.

Most sinister scenario is that this was a price spike timed to collide with some important longer term TA indicators, based on largely fake Chinese volume and the end result will be greatly increased buy-in support in tranches below the inflated spot price followed by yet more Chinese dumps on USD exchanges. Outwith that, such a sudden sharp surge of buying power out of knowhere just doesn't make any fkn sense to me.

[1715049089]

1715049089

[YipYip]

Maybe this?
http://www.coindesk.com/chinas-central-bank-governor-pboc-wont-ban-bitcoin/

But that is old news, that is not why the price suddenly shot up today. I was wondering myself if there was some piece of news that was released today that I missed. But in browsing the forum and google, I cannot find any news consistent with the price boost today. Maybe the general market is anticipating a price boost after the 15th and decided to get in early on it. I bet we'll be trading in the 500-600 by the end of the week.

This was instigated on the Chinese exchanges a few minutes before the USD exchanges jumped on board. The Chinese exchanges which may or may not be largely faked volume. It also coincided with a cross over of the 1 day MACD, similar to jump from $400 - $580 - $710 in March of which this $340 - $410 - $475 jump is thus far a near perfect fractal of, with decreased price ranges and time spans. It also coincides with a full moon in China (it was evening in China when pump was kicked off).

As I type, Huobi is front running the cross exchange price action and has formed quite a different chart from Bitstamp.

I personally don't think the lowest low is in and I find it incredible that genuine Chinese investors are clamouring to pile into Bitcoin right on the eve of their central banks deadlines on banks working with Bitcoin exchanges. Sure, there may be yet another 'work around' just like the last time but the writing is surely on the wall for Bitcoin in China. The PBOC will not tolerate such an obvious and easy means of capital flight, tax evasion and undermining of their economy, should it be allowed to grow, so they will make sure it doesn't, without actually banning Bitcoin itself.

Most sinister scenario is that this was a price spike timed to collide with some important longer term TA indicators, based on largely fake Chinese volume and the end result will be greatly increased buy-in support in tranches below the inflated spot price followed by yet more Chinese dumps on USD exchanges. Outwith that, such a sudden sharp surge of buying power out of knowhere just doesn't make any fkn sense to me.

Dude ... you are over cooking it .... fear has left the market place

Pplz have adjusted to the new status quo and up we go

I am buying just like u are ...lolz

[MatTheCat]

Dude ... you are over cooking it .... fear has left the market place

Pplz have adjusted to the new status quo and up we go

I am buying just like u are ...lolz

We will see.

and I aint buying, I am selling.

I was fooled by the March 2014 spike to $710, as were many people. I amn't fooled by this one, just as many other people won't be. I very much doubt that Bitcoin will burst out of it's long term down trend in spectacular fashion, but rather limp and groan across it at much lower prices, so low that nobody even cares that the trend has been breached.

[YipYip]

Dude ... you are over cooking it .... fear has left the market place

Pplz have adjusted to the new status quo and up we go

I am buying just like u are ...lolz

We will see.

and I aint buying, I am selling.

I was fooled by the March 2014 spike to $710, as were many people. I amn't fooled by this one, just as many other people won't be. I very much doubt that Bitcoin will burst out of it's long term down trend in spectacular fashion, but rather limp and groan across it at much lower prices, so low that nobody even cares that the trend has been breached.

U are seeing it wrong ...but thats fine ... I am "ALL IN" anything sub 500 is good to go

My Mid-Long term it is all good ..sometimes looking for the bottom bottom you will be "A DICK FOR A TICK" and miss the move

Sure the chinese are fucking with us but there are some absolute awesome fundmentals going on

ATLAS as a trading platform with OPTIONS and leverage has sealed the deal for me... we may go lower we may not but I am not missing the rocket... this is round 3 for me and its going to be awesome

[MatTheCat]

U are seeing it wrong ...but thats fine ... I am "ALL IN" anything sub 500 is good to go

My Mid-Long term it is all good ..sometimes looking for the bottom bottom you will be "A DICK FOR A TICK" and miss the move

Sure the chinese are fucking with us but there are some absolute awesome fundmentals going on

ATLAS as a trading platform with OPTIONS and leverage has sealed the deal for me... we may go lower we may not but I am not missing the rocket... this is round 3 for me and its going to be awesome

Then stack up while we are still sub $500 dude!


......see ya at $250 sometime in mid May.

[YipYip]

U are seeing it wrong ...but thats fine ... I am "ALL IN" anything sub 500 is good to go

My Mid-Long term it is all good ..sometimes looking for the bottom bottom you will be "A DICK FOR A TICK" and miss the move

Sure the chinese are fucking with us but there are some absolute awesome fundmentals going on

ATLAS as a trading platform with OPTIONS and leverage has sealed the deal for me... we may go lower we may not but I am not missing the rocket... this is round 3 for me and its going to be awesome

Then stack up while we are still sub $500 dude!


......see ya at $250 sometime in mid May.

If you are correct then we would have a massive retraction in mining ..at the moment it cost ~ 300 to produce 1 btc and LTC its at ~8-10

You are then saying that we are going to drop 50% of the network for both btc & ltc

I dont see that happening and ppl will just hold than sell for those prices....it would be a catastrophic result for crypto if this happened and we would need to question the validity of the experiment if we had prolonged holding at these prices IMHO

[MatTheCat]

If you are correct then we would have a massive retraction in mining ..at the moment it cost ~ 300 to produce 1 btc and LTC its at ~8-10

You are then saying that we are going to drop 50% of the network for both btc & ltc

I dont see that happening and ppl will just hold than sell for those prices....it would be a catastrophic result for crypto if this happened and we would need to question the validity of the experiment if we had prolonged holding at these prices IMHO

a) That depends on where the miners are based.

b) I am pretty sure that it was much more costly to produce 1 BTC in Nov 2011 than $2.

c) How likely do you consider it is to be, that the very first crypto-currency ever produced happens to hit the nail right on the head and doesn't run into issues which basically means 'back 2 the drawing board'?

[YipYip]

If you are correct then we would have a massive retraction in mining ..at the moment it cost ~ 300 to produce 1 btc and LTC its at ~8-10

You are then saying that we are going to drop 50% of the network for both btc & ltc

I dont see that happening and ppl will just hold than sell for those prices....it would be a catastrophic result for crypto if this happened and we would need to question the validity of the experiment if we had prolonged holding at these prices IMHO

a) That depends on where the miners are based.

b) I am pretty sure that it was much more costly to produce 1 BTC in Nov 2011 than $2.

c) How likely do you consider it is to be, that the very first crypto-currency ever produced happens to hit the nail right on the head and doesn't run into issues which basically means 'back 2 the drawing board'?

There are no fundamental problems that I can see.... ANd this would mean a major retraction in the mining sector ...including all but 0.4 c a k/w in washington state ....dubia and iceland

This knocks out 80%+ of all GPU rigs ... this would be a huge impact and I would be switching of my 70m farm as well 

I just dont see this happening .... 

[zimmah]

People have been waiting for an opportunity to buy, and the price was driven low by several factors

1) the regular bitcoin periodic trend line was somewhat due to a dip
2) the FUD around china
3) the FUD around mtgox
4) a lot of greed From people waiting cheaters coinmap

When the FUD started to become less likely and when a bottom was reached allowing the bears to buy in the price started to rise. Now people who still haven't bought are starting to worry the price may not get lower again, so they will soon start a buying spree which might trigger a run.

A new run/bubble/ATH is due around June/July and to reach an ATH in July the price should see an increase by the beginning of May, which will become insane somewhere late may or early June.

I wouldn't be surprised if it would hit 5000+

[YipYip]

People have been waiting for an opportunity to buy, and the price was driven low by several factors

1) the regular bitcoin periodic trend line was somewhat due to a dip
2) the FUD around china
3) the FUD around mtgox
4) a lot of greed From people waiting cheaters coinmap

When the FUD started to become less likely and when a bottom was reached allowing the bears to buy in the price started to rise. Now people who still haven't bought are starting to worry the price may not get lower again, so they will soon start a buying spree which might trigger a run.

A new run/bubble/ATH is due around June/July and to reach an ATH in July the price should see an increase by the beginning of May, which will become insane somewhere late may or early June.

I wouldn't be surprised if it would hit 5000+

+ AGreed