Why is the bitcoin price rising rapidly today?

[thirdprize]

I think with each big jump in prices it is either a large push by the press igniting interest OR some new drug/porn site opening on TOR!  I notice Darkcoin went up the same time as Bitcoin last week, so i would suspect the latter of the two.

[Karasugoi]

we are gonna hit 10% increase today..something not seen for a couple of months happens today...but what is the reason?

Why do some people need to get a narrative explanation behind every single market move? 

The past 6 days have show us volume and price movement that are significantly higher than we have seen for the past month.  Looking for posts that explain this movement didn't yield anything.  Seems odd for someone reading in speculation posts to not want to know more?

Do you have an explanation??

[exocytosis]

Do you have an explanation??

From Reddit:

It depends on what people are doing. In this case it may be that people who have been day-trading on BitStamp have decided to move their money out, and the easiest way is to convert any fiat they have on BitStamp into BTC and withdraw those, rather than waiting days for the international banking system to maybe give them most of their fiat back by bank transfer. This would push the value of BTC on BitStamp upwards, and other exchanges would follow on the assumption that the rise is real.

Remember what happened with mtgox when they stopped/limited fiat withdrawals (which is what stamp is doing now)? People buy coins because they can still move those out -> price goes up.

http://www.reddit.com/r/Bitcoin/comments/26fdkz/whos_watching_the_fireworks_with_me_the_bitstamp/

That's the best explanation I've seen so far. Might be wrong though.

[Wandererfromthenorth]

Again, STOP with this bitstamp FUD.

Jesus christ guys, why are we going up you say?
Simply because exactly on Tuesday 20th of May we touched a precise crucial point in the graph when we had to either breakout or go down to the depths of hell. We chose the former. period. is not complicated to understand.

https://bitcointalk.org/index.php?topic=618116.0

[bitleif]

Again, STOP with this bitstamp FUD.

Jesus christ guys, why are we going up you say?
Simply because exactly on Monday 20th of May we touched a precise crucial point in the graph when we had to either breakout or go down to the depths of hell. We chose the former. period. is not complicated to understand.

https://bitcointalk.org/index.php?topic=618116.0

Exactly. Markets are chaotic systems with their own internal forces. Everyone watches what everyone else is doing, which causes feedback loops and can lead to sharp, unpredictable and very non-linear behavior. No external news is necessary.

[Karasugoi]

Again, STOP with this bitstamp FUD.

Jesus christ guys, why are we going up you say?
Simply because exactly on Monday 20th of May we touched a precise crucial point in the graph when we had to either breakout or go down to the depths of hell. We chose the former. period. is not complicated to understand.

https://bitcointalk.org/index.php?topic=618116.0

Something did happen, you can stare at your charts all you want but 6 days ago something happened.  I find the bitstamp explanation much more credible than your TA speculation.  That and insiders at PP/Ebay possibly looking to make a fast buck before they release news.  Time will tell who is right.

[Wandererfromthenorth]

Again, STOP with this bitstamp FUD.

Jesus christ guys, why are we going up you say?
Simply because exactly on Monday 20th of May we touched a precise crucial point in the graph when we had to either breakout or go down to the depths of hell. We chose the former. period. is not complicated to understand.

https://bitcointalk.org/index.php?topic=618116.0

Something did happen, you can stare at your charts all you want but 6 days ago something happened.  I find the bitstamp explanation much more credible than your TA speculation.  That and insiders at PP/Ebay possibly looking to make a fast buck before they release news.  Time will tell who is right.

So, strangely we went to zero volume and zero buys to huge increase in volume and panic buys with a rise of $150 dollars in a few days exactly when the two trend lines there touched for the first time in history...
If the sudden rise happened because of the bitstamp thing (which as I said is just FUD, have you heard of actual withdrawals problems, like withdrawal orders not getting trough?), why did it happen exactey at that point with ZERO movement before??

[kireinaha]

Again, STOP with this bitstamp FUD.

Jesus christ guys, why are we going up you say?
Simply because exactly on Monday 20th of May we touched a precise crucial point in the graph when we had to either breakout or go down to the depths of hell. We chose the former. period. is not complicated to understand.

https://bitcointalk.org/index.php?topic=618116.0

+1

Every time I see someone come in here and ask, "Why is the price going up??" Or, "Why is the price dropping??" I know that they must be new to the bitcoin community, or just clueless.

Anyone with some basic TA skills and an understanding of elementary market psychology can see these moves coming in advance with reasonable accuracy. I'm an idiot and I predicted the trend reversal to the very day it happened:

No doubt we're consolidating, each correction is getting tighter and tighter. The revised forecast is now May 19 for trend reversal confirmation. Then.. moon!

[MyPotPlantDied]

One theory is that Asian interest is back as Hong Kong might be a safe harbor of sorts.

[Wandererfromthenorth]

Again, STOP with this bitstamp FUD.

Jesus christ guys, why are we going up you say?
Simply because exactly on Monday 20th of May we touched a precise crucial point in the graph when we had to either breakout or go down to the depths of hell. We chose the former. period. is not complicated to understand.

https://bitcointalk.org/index.php?topic=618116.0

+1

Every time I see someone come in here and ask, "Why is the price going up??" Or, "Why is the price dropping??" I know that they must be new to the bitcoin community, or just clueless.

Anyone with some basic TA skills and an understanding of elementary market psychology can see these moves coming in advance with reasonable accuracy. I'm an idiot and I predicted the trend reversal to the very day it happened:

No doubt we're consolidating, each correction is getting tighter and tighter. The revised forecast is now May 19 for trend reversal confirmation. Then.. moon!

amen

[JimboToronto]

we are gonna hit 10% increase today..something not seen for a couple of months happens today...but what is the reason?

Because demand is greater than supply?

[YipYip]

Because hoes gotta smoke da crack ...its science