Why does bitcoin increase by 64% since April ?

[best-miner.com]

Recently ,bitcoin price increases again .
Coindesk shows that bitcoin price increases from 360dollars on 10th April to 590dollars on 27th May .

The trend changes
We can see the picture that bitcoin is first over the average line of 50 days .
Investors can see bitcoin price changes between different average lines ,and the price gradually stabilizes .
Turnover change

The turnover is about 16000dollars every day since 18th May .But from 19th May to 26th May ,the turnover is about 41000trunk bitcoin .
Why ?
Compared with the price trend before,less relative news affect bitcoin price recently .Maybe the demand and use of commercial bitcoin impels its price increasing .
However ,its commercial amount keeps stable recently as follows :

Recently ,board of directors of Ebay is confidence in bitcoin future ,and it will attach bitcoin to Paypal .
Though Chinese payment attacks bitcoin ,Chinese trading places are still running reluctantly .In fact ,the trading amount of BTC China is increasing .
Moreover ,the trading amount of a bitcoin payment company called bitpay is about 100,0000 dollars every day .


Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.
Source http://tech.163.com/14/0529/17/9TE9N0R400094ODU.html

[bitswipe]

ebay/paypal taking on bitcoin?
Be prepared for anyone who uses paypal with bitcoin to be limited for fraud.
Their policies are over the top as they are now, imagine the policies they will place on bitcoin.

[DolanDuck]

It's 600$ in this precise moment on BitStamp, maybe there's some hidden news that we aren't aware of,
or maybe btc was simply underpriced after the MtGox events.

[gondel]

Today it was almost 600$
I though for a second it will explode but it is more like a steady growing which is not bad at all.
BR

[bitswipe]

It's 600$ in this precise moment on BitStamp, maybe there's some hidden news that we aren't aware of,
or maybe btc was simply underpriced after the MtGox events.

People finally realise gox wasn't the only exchange site and so the price rised, my opinion.

[zoro1]

Confidence and faith is back on track. Expecting 4 figure numbers again very soon

[bitswipe]

Confidence and faith is back on track. Expecting 4 figure numbers again very soon

what do you have to back up that speculation...Not saying I disagree, bitcoin definitely has the potential to go well into the four figures...but just curious as to any evidence that you think will get it back to $x,xxx?

[TERA]

The rally is due to the downtrend line breaking at $460. As a result of this, all types of traders and investors are all going long at the same time.  In one mass synchronization, every short must cover, everyone who sold to rebuy later must rebuy, and every investor who was waiting for an uptrend to start will buy. This all creates a massive power. It has nothing to do with news events so stop pretending like it does and detailing all the latest hot news like bitcoin is some kind of stock

[flailing Junk]

Everyone "knows" that the next run-up has started, so we are skipping it and going straight to the moon.

[FattyMcButterpants]

The rally is due to the downtrend line breaking at $460. As a result of this, all types of traders and investors are all going long at the same time.  In one mass synchronization, every short must cover, everyone who sold to rebuy later must rebuy, and every investor who was waiting for an uptrend to start will buy. This all creates a massive power. It has nothing to do with news events so stop pretending like it does and detailing all the latest hot news like bitcoin is some kind of stock

i agree, we saw a lot of short squeezing here. we saw two big down trend lines broken, so all the traders piled in. now the question is, is new retail money going to follow? because it cant just be traders pushing this thing up.

[TERA]

Usually there is a few months of whale trading investing in the inevitable rally and creating a gradual uptrend, until confidence from the average Joe finally returns and there is a massive leap in userbase after a critical level is passed (such as $1000). Then the rally accelerates into double-exponential.

[AceWallen]

Usually there is a few months of whale trading investing in the inevitable rally and creating a gradual uptrend, until confidence from the average Joe finally returns and there is a massive leap in userbase after a critical level is passed (such as $1000). Then the rally accelerates into double-exponential.

do you think we are on the path to that critical level now? i think there is a lot of levels overhead where people will be selling. i bought most of mine in the 700s and i gotta say, i will be tempted to sell some just to lower my exposure.

[piramida]

Usually there is a few months of whale trading investing in the inevitable rally and creating a gradual uptrend, until confidence from the average Joe finally returns and there is a massive leap in userbase after a critical level is passed (such as $1000). Then the rally accelerates into double-exponential.

do you think we are on the path to that critical level now? i think there is a lot of levels overhead where people will be selling. i bought most of mine in the 700s and i gotta say, i will be tempted to sell some just to lower my exposure.

we will be growing like we do now. two steps up, one step down, sit for a while. repeat. slow until it blows up into double exp as TERA said. you will know that it started when people would be running around these forums hallucinating about private jets and islands. from that point, wait two weeks and sell some

[TERA]

Usually there is a few months of whale trading investing in the inevitable rally and creating a gradual uptrend, until confidence from the average Joe finally returns and there is a massive leap in userbase after a critical level is passed (such as $1000). Then the rally accelerates into double-exponential.

do you think we are on the path to that critical level now? i think there is a lot of levels overhead where people will be selling. i bought most of mine in the 700s and i gotta say, i will be tempted to sell some just to lower my exposure.

I think a break of $850 would be significant but we probably won't get there any time soon.

[AceWallen]

Usually there is a few months of whale trading investing in the inevitable rally and creating a gradual uptrend, until confidence from the average Joe finally returns and there is a massive leap in userbase after a critical level is passed (such as $1000). Then the rally accelerates into double-exponential.

do you think we are on the path to that critical level now? i think there is a lot of levels overhead where people will be selling. i bought most of mine in the 700s and i gotta say, i will be tempted to sell some just to lower my exposure.

I think a break of $850 would be significant but we probably won't get there any time soon.

but you think we have reversed from the bear market, correct? or do you think we might see prices down in the $400s again? or (gulp) possibly even lower? i sure hope not.

[TERA]

Usually there is a few months of whale trading investing in the inevitable rally and creating a gradual uptrend, until confidence from the average Joe finally returns and there is a massive leap in userbase after a critical level is passed (such as $1000). Then the rally accelerates into double-exponential.

do you think we are on the path to that critical level now? i think there is a lot of levels overhead where people will be selling. i bought most of mine in the 700s and i gotta say, i will be tempted to sell some just to lower my exposure.

I think a break of $850 would be significant but we probably won't get there any time soon.

but you think we have reversed from the bear market, correct? or do you think we might see prices down in the $400s again? or (gulp) possibly even lower? i sure hope not.

I believe in 3 possibilities:
1. We have reversed out of the bear market and are on course for long recovery back up as we consolidate around each previous resistance level until eventually we break $850 which leads into the next ATH. This process spans 2 months at the very least. Probably 3 or 4.

2. We have reversed out of the bear market but are not on course for ATH any time soon. This is a "recovery bull run" or a mini-bubble which doesn't set ATH. It will peak out somewhere within the existing trading range somewhere between 700 and 900, and then flash  crash down to 500 or so. After the flashcrash there will be a brand new '6 month cycle' of a mild bear market and then a ramp up into a rally that finally breaks ATH.

3. This is not a real rally at all - it is a bull trap. It is a B wave of an ABC corrective sequence in an elliot wave. After B wave terminates, there will be a brand new downtrend formed which will last another few months just like the last downtrend. C wave will terminate somewhere between 265 and 400 with a massive volume signaling the end of the real final capitulation.

[DolanDuck]

The price seems manipulated by a big whale, in these days it went up under the pressure of a single buy wall.
When the wall disappeared the value was steady/dropping a bit, btw I'm no and expert trader as you can see.

[BitchicksHusband]

The price seems manipulated by a big whale, in these days it went up under the pressure of a single buy wall.
When the wall disappeared the value was steady/dropping a bit, btw I'm no and expert trader as you can see.

But the buy wall may be Coinbase and represent hundreds of people, so it's not always obvious what's happening.

If history is our guide, we could see a new ATH in less than 2 months.

64% in almost 2 months is SLOW in bitcoin.  Just wait.  100% in 3 days can happen.

[zimmah]

I love the work you do on translating Chinese news articles, thank you.

[TERA]

0% in 2 months can happen also