Rally!!!!!

[SgtSpike]

5.50   

it soooooooooooooooooooooo wanted to break through $5.50!!!!!!!!!

gogogogogo

It did break $5.50.

High:$5.50001

[molecular]

5.50   

it soooooooooooooooooooooo wanted to break through $5.50!!!!!!!!!

someone doesn't and put and ask wall at 5.5. when I saw it couple of hours ago, it was 5500.

It's being eaten as we speak. 3850 now. hmnjomnjomnjom, delicious ask wall

[Mushoz]

Clash of the walls 

[Piper67]

Wall gone!

[P_Shep]

It just upped and disappeared

[Yuhfhrh]

I think its looking good!   $5.51

[Vandroiy]

Posting in rally thread!

Well, it is a notable up-swing. And what's more, there is little media or hype ruckus to cause it. Seems like there are some people who have increased confidence in Bitcoin even without the public's attention.

IMO, the time should allow an even stronger rally. I mean, come on, everything is breaking down in the fiat world. Greece is literally burning, but the EU is still watching as Portugal and Spain line up for round two, but the ECB might give in and devalue the Euro any moment now. The USA have managed to get their debt up to their own annual GDP. Japan is trying to top that by a factor two. Even China is into the stimulus nonsense now! And the precious metals have managed to somehow maximize their instability while looking like a classic bubble.

People just have to notice Bitcoin as a viable diversification. It's not stable either, at least not yet, but its outlook should compare well to the other outlooks that read "imminent doom".

[SgtSpike]

No one can short BTC anymore.  That is, without doubt, the biggest likely reason for a BTC rally.

[molecular]

No one can short BTC anymore.  That is, without doubt, the biggest likely reason for a BTC rally.

lol, back when bitcoinica was still operational, a common explanation for a rally was: "short squeeze".

this rally is based on good fundamentals and positive sentiment in addition to a USD in trouble and more belief in another round of QE. Flight to safety.

It's nice to see bitcoin is in the "safe" column of investors books nowadays.

[proudhon]

No one can short BTC anymore.  That is, without doubt, the biggest likely reason for a BTC rally.

Then any rally from here out is probably not going to end well once shorting is brought back.

[SgtSpike]

No one can short BTC anymore.  That is, without doubt, the biggest likely reason for a BTC rally.

Then any rally from here out is probably not going to end well once shorting is brought back.

Exactly.  As soon as people start shorting again, those extra (arguably artificial) sells are going to push the price down.

But what do I know.  Every time I sell coins, the market moves up.

[proudhon]

No one can short BTC anymore.  That is, without doubt, the biggest likely reason for a BTC rally.

Then any rally from here out is probably not going to end well once shorting is brought back.

Exactly.  As soon as people start shorting again, those extra (arguably artificial) sells are going to push the price down.

But what do I know.  Every time I sell coins, the market moves up.

If shorting really does affect the price this way, then once it's back I don't think it's unreasonable to expect prices back down below $5.

[SgtSpike]

No one can short BTC anymore.  That is, without doubt, the biggest likely reason for a BTC rally.

Then any rally from here out is probably not going to end well once shorting is brought back.

Exactly.  As soon as people start shorting again, those extra (arguably artificial) sells are going to push the price down.

But what do I know.  Every time I sell coins, the market moves up.

If shorting really does affect the price this way, then once it's back I don't think it's unreasonable to expect prices back down below $5.

Certainly possible...

[Yuhfhrh]

No one can short BTC anymore.  That is, without doubt, the biggest likely reason for a BTC rally.

Then any rally from here out is probably not going to end well once shorting is brought back.

Exactly.  As soon as people start shorting again, those extra (arguably artificial) sells are going to push the price down.

But what do I know.  Every time I sell coins, the market moves up.

If shorting really does affect the price this way, then once it's back I don't think it's unreasonable to expect prices back down below $5.

Certainly possible...

Don't be negative! It's going all the way to $10/BTC!!!!!!! If we all believe it, it will happen.

[proudhon]

No one can short BTC anymore.  That is, without doubt, the biggest likely reason for a BTC rally.

Then any rally from here out is probably not going to end well once shorting is brought back.

Exactly.  As soon as people start shorting again, those extra (arguably artificial) sells are going to push the price down.

But what do I know.  Every time I sell coins, the market moves up.

If shorting really does affect the price this way, then once it's back I don't think it's unreasonable to expect prices back down below $5.

Certainly possible...

Don't be negative! It's going all the way to $10/BTC!!!!!!! If we all believe it, it will happen.

Right, and then shorting comes online again and it comes right back down - world laughs.

[Piper67]

You don't need shorting to plunge the price back down to under 5, all you need is an early adopter with a desire to buy a Porsche... but we're running low on those 

[Technomage]

I think that putting this on lack of shorting is not accurate. Lack of leverage is a two way street. It does affect how the market works but my feel of the market has been such that it has been artificially kept down for months. Now the manipulator has ran out of methods. It can go either way anyway, in December it was a leverage rally that put us to over $7. For the last months it has been (in my opinion) manipulated stability mostly with the help of shorting.

Fact is that with the exception of the Bitcoinica disaster (which to be honest wasn't the first time and because of that caused only minor damage to Bitcoin) we have had great news recently. Great developments, more usage, lots of epicness in general. Everything is up. Tx counts (minus top 100 addresses which eliminates the SatoshiDice effect) are way up, USD volume in transactions is way up. Price is obviously up. Market sentiment is ripe for a rally, which is most important.

The lack of Bitcoinica means that we have a market that works a bit differently but it's most definitely not the cause of the rally. The whole argument is absolutely funny. Where was the shorting in December when we had a maniac leverage rally? Now we have no shorting, that's true, but we don't have leveraged longs either. It's real and it's here.

[David M]

No one can short BTC anymore.  That is, without doubt, the biggest likely reason for a BTC rally.

This is a special moment.  It is very rare that a market has a derivative taken away.

What is left is the market proper.  No bullshit.  Just those with Bitcoins and those without.

It should come as no surprise what direction it would move given the communities faith and the complete lack of fear shown over the past 3 months.

The speed of the climb is a bit of a worry, but hey... I ain't going stand in the way.

[Yuhfhrh]

I think that putting this on lack of shorting is not accurate. Lack of leverage is a two way street. It does affect how the market works but my feel of the market has been such that it has been artificially kept down for months. Now the manipulator has ran out of methods. It can go either way anyway, in December it was a leverage rally that put us to over $7. For the last months it has been (in my opinion) manipulated stability mostly with the help of shorting.

Fact is that with the exception of the Bitcoinica disaster (which to be honest wasn't the first time and because of that caused only minor damage to Bitcoin) we have had great news recently. Great developments, more usage, lots of epicness in general. Everything is up. Tx counts (minus top 100 addresses which eliminates the SatoshiDice effect) are way up, USD volume in transactions is way up. Price is obviously up. Market sentiment is ripe for a rally, which is most important.

The lack of Bitcoinica means that we have a market that works a bit differently but it's most definitely not the cause of the rally. The whole argument is absolutely funny. Where was the shorting in December when we had a maniac leverage rally? Now we have no shorting, that's true, but we don't have leveraged longs either. It's real and it's here.

That's my man! 

[SgtSpike]

Good points technomage!