What's up (with BTC price?)

[ebliever]

Today's a good day for bitcoin, up over 10% at the moment per Coinmarket cap. But I'm not finding anything on the radar to explain it. Just a rebound from the crash that ostensibly started with the diversion of funds for the Alibaba IPO? Or a new bull run like last fall? Any news and rumors would be appreciated. 

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[cozk]

Once everybody understands that nobody knows anything about whats going on we'll be free of these useless topics.

Every retard and his dog has their theory tough.

[Velkro]

There is nothing to explain. Price will vary a lot, thats all

[JimminyCricket]

Today's a good day for bitcoin, up over 10% at the moment per Coinmarket cap. But I'm not finding anything on the radar to explain it. Just a rebound from the crash that ostensibly started with the diversion of funds for the Alibaba IPO? Or a new bull run like last fall? Any news and rumors would be appreciated. 

Dead Cat Bounce

[lucky88888]

Now we are getting some action! Let the "F5" begin!

[247casino]

big merchants = downward pressure they dump
new users wallets acquiring btc = upward pressure they buy

I think right now lots of new wallets are being created for btc casinos IMO

lots of new btc overseas or anonymous casinos popping up

they explain to new users, if you want to gamble online now it's btc or bust

my 2 micro-satoshi's

[jaelrahab]

the price goes low low weeks after weeks

[keithers]

At least prices are slowly going upwards the past few days, instead of the slow downward trend that we have been facing over the past few weeks...

[Envrin]

I think it had to do with that 30,000 BTC sell order that completely flat lined the price @ $300 for 6 hours, while it was eaten up.  At that point, people decided $300 was the bottom, and began buying again.

[evok3d]

I think it had to do with that 30,000 BTC sell order that completely flat lined the price @ $300 for 6 hours, while it was eaten up.  At that point, people decided $300 was the bottom, and began buying again.

True. There is a very small chance that someone will sell that much again. Even if they do it is now evident it can recover fairly quickly (not that there were any doubts ).


Cheers

[ebliever]

I think it had to do with that 30,000 BTC sell order that completely flat lined the price @ $300 for 6 hours, while it was eaten up.  At that point, people decided $300 was the bottom, and began buying again.

True. There is a very small chance that someone will sell that much again. Even if they do it is now evident it can recover fairly quickly (not that there were any doubts ).


Cheers

Good point. There is inflationary pressure of 3600 coins/day that miners are presumably (mostly) dumping. But the way that 30K (8 days worth of mining) sell wall was eaten in mere hours without the market tanking further in reaction to it, tells me that there is a market concensus that the price should be well above $300. How far above, we'll have to see. Getting back to the mid-400's would just be a minor retracement. It might still stall below $400, or the fact that much of the funding for BTC purchases takes a couple days to wend through fiat financial systems means that we could see an increasing price pump for a while yet, which could fuel more optimism and growth.