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Author Topic: Whats causing the sudden fast price rise?  (Read 3932 times)
molecular
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November 13, 2014, 06:26:54 AM
 #21

more people are buying than selling  Wink

this.

but why?

because: buyers have been holding back their purchases in hopes of even lower prices (continuation of the bear market).

It's becoming increasingly likely and clear that aint gonna happen (sub $275), so buyer jump in in panic.

Add to that low ask-side liquidity and you get what we see.

The question is how far we go. Is this the big one already that breaks the ATH? I doubt it. There will be a healthy correction or 2 or 3 before that happens sometime next year. I'd love to be surprised, though.

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molecular
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November 13, 2014, 06:28:36 AM
 #22

This upswing is not sustainable.

You always hear that during these rallies. It's hard to call the top. Sure: there will be exponential blowoff and healthy correction, but when? Noone can really tell. Hell, it could double or even be a ten-bagger before it corrects substantially.

This is Bitcoin!


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Bitcoins101
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November 13, 2014, 06:32:40 AM
 #23

Short squeeze / manipulation on Bitfinex.  It will be in the bitcoin news sites once we surge higher.  It was inevitable.  That, and the self-fulfilling prophecy of what could happen after Silk Road 2.0 closed, coincidentally 1 year after it opened - a bit strange, don't you think?

Also, maybe that Russia is removing penalties on bitcoin.  And maybe that Russia/China just made an oil agreement that could hurt the US dollar.

Short squeeze charts: http://bfxdata.com/bitfinexLiquidityBTC.php
Bitfinex has been trailing OKCoin by a very significant amount the entire day. They're just been reacting to the rest of the market. Volume today on OKCoin was huge and not overly manipulated - somebody bought a truckload of coins.
BTCjust
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November 13, 2014, 07:07:29 AM
 #24

we know nothing, just on abord hurry up
pr0d1gy
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November 13, 2014, 07:09:07 AM
 #25

saw this, http://altcoinpress.com/2014/11/bitpay-plagued-by-system-glitches-duplicate-deposits-and-faulty-exchange-rates/

Set Escrow
¯\_(ツ)_/¯
Bitcoins101
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November 13, 2014, 07:24:52 AM
 #26

Bot on OKCoin and everybody just followed along. It's entirely irrational... but can't short into this type of volatility. It's nuts.

Jesus, so go long.  FWIW, this is how Bitcoin goes up.  It's easily more of a mind blowing shit show than the nice little short fest all you bears have had the pleasure of the past 10 months.

It'll climb some ungodly percentage, the holders will rejoice, and then it will bleed off for months.  Consider this your first foray into the up swings of Bitcoin.
Hit the nail on the head.

The market is controlled by traders with large bankrolls, not small-time bitcoin enthusiasts. Some people or a person with a large bankroll is buying a lot, for whatever reason - it's really as simple as that.

Most of the buying is originating from OKCoin, which is only natural, considering it's the largest and most liquid exchange.

So if they buy big surely later they aim for a profit or they have a plan for the coins right? Its at $543 AUD and rising fast still... this morning it was $439... Thats crazy in 24 hours!

Chinese whale doing something strategic. Purely for tax/legal reasons or buying both "normally" and with leverage in order to sell into the rally he sparked at some point (and profit).
Muscleminer
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November 13, 2014, 07:26:14 AM
 #27

no big news, causing this ?
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November 13, 2014, 07:37:08 AM
 #28

There is rumors saying that russia is going to legalize bitcoin, forum in china is spreading it.

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December 12, 2014, 03:46:13 AM
 #29

microsoft news caused a temporary fast rise yesterday. a fast rise will again create a lot of selling pressure from miners. the faster we rise, the deeper we fall, volatility remains an issue... i'd just like to see a slower climb

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