647-650-653 bounce bounce 647-650-653 bounce bounce 647-650-653.
Can anyone explain me why the price is bouncing a bit around?
Whats the point?
The point is that nobody is buying, and nobody is selling, so these figures represent the the very thin spread around the Bitcoin spot price.
I think that Bitstamp won't go up until it has went down. Even when the other exchanges ramp, the selling pressure on Bitstamp has proven a few times too great to be impressed by the leveraged/fake volume break outs on the other exchanges. I suspect that some heavy whales entities on Stamp are after a long squeeze on the maxed out state of the leveraged long positions. Perhaps if they keep a heavy lid on any break out attempt, longs on Bitfinex (which routes trades through Stamp), Huobi, and perhaps even BTC-e, will be forced to liquidate their positions by selling their BTC into market. This would mean a glut of cheaper coins for the whales forcing the squeeze, if it were to play out that way.
I am finding particularly interesting how Bitstamp never reacted to that Huobi ramp earlier.
