Good morning Bitcoinland.
The battle for $1200 rages on... currently $1188USD (Bitcoinaverage).
This is the second day of sideways consolidation in the $1180-$1200 range.
It had crept over $1200 on some exchanges but that series of significant ask walls in the $1196-$1198 range at Stamp kept it from going up despite good chunks of those walls being eaten. Now those other exchanges are trading at less than $1200 as well.
Now it's the weekend. More consolidation or do they pull the walls and let the price move another leg up?
I think 1000 BTC wall could have been considered a wall three years ago. Today a thousand BTC wall is more like a wooden fence.
I think you have that backward.
3-4 years ago anything under a few thousand coins wasn't considered a wall at all. People still remembered when 10k coins only bought a couple of pizzas and 1k coin gifts were not uncommon. A mere 500 coin ask wasn't considered a wall, just a decent bump in the road, the price of a nice car.
Now 500 coins represents over half a million dollars, and can have a significant effect on the market.
Market cap isn't a big consideration in this. That 10k coin pizza represented a larger portion of Bitcoins total market cap than "Manbearwhale's" infamous 30k coin ask wall did in 2014. Now after 2 halvings and with most of the eventual total coins having already been mined, it's less and less of an issue.
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