All this price action... But so little retail volume.
This is incredibly bullish in my opinion.
Who is buying?
Not a lot of people? Neither retail nor institutional is showing any decent volume right now as price continues to move upwards.
The relevance is there is a lack of sellers in the market right now, hence very low supply on exchanges at the moment.
Imagine what happens when there is buying pressure
Bullish
That's my point.
But Something (someone, someones?) is vacuuming all the chips off the exchanges. They are not being sold, but withdrawn.
So either the OTC market knows how to hook up whales with shadowy buyers, or the exchanges themelves are going short.
There is no situation I can think of where this does not absolutely explode up.
The ONLY scenario I can think of that is not bullish is a coordinated attack at the nation state level where they quietly buy huge positions with the intent to dump them on retail and crash the price of bitcoin. That idea is all but tinfoil hat insanity. It IS true that bitcoin stands to be majorly manipulated via the retail exchanges... but for some reason no one is trying that, and it looks very strongly that large positions are being taken (as they have been being for over a year now) behind the scenes.
And we are running our of cheap coins.
Hodl. (I never say that... but I am invoking it as a spell now...)
You are describing some of the dynamics of exchanges as if they are new, and largely, they are not.. unless I am missing something that you are saying.
Largely since exchanges have been in existence.. budding with MTGOX in 2011 and a few others and expanding their existence into 2013 and thereafter adding and adding, the BTC price has been largely established through exchange activities, and many of us have speculated about various ways in which OTC trades are happening and exchange prices are being manipulated - simultaneously.. for example, covertly buying through OTC and dumping on exchanges.
Practices of manipulating BTC prices is not new, only the vehicles of liquidation have changed over the years so the dynamics of how to manipulate and how many exchanges have to be used have changed and likely many of us are not going to have a lot of insight into exact specifics without being either having access to exchange data or maybe being a whale ourself who has BTC/fiat on a large variety of exchanges... so it seems pretty likely that the manipulation capacities have become more and more difficult including the number of exchanges (and other liquidation avenues) and the quantity of value that has to be available to achieve such manipulation.. and is surely not outside of the capabilities of the BIGGER players.. even if there still might be questions whether some BIGGER players (such as governments or financial institutions would like to risk reputation/losses to be discovered as a BTC price manipulator.. sure some have no shame, and some likely believe that they could not be caught.. but some of us normies might not have access to the kind of information regarding if any of them are really going down such a manipulation path.. to risk potentially getting reckt if they really do not have enough capital to keep throwing at the matter - such as the employment of fractional reserves...ie bitcoins that do not actually exist that they have to purchase with dollars or some other form of fiat).
I am not even really disagreeing with your overall conclusion, cAPSLOCK, because it seems that no matter whatever playing around might be happening or attempting to be happening, there still seem to be difficulties to fight what seems to be our ongoing UPpity price pressures.. and yeah, we could end up having a double top because anything can happen, even though the odds of such a "double top" bet seem to be one that is not too likely to play out..
in udder wurds... keep stacking boyz.. especially if u have not adequately prepared ur lil selfies for UP...
This is basically it. Apart from the same old-age conspiracy theories that would explain why price is so high without much buying volume, it's simply just bullish. Sometimes, rarely, this is simply the case!
And no China is talking of un-banning Bitcoin again? Guess they got their $40K buy orders filled then
China is surely earning a reputation for ongoingly and continuously shooting themselves and their citizens in the foot/feet (as Dabs mentioned), so would not speculate for sure that the government has actually gotten any meaningful advantage from their wiffle-waffling about the bitcoin topic. Of course, there are going to be some insiders (whether with the government or otherwise connected to insider information) who will be able to profit from these kinds of crazy-ass and seemingly inconsistent behaviors/policy positions, but I would not conclude that level of corruption as intentions of the policy makers to personally profit.. that just is assuming way too much corruption rather than really having had believed that they were doing the right thing by banning bitcoin and then later having to reverse themselves (without really admitting that they are reversing themselves).
