Topic: What caused this sudden ~10% increase in Bitcoin Price? (Read 4820 times)

+ AGreed

People have been waiting for an opportunity to buy, and the price was driven low by several factors

1) the regular bitcoin periodic trend line was somewhat due to a dip
2) the FUD around china
3) the FUD around mtgox
4) a lot of greed From people waiting cheaters coinmap

When the FUD started to become less likely and when a bottom was reached allowing the bears to buy in the price started to rise. Now people who still haven't bought are starting to worry the price may not get lower again, so they will soon start a buying spree which might trigger a run.

A new run/bubble/ATH is due around June/July and to reach an ATH in July the price should see an increase by the beginning of May, which will become insane somewhere late may or early June.

I wouldn't be surprised if it would hit 5000+

There are no fundamental problems that I can see.... ANd this would mean a major retraction in the mining sector ...including all but 0.4 c a k/w in washington state ....dubia and iceland

This knocks out 80%+ of all GPU rigs ... this would be a huge impact and I would be switching of my 70m farm as well 

I just dont see this happening .... 

a) That depends on where the miners are based.

b) I am pretty sure that it was much more costly to produce 1 BTC in Nov 2011 than $2.

c) How likely do you consider it is to be, that the very first crypto-currency ever produced happens to hit the nail right on the head and doesn't run into issues which basically means 'back 2 the drawing board'?

If you are correct then we would have a massive retraction in mining ..at the moment it cost ~ 300 to produce 1 btc and LTC its at ~8-10

You are then saying that we are going to drop 50% of the network for both btc & ltc

I dont see that happening and ppl will just hold than sell for those prices....it would be a catastrophic result for crypto if this happened and we would need to question the validity of the experiment if we had prolonged holding at these prices IMHO

Then stack up while we are still sub $500 dude!


......see ya at $250 sometime in mid May.

U are seeing it wrong ...but thats fine ... I am "ALL IN" anything sub 500 is good to go

My Mid-Long term it is all good ..sometimes looking for the bottom bottom you will be "A DICK FOR A TICK" and miss the move

Sure the chinese are fucking with us but there are some absolute awesome fundmentals going on

ATLAS as a trading platform with OPTIONS and leverage has sealed the deal for me... we may go lower we may not but I am not missing the rocket... this is round 3 for me and its going to be awesome

We will see.

and I aint buying, I am selling.

I was fooled by the March 2014 spike to $710, as were many people. I amn't fooled by this one, just as many other people won't be. I very much doubt that Bitcoin will burst out of it's long term down trend in spectacular fashion, but rather limp and groan across it at much lower prices, so low that nobody even cares that the trend has been breached.

Dude ... you are over cooking it .... fear has left the market place

Pplz have adjusted to the new status quo and up we go

I am buying just like u are ...lolz

This was instigated on the Chinese exchanges a few minutes before the USD exchanges jumped on board (many trading bots respond to action across all exchanges). The Chinese exchanges which may or may not be largely faked volume. It also coincided with a cross over of the 1 day MACD, similar to jump from $400 - $580 - $710 in March of which this $340 - $410 - $475 jump is thus far a near perfect fractal of, with decreased price ranges and time spans. It also coincides with a full moon in China (it was evening in China when pump was kicked off).

As I type, Huobi is front running the cross exchange price action and has formed quite a different chart from Bitstamp.

I personally don't think the lowest low is in and I find it incredible that genuine Chinese investors are clamouring to pile into Bitcoin right on the eve of their central banks deadlines on banks working with Bitcoin exchanges. Sure, there may be yet another 'work around' just like the last time but the writing is surely on the wall for Bitcoin in China. The PBOC will not tolerate such an obvious and easy means of capital flight, tax evasion and undermining of their economy, should it be allowed to grow, so they will make sure it doesn't, without actually banning Bitcoin itself.

Most sinister scenario is that this was a price spike timed to collide with some important longer term TA indicators, based on largely fake Chinese volume and the end result will be greatly increased buy-in support in tranches below the inflated spot price followed by yet more Chinese dumps on USD exchanges. Outwith that, such a sudden sharp surge of buying power out of knowhere just doesn't make any fkn sense to me.

But that is old news, that is not why the price suddenly shot up today. I was wondering myself if there was some piece of news that was released today that I missed. But in browsing the forum and google, I cannot find any news consistent with the price boost today. Maybe the general market is anticipating a price boost after the 15th and decided to get in early on it. I bet we'll be trading in the 500-600 by the end of the week.

Dang you stole my answer...  Anything that happen is because aliens hahahaha.  I like the way you think I also have a feeling major swings like today are likely induced by whales.

What do you think how many of them are convinced longtime BitcoinHodlers and how many are just rich Aunties who like to prank with a flashy cool asset as long as its easy to handle?

I don't think we are talking about the average Chinese citizen.

ETA: It's the 15th in China now.

Its not about if they continue operating or not, its about how convenient it will be for the average Chinese citizen to trade Bitcoin/RMB. And we are not talking about a few speculators or hardcore bitcoiners here. When the exchanges move abroad, all deposits and withdrawals can only be executed via international bank transfer.. if at all. thats not clear yet

Yeah, sounds good. The Chinese will be able to trade BTC without the PBOC being able to drop the rumor hammer? That sounds like great news. The Chinese are bullish right now, but Westerner's know better than them I guess. Not.

My ex-wife's boss (who is a Chinese National) bought 100K worth of BTC this week. Guess he is stupid? I am gonna guess that he knows what the fuck he is doing.

It's good news then, no? As they will continue operating.

soon they will be able to buy back for this price. or even lower



+1

Next wall go to $288

What the fuck is so hard to understand.

China NEVER planned to ban BTC. I don't get why people say this is good news.

However they're closing all commercial bank accounts after April 18th dealing with Bitcoin related services. It's pretty much analogous to a ban IMO.

Can't bank transfer to deposit RMB,  and it'll probably be much harder to withdraw in the near future. There's a reason why they're moving oversea.

You call this good news?

They must be crying now if they sold around 300.

Only those got Goxxed who panic sold their coins..!!

Goxxed....

Next time when China bans Bitcoins I dont expect a drop anymore. Because what I´ve learned is that nothing in BTC world happens more then twice. Whales find always new ways to double their money. Exactly then when people don´t expect it.

Yep it would be great if it could get clarrified out.

Priceboost makes sense since China wont be banning bitcoins after all (for the time being)
Would be nice if they made a final decision because these (not) banning rumours don't do any good.

Indeed

Its a decent Bulltrap

http://postimg.org/image/cpekdt32n

Trend Line not broken. Last opportunity to cash out

The massive sell off is over so its time to buy

Also, this move was instigated by China.

Go check the charts. 5 Minute lag between surge in buying power on USD exchanges and Huobi et al.

Taking everything into consideration, it could be entirely possible that this spike was instigated by spike in fake Chinese volume, followed by investors piling in on USD exchanges and shorts getting squeezed out. Perhaps when sufficient support builds, some more large scale dumps are on the cards....

.....certainly Bitstamp are getting very interested on their customers proving where they are getting their funds from. I just transferred less than $5K USD across and they are again requesting payslips, tax returns, etc before they say they will credit my account.....I told them to just credit my fkn account or give me my money back. When an organisation adopts this kind of anti customer policy it is a sure sign that they are under some kind of duress, for some reason.....

Might not be in his part of the world  .

You know it's still the 14th, right?

Perhaps people realized that what's supposed to happen on April 15th already happened a few days ago. Everbody was waiting for a dip on the 15th but it didn't come so now there is a panic buy. IMO, we need to pass $510 by April 20 or earlier and stay above that to call this a breakout.

Daily chart breakout plus a couple news items. My question is why has it NOT risen 20% like the previous breakout. Pretty weak.

Anything is possible but most likely, due to the maxed out level of short trades, my money would be on another exchange insider short squeeze. I would imagine that a shit ton of shorts have been squeezed out of their positions and thus contributed to the panic buy-in spike. This theory makes a whole lot more sense to me than some long termed big money investor just going mad for $400+ Bitcoin which is of course what most folks here would like to believe.

people with money decided that the 340 low was high enough volume to be a bottom. They may or may not be right.

The chinese SFC-LTC Price index just hit a major resistance point of 1.2 (1.2 Special fried chikun dinners per LTC )

This caused all Chinese dinners & lovers of SFC to get on the phone & online to order said dinners for teh previous low  SFC-LTC 1.2

this caused a spike and teh SFC-LTC is now trading at a more respectable 1.45 ... there where rumour s of free prawn carckers with every delivery that was also taken into the price spike calculation

it all makes sense 

Doubt it. People always try find a reason for 'why' from a recent piece of good news or story, but sometimes the price just rises due to people buying, although it is annoying people seem to panic sell on the back of any whiff of bad news so I understand why.

It is just manipulation by Bitstamp.

Maybe this:
OKCoin Just Officially Launched Recharging Code
http://www.reddit.com/r/Bitcoin/comments/22zdlz/okcoin_just_officially_launched_recharging_code/

This tweet:

https://twitter.com/BitPools/status/455557176166469632

Probably people buying coins for 10% more than what they were a few hours ago  . Supply and demand.

the revelation that china is not shutting shop. (due to PBOC announcement)
the revelation that chinese business is expanding not exiting.
the revelation that all the dumpers are fud fearing sheeple and that the panic was meaningless.
the revelation that 2 chinese exchanges expansions are ATM's which means people are going to buy bitcoins locally in stores (where the ATM is eating the sell wall to fill purchases causing prices to go up due to demand)

you choose which

BTC ecosystem should stop relying on China for its pumps and dumps. We have seen where this led us in the past.

okcoin, a big platform in China made some way to avoid bank account band by govenment.

Physchology.

I wouldn't attribute the random minor short term volatility of Bitcoin to any major world event - IMO it's just speculation and rallying much like the stock market. Nothing much but some hope and expectation really.

may be kimdotcom tweet :p

Maybe this?
http://www.coindesk.com/chinas-central-bank-governor-pboc-wont-ban-bitcoin/

Aliens ...

No, seriously, it could be big Players influencing the Price on purpose or some new Business that wanna start using BTC but isn't going public about that idea, yet, etc.

You can not always find an answer in the News.

Today (April 14, 2014) around 4:00 AM UTC, the Bitcoin price increased by approximately 10% from around $401 to $440. Furthermore, there was an enormous increase in trading volume during this upsurge.

I've searched for any news stories that might have caused this, but could not find anything specific.

So what caused this?