What is causing last few days' run-up? - page 3.

AmoreJaz

legendary

Activity: 3122

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: exstasie on November 06, 2020, 04:44:00 PM

Quote from: ggbtctalk000 on November 06, 2020, 02:56:26 AM

Current price 15726$, phenomenal, but I am wondering what is causing this run-up?
paypal? That is too distance past. Today is 11/5/2020.
Any intel on this?

It's impossible to know the exact reason. There are too many possible reasons why someone might buy BTC, and therefore why the market might move. That's why technical traders don't focus on news or underlying fundamentals, because those things always get baked into the price. It is therefore more productive and easier to analyze price from a technical (TA) perspective.

With that in mind, there was significant monthly resistance at $12.5K and yearly resistance at $13.9K. When those levels were broken, it caused a significant supply/demand imbalance: all the bears who had sold or shorted below those levels were now being squeezed into buying back. This "short squeeze" significantly pumped the price.

Additionally, breakouts like this tend to lead to positive feedback loops. As price rises, interest and demand and hype increase, causing people to buy, which causes further price increases, and so on. This is how trends are born.

people are just speculating on the possible reasons why the bitcoin market is going up. we can always give those factors involved but tbh, we dont know the impact factor of those situations to the btc market.
indeed, the integration of paypal and the continuous interest of institutional investors towards btc may have influenced the market. but we don't know to what degree they are altering the market.

so you have a point of looking at it in a technical perspective. at least the hypothetical factors are eliminated and we are just looking at the numbers and graphs.

exstasie

legendary

Activity: 1806

Merit: 1521

Quote from: ggbtctalk000 on November 06, 2020, 02:56:26 AM

Current price 15726$, phenomenal, but I am wondering what is causing this run-up?
paypal? That is too distance past. Today is 11/5/2020.
Any intel on this?

It's impossible to know the exact reason. There are too many possible reasons why someone might buy BTC, and therefore why the market might move. That's why technical traders don't focus on news or underlying fundamentals, because those things always get baked into the price. It is therefore more productive and easier to analyze price from a technical (TA) perspective.

With that in mind, there was significant monthly resistance at $12.5K and yearly resistance at $13.9K. When those levels were broken, it caused a significant supply/demand imbalance: all the bears who had sold or shorted below those levels were now being squeezed into buying back. This "short squeeze" significantly pumped the price.

Additionally, breakouts like this tend to lead to positive feedback loops. As price rises, interest and demand and hype increase, causing people to buy, which causes further price increases, and so on. This is how trends are born.

BIT-BENDER

hero member

Activity: 1498

Merit: 702

Quote from: Mauser on November 06, 2020, 04:31:50 AM

Quote from: ggbtctalk000 on November 06, 2020, 02:56:26 AM

Current price 15726$, phenomenal, but I am wondering what is causing this run-up?
paypal? That is too distance past. Today is 11/5/2020.
Any intel on this?

I think the election of Biden as US president seems like a big driver behind the rise in financial assets. We are seeing green stocks, bonds, commodities and of course crypto currencies. Statisticallly an election has always had a positive impact on prices.

Did the US presidential election affect the dollar, UK pounds or any currencies no it didn't. So the us presidential election regardless if president trump was winning or losing - like he is doing right now it can not affect Bitcoin price in between bitcoin at this time don't get insensitive with Fear uncertainty and the news.

Twentyonepaylots

sr. member

Activity: 1918

Merit: 370

Quote from: Sterbens on November 06, 2020, 08:49:14 AM

paypal is indeed one of the indicators of the increase in btc prices,

Well I could not disagree with this, since the Paypal had announced that there will be a buying and selling of cryptocurrencies on their platform bitcoin price, rather the market surprisingly turns to green, well speaking of it that should really does make the market green. But I do hate making such assumptions, if Paypal has data that will say new people/new user come to them every day to buy bitcoin instead of using an exchange I might believe they did it to bitcoin price.

Quote from: Sterbens on November 06, 2020, 08:49:14 AM

and one more thing that I would add is to show that the position of BTC cannot be shifted by Defi, who has recently tried to turn many investors from BTC to Defi

The Defi shit, that thing is ridiculous. Up for a 100 then goes 0 the next day, would you let people hold your money in promising a bigger return? hell nah.

drlukacs

sr. member

Activity: 854

Merit: 253

l0tt0.com

Quote from: obanqueiro on November 06, 2020, 04:39:44 AM

elections for sure when we see finally the result it might change

Yes, that is also a cause that has a strong impact on the psychology of the American people as well as Dollar holders. I am not saying that Biden is a bad president but I must say that Trump's policy helped the US economy go up significantly during his four years of tenure.
Besides, Biden's policy also shows that he will manage the United States in the old way of Obama, this will certainly make the US economy slightly affected so -> the possibility of Dollar inflation is very high. Therefore, major financial institutions like MicroStrategy, Square had to choose Bitcoin as a shelter to avoid inflation in the future.
In spite of the upheaval of politics between the US and surrounding countries, that is how Mr. Trump protects the American economy. Whatever the election results, I still only care about the value of Bitcoin Grin

Upgrade00

legendary

Activity: 2114

Merit: 2248

Playgram - The Telegram Casino

Quote from: slapper on November 06, 2020, 02:01:04 PM

Quote from: Upgrade00 on November 06, 2020, 03:21:38 AM

• PayPal integrated Bitcoin into its platform

This does not explain why the price of other altcoins goes up as well. Many assets have been followed bitcoin and some have been recorded increasing significantly. And PayPal only accepts bitcoin as an inactive asset on its platform which does not surprise me at all

PayPal integrated four cryptocurrencies into its platform; Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Also, the cryptocurrency market is heavily dependent on Bitcoin as the major asset with a dominance of about 63.7% as at this time, so when there is a spike in the value of Bitcoin, it has a tendency to influence some altcoins and carry them along same way when it crashes. I however expect a decoupling of the crypto market overtime and bull runs would likely become less synchronized.

Quote from: orions.belt19 on November 06, 2020, 02:22:20 PM

I agree that Paypal has given bitcoin some sort of 'legitimacy' for those not familiar with crypto because its trusted by many. A lot still have their doubts over BTC because its associated with the scam projects and its not even widely adopted yet.

I understand the argument of services like PayPal acting as a bridge to connect Bitcoin to users who are on the fence or doubtful about investing. Centralized adoption is not the ideal route for a decentralized asset, but increasingly seems to be the cost to get Bitcoin mainstream.
Bitcoin is not associated with any scam project AFAIK, everyone should endeavor to do their own research.

Haunebu

hero member

Activity: 3178

Merit: 977

www.Crypto.Games: Multiple coins, multiple games

Paypal reason is the most likely one. Other probable reasons are the elections which could have caused some sort of impact.

This could be another reason.
https://news.bitcoin.com/iran-bitcoin-sanctions-inflation/

Anyway, I don't expect BTC to hold this value for long. The price will probably correct to $11K-$12K in the near future which is still epic overall.

Fredomago

legendary

Activity: 2996

Merit: 1054

Leading Crypto Sports Betting & Casino Platform

Both PayPal and this ongoing elections are being tagged as the reason of this current strong run, for PayPal I can agree that
with more new money to invest inside there's really a huge impact.

But with this ongoing election, if in anyhow those whales are storing their money inside this market long run impact might
not be good since they can pull it out and dumped will start after.

Better to be more on PayPal and other businesses that brings new investment to this venue,

it will be more stronger if those new people will continue to arrive and keep their investment inside.

orions.belt19

full member

Activity: 686

Merit: 146

Quote from: tomahawk9 on November 06, 2020, 11:36:16 AM

Quote from: Upgrade00 on November 06, 2020, 03:21:38 AM

• Microstrategy adopted a Bitcoin standard
• Grayscale increased their Bitcoin AUM and hold about 2.4% of total supply
• PayPal integrated Bitcoin into its platform
• A number of other public companies bought and hold Bitcoin.

You're pretty spot on here.

It's very possible that fresh capital from institutions are playing a big role in this price run, even though we found out about Microstrategy moving to btc like a month ago, and Grayscale have been in this market for quite some time now. Maybe there was a bit of a delay between that smart money entering the btc ecosystem and a rapid move upward in the btc price because of it, but regardless, it's

But I think the 'Paypal event' is the onetriggered this this tremendous surge. The big difference between this one and the smart money from institutions is that Paypal is a well-known company to the general public, it's the kind of company that the average joe trusts and if they see Paypal are jumping into the btc bandwagon, which by the way further legitimizes Bitcoin, it's very likely that they'll also want to try it out. Add in that there's been an increasing bullish sentiment since late September, and you have recipe resembling the 2017 bull run.

I agree that Paypal has given bitcoin some sort of 'legitimacy' for those not familiar with crypto because its trusted by many. A lot still have their doubts over BTC because its associated with the scam projects and its not even widely adopted yet. We could probably add in that this pandemic has also forced us into relying on digital functionality.

I think the increasing bullish sentiment has also contributed to other investors' FOMO, fearing that they miss out to a possible bull run just like last 2017. Seeing the price jump in this October to November might have made the others want to buy in before its too late. Many are now positive now that BTC has breached 2019's high.

slapper

legendary

Activity: 1946

Merit: 1100

Leading Crypto Sports Betting & Casino Platform

Quote from: Upgrade00 on November 06, 2020, 03:21:38 AM

• PayPal integrated Bitcoin into its platform

This does not explain why the price of other altcoins goes up as well. Many assets have been followed bitcoin and some have been recorded increasing significantly. And PayPal only accepts bitcoin as an inactive asset on its platform which does not surprise me at all

From my perspective, I guess they have accumulated enough bitcoin so as to make a new appreciation. 2-year is a long period for any whales or investors to buy their coin and whole. Sources say that numerous bitcoin has been moved out of exchanges. In this case, the only clarification: HOLD. When the demand goes up but there is less supply, the certain possibility is the price will rocket

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

Quote from: gantez on November 06, 2020, 11:26:53 AM

Quote from: obanqueiro on November 06, 2020, 04:39:44 AM

elections for sure when we see finally the result it might change

If the result come , where do you think it might change to?
This is a risky move and people may be trapped on this like in late 2017 when some bought the late market before price went down. The price now is unstable and it is better staying out to observe the making of it all.

Change like going south. I also have the hunch that it will go down once the election result will come up. But I think there will really have some revolt there in US whoever wins.

While election could really be the cause of runup, it could also be the cause of dropping BTC price. Just keep watching the price. The transaction fees are tanking which the next thing that could happen is that BTC holders are also going to divert to some other altcoins like ETH.

tomahawk9

hero member

Activity: 2086

Merit: 994

Cats on Mars

Quote from: Upgrade00 on November 06, 2020, 03:21:38 AM

• Microstrategy adopted a Bitcoin standard
• Grayscale increased their Bitcoin AUM and hold about 2.4% of total supply
• PayPal integrated Bitcoin into its platform
• A number of other public companies bought and hold Bitcoin.

You're pretty spot on here.

It's very possible that fresh capital from institutions are playing a big role in this price run, even though we found out about Microstrategy moving to btc like a month ago, and Grayscale have been in this market for quite some time now. Maybe there was a bit of a delay between that smart money entering the btc ecosystem and a rapid move upward in the btc price because of it, but regardless, it's

But I think the 'Paypal event' is the onetriggered this this tremendous surge. The big difference between this one and the smart money from institutions is that Paypal is a well-known company to the general public, it's the kind of company that the average joe trusts and if they see Paypal are jumping into the btc bandwagon, which by the way further legitimizes Bitcoin, it's very likely that they'll also want to try it out. Add in that there's been an increasing bullish sentiment since late September, and you have recipe resembling the 2017 bull run.

gantez

full member

Activity: 1736

Merit: 121

Quote from: obanqueiro on November 06, 2020, 04:39:44 AM

elections for sure when we see finally the result it might change

If the result come , where do you think it might change to?
This is a risky move and people may be trapped on this like in late 2017 when some bought the late market before price went down. The price now is unstable and it is better staying out to observe the making of it all.

petyang12

member

Activity: 352

Merit: 10

Quote from: Gozie51 on November 06, 2020, 10:29:10 AM

Quote from: Mauser on November 06, 2020, 04:31:50 AM

I think the election of Biden as US president seems like a big driver behind the rise in financial assets. We are seeing green stocks, bonds, commodities and of course crypto currencies. Statisticallly an election has always had a positive impact on prices.

But the election is pulling down the value of dollar against other currency pairs. Can that be that the expectation of the new policy is making people to sell off their dollar? I hope the dollar starts to appreciate after the election to give bitcoin more strength.

That may be the cause for the bitcoin's price go up. Some may be because of the bettors who will buy bitcoin and try to bet who will won in election.

Gozie51

hero member

Activity: 2520

Merit: 624

Quote from: Mauser on November 06, 2020, 04:31:50 AM

I think the election of Biden as US president seems like a big driver behind the rise in financial assets. We are seeing green stocks, bonds, commodities and of course crypto currencies. Statisticallly an election has always had a positive impact on prices.

But the election is pulling down the value of dollar against other currency pairs. Can that be that the expectation of the new policy is making people to sell off their dollar? I hope the dollar starts to appreciate after the election to give bitcoin more strength.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Most likely the institutional investors, because data from google trends shows that recently there was no spike of interest towards Bitcoin, despite the tremendous growth. This means that a small number of people buying a large amount of coins, and we know that institutional investors are becoming more interested in Bitcoin, like for example the recent investment from Microstrategy and other companies. This is different from the past rallies, where google trends followed the price with a small delay. Time will tell if institutional adoption will be good for Bitcoin or not.

shinratensei_

legendary

Activity: 3164

Merit: 1025

Leading Crypto Sports Betting & Casino Platform

The bullrun has started from the pump that came from the paypal's news and then it has been following by some big news and this time so many bitcoin hodlers are feeling good with the result of US election.
The large companies have been making the bullish trend even bigger through buy some bitcoins to be used as their portfolios.
Some parties have stated if they will never sell their bitcoin too.
That brings a lot of hope for bitcoin.

DrG

legendary

Activity: 2086

Merit: 1035

Probably because it looks better than other asset classes. Interest rates from home loans are the lowest in memorable history (30year APR below 2.5% is insane) and if they move up just an inch prices will come down. Despite the market dips the overall indexes are insanely high compared to where they were 4 years ago - and this is globally, not just the US.

Tesla stock went from 178 or so last year to over 2000 this year. Bitcoin could see further gains...

Sterbens

sr. member

Activity: 1848

Merit: 341

Duelbits.com

paypal is indeed one of the indicators of the increase in btc prices, but there are still many other factors such as conditions getting better from the Covid 19 outbreak, plus the role of the government which opens wide space for bitcoin from several countries. maybe not only that. In terms of bitcoin popularity, which soared at the end of 2020. and one more thing that I would add is to show that the position of BTC cannot be shifted by Defi, who has recently tried to turn many investors from BTC to Defi

verita1

member

Activity: 1358

Merit: 81

I also think that it is due to many factors especially that large companies are buying Bitcoin and Hold. Because Bitcoin will play an important role in recovering our economy.
Michael Saylor founder of MicroStrategy (NASDAQ: $MSTR $ 425 million of Bitcoin) and he owns $ 240 million of Bitcoin.
Bitcoin is moving to another level of confidence in which better times are forecast.

https://twitter.com/michael_saylor/status/1323660519857885185?s=19

BTCitcoin and the future of crypto by Michael Saylor.
https://twitter.com/michael_saylor/status/1324033140126613506?s=19

Topic: What is causing last few days' run-up? - page 3. (Read 396 times)