I think it had to do with that 30,000 BTC sell order that completely flat lined the price @ $300 for 6 hours, while it was eaten up. At that point, people decided $300 was the bottom, and began buying again.
True. There is a very small chance that someone will sell that much again. Even if they do it is now evident it can recover fairly quickly (not that there were any doubts
).Cheers
Good point. There is inflationary pressure of 3600 coins/day that miners are presumably (mostly) dumping. But the way that 30K (8 days worth of mining) sell wall was eaten in mere hours without the market tanking further in reaction to it, tells me that there is a market concensus that the price should be well above $300. How far above, we'll have to see. Getting back to the mid-400's would just be a minor retracement. It might still stall below $400, or the fact that much of the funding for BTC purchases takes a couple days to wend through fiat financial systems means that we could see an increasing price pump for a while yet, which could fuel more optimism and growth.
