Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
What could have caused this spike, a single whale buying?
I honestly think we broke upward because we were scraping the bottom at around $470. The last bottom we were scraping for a while was $420, and that was all the way back in May. So my thinking is the "floor" has rising about $40-50 since then.
Don't quote me on it though, as bitcoin is full of surprises.
Agreed. Most likely technical (failure to break through previous low, high stability for the past 3-4 days, decent buying pressure on stamp), maybe triggered today by news (ECB decision) - but if so, it's probably more of a trigger than a reason.
Now, whether this is the turning point is another thing, entirely. Daily close above $500, and we can start talking about that possibility.
