Bitcoin Order Book
The Bitcoin price has risen with more than 35 USD today according to Bitstamp. It reached a high of 617 USD per BTC and is now floating around the 608 mark. The CCN reader wrote in our earlier post that:
“It does but not because of merchant accept. The price is not going up because of that but because of speculators and BTC traders. The only valid reason for price to go up is *IF* consumers adopt it. Unfortunately, this is only price manipulation, volatility and a pump.”
That may be so, but there has been some big forces in play today with more than 15 000 bitcoins changing hands only on Bitstamp. I had a strong bullish outlook for Bitcoin until it reached about 615 USD per BTC. I could see a strong resistance by ei. viewing the order books of Bitstamp and other exchanges. If you look at the graph below, it looks like the peak today has is 617 USD per BTC and that it will slowly do a reversal down to anywhere around 580 to 600 USD per BTC.
If you take a peek at the order book of Bitstamp, you can see that the amount of bitcoins in a sale mode are currently outnumbering the Bitcoin buy orders. There is one sale order for more than 1394 bitcoins set at 615. This could be a part of a larger “manipulation” of the Bitcoin price, but if it’s not, it might take some time before that sell wall is eaten up (even though we are closing in).
With a suspected quiet weekend in the Bitcoin community, and ending the week with a great bullish story, it’s hard to predict what exactly will happen with the Bitcoin price. After most sharp upturns, you also have sharp downturns. Let’s see what happens. I believe in short term Bitcoin price reversal.
Disclaimer: I invest and have invested in different cryptocurrencies. Trading is purely at your own risk and CCN nor me is responsible for any losses that may occur.
