Updated: 10:23 pm New York time 10 April 2013
Econintersect: You mean no one wants to buy my tulip bulbs???? Today the Bitcoin market saw a classic mania collapse, plunging more than 60% in less than 6 hours from an all-time high of $266. But then something happened and the "maniacs" returned. The market rallied from a low of $105 to recovery high of $189 in a little over one hour's time. If the market were to somehow stabilize at the current level (5:15 pm New York time) in the $180s, the Bitcoin price would be in the same price range as it was just two days ago.
The headlines proclaiming the Bitcoin bubble is history may have to wait for another day. Tulip bulbs may still have buyers.
The following is an image of a live chart as of 5:15 pm (New York time) from Bitcoin Bull Bear:
Editor's note: This chart is short-term bullish with significantly higher volumes for the rebound and a bullish engulfing of a massive red candle. However, one should think in much shorter time-frames for this kind of price action. If one doesn't interpret these one-hour candle charts with the logic normally applied to weekly (or even monthly) candles every move will be over before you know it started.
You have to be patient with the Bitcoin Bull Bear website. Extremely high traffic is producing 504 Gateway Time-outs very frequently, often in less than a minute.
Update (10:23 pm New York time 10 April 2013)
There appears to be a symetric horizonatal flag forming centered somewhere around $160. Volume has fallen back to more normal levels.
Read other GEI News articles about Bitcoins.