Market dynamics still apply to Bitcoin. It follows the same rules as any other liquid market. The amateurs are buying at this level, the big players are all short.
My left side of gdax.com just gave up on the bid-ask. Stuck at 14,430. Once 17k hit, wow from 17,000 to 17,200 to 17,450. Bounced all over, didn't even bother with the other numbers in between. Now at 17,600.
Coinbase premium is insane when compared to other exchanges!!! You can't even get an accurate price with all different prices on each exchange...
I'm really pondering what the exit is going to look like when it finally reverses.... Imagine being the sucker who paid a premium on coinbase just to see it immediately collapse, guy could be down $3000-$5000 in 24 hrs