Demand. :-) I sometimes watch the various exchanges pretty closely, and there's a point somewhere around $220 where a lot of buying kicks in. For whatever rea

Demand. :-) I sometimes watch the various exchanges pretty closely, and there's a point somewhere around $220 where a lot of buying kicks in. For whatever reason, people are comfortable accumulating there. Then it becomes self-reinforcing. People won't sell below because they know they can wait it out and sell above it in a few days. It would be possible to trigger another downtrend, but it would take either some seriously bad news (some US regulation maybe) or a very large amount of bitcoins dumped on the market at once. At this exact moment, I think the market is in a stalemate zone. It's been extraordinarily stable the last few weeks. People don't want to sell here, but they're still afraid to buy at this price (~$235).