Situation looks very similar to April 7th from that graph, volume numbers are also similar. Main difference is though that total bid sum (and ask sum too) is way higher.
Yes really quite remarkable. April 7th set us back almost exactly 2 weeks. We won't be truly out of the woods until the ask sum roughly halves.
I like loads of bitcoins on the order book as a constant reminder that people will sell if the price is right and could easily sell loads - so don't get carried away with the buying!
Keep in mind fiat paper = infinite money supply
Bitcoin = 11 million coins to date
I kinda like the idea of us learning to live with high bid and ask pressure as 'the norm'. Opening up the steam locomotive up too quickly will release a lot of the steam pressure and the wheels will turn impressively fast but they are just spinning and are hardly pulling the train at all. Opening up a little less quickly maintains a head of steam whilst effectively transferring the energy to the wheels so that the whole train slowly gains momentum until you've got something pretty heavy hurtling along the tracks at some rate!
Loving this little dip. I like the fact the price don't simply dive down and straight back up again as it tended to on the retractions before the big drop from $266. As many people as there are and as much money as there is to come on board I believe it is much healthier that we don't get the false sense of security of being 'out of the woods'. My guess is it means people buying are accepting it may drop some after purchase and are more likely to be thinking long term and accepting risks than diving in blindly believing it's a free and easy ride up forever*.
Edit: * then panicking and selling at a loss on a massive drop!