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The price spikes every hour, on the 26 minute mark:

https://bitcoinaverage.com/charts.htm#USD-averages-1d

(Although it seems like spikes do not show up for some people/browswers. Her is what I see: imgur.com/aKYaDvX )

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    Sell orders at above-market price wouldn't be matched though, so you probably mean buy-orders? Please separate your answer into an answer post. It is alright to answer your own question, but please don't answer it in the question as it is impossible to vote on the answer that way. Could you please also provide a better explanation where you are observing hourly price spikes? I have trouble seeing such a thing in the provided chart. – Murch Mar 27 '14 at 15:34
  • @Murch You really don't see the spikes? I don't think he is trying to answer his own question. – 4276 Mar 27 '14 at 15:57
  • I see spikes, I have yet to see that they are forming any pattern at all. Every matched order shifts the chart, so it would only be without spikes if there were no market activity at all. His question's title is "What is causing the spikes?" and his text is "I think it is a trading bot". How is he not answering his own question? – Murch Mar 27 '14 at 15:58
  • @fredsbend I don't see it too. I totally agree with Murch on all points, except that I found the answer (it really isn't one) of such low quality that I down voted. If the poster improves the question/answer, I will un-down-vote. – Jori Mar 27 '14 at 16:02
  • Okay, I think I understand now that OP means the downward spikes (sell-orders) happening roughly between x:21 and x:24 several times during the day, not every hour though. @AlexMillar: It would be grand if you could confirm/clarify what you mean. – Murch Mar 27 '14 at 16:09
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Someone could have programmed a bot to place buy-orders every hour based on a some historical price average, say over the last 24 hours.

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It could be someone buying a fixed number of coins every hour at market price.

The height of the spike would depend on the market depth at the time.

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