Lifting the Offer: Bitcoin trading analysis for the week of October 26, 2015


Fresh off a one-month high, the bitcoin market’s bull run continued with prices rising 8% week-over-week. Traders can look for continued positive price momentum this week boosted by the approaching US Marshals Service bitcoin auction where the final 40,000 bitcoins seized from Silk Road will be auctioned off.

View our Bitcoin OTC Market Update infographic for Q3 2015




Bitcoin Price Recap

After early consolidation following the previous week’s run up in price, the bitcoin market rose nearly 8% week-over-week. The market went on to briefly test its three-month high of $295 over the weekend before correcting down. The price jump was led predominantly by Asia as the majority of price movements occurred during Asia trading hours.

Unlike past market moves, the current bull run has not been assisted by any news headlines. The positive market movement over the past few weeks appears to be the result of real interest and investment in the Bitcoin space as opposed to speculative trading. Another bullish signal can be found in the strengthening volume which rose nearly 30% week-over-week.



Bitcoin by the Numbers


Bitcoin Trading Week Ahead

If the last US Marshals Service auction is any indication, the price of bitcoin should continue to rise ahead of the November 6th auction date. As a frame of reference, prices rose approximately 20% in the run up to the previous auction.

This week, the market will look to test its previous high again and work to break through resistance. Short-term support is set at $281 while resistance can be found at $288.

Best Bits from Last Week

Bobby Cho is the Director of Trading at itBit and leads our Global OTC Agency Trading Desk. Previously, Bobby was Vice President of Trading at SecondMarket where he helped create the first broker-dealer based institutional bitcoin trading desk. He has extensive experience in both bitcoin and securities trading with clientele ranging from Fortune 500 companies, hedge funds, asset managers and other financial institutions.


Try itBit’s Global OTC Agency Trading Desk and Receive $50

Trading over 100 bitcoins? Receive $50 in bitcoin when you complete your first OTC trade with itBit! 

Personalized Trading Support | No Broker or Trading Fees | Same-Day Settlement



*All data and references are current as of 9:00AM EST on 10/26/2015.

Lifting the Offer Legal Disclaimer