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.
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.
CASE FOR GOLD AS A GLOBAL COLLATERAL ASSET
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
- Forbes: Will Fintech Upstarts Do To Banks What Uber Has Done To Taxis
- Coindesk: Deloitte: It’s Too Soon for Bitcoin to be Regulated
- Fortune: The Bitcoin Industry Just Got Its Own Justice League
- CNBC: Bitcoin Now Tax-Free in Europe After Court Ruling
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*All data and references are current as of 9:00AM EST on 10/26/2015.