Bitcoin prices continued to fall back to Earth last week. The price dropped 16% with buying interest thinner and wider than previous weeks. This may have been a result of an influx of supply hitting the market due to the recent USMS auction. Buyers may continue to sit on the sidelines this week as they search for a viable re-entry point amidst the recent price drop.
Bitcoin Price Recap
Speculation within the bitcoin community points to downward pressure from added supply released by the recent USMS auction as a driver behind the price decline. Since the time auction bids were due on November 5th, the price of bitcoin has dropped 21%. A few trading venues even broke below the $300 mark last week, hitting a low of $294 before moving higher.
Bitcoin by the Numbers
Bitcoin Trading Week Ahead
The bitcoin market could trade sideways for a majority of this week. There is a severe lack of demand as both buyers and sellers search for signs of price stability to make their next move. This week, traders can find short-term support at $315 with resistance at $325.
Best Bits from Last Week
- Wired: Everyone Says Bitcoin is Back. But It Never Really Left
- Engadget: Microsoft wants to make Bitcoin easier for banks
- Econotimes: Taiwan FSC Clears Air On Bitcoin Status Read
- CNBC: Banks Could Use Bitcoin Technology by Next Year 2016
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*All data and references are current as of 9:00AM EST on 11/16/2015.