Lifting the Offer: Bitcoin trading the week of December 14, 2015

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Confidence is soaring in the Bitcoin market as prices pushed to December highs over the past week. The market peaked at $470 on Friday, an 18.5% increase from the start of the week, before closing the week up over 12%. This week, the market looks poised to build on last week's gains as positive momentum continues to grow.

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Source: tradeblock.com


Bitcoin Price Recap

The bitcoin price increase over the past week was reminiscent of the early-November run but at a normal velocity. Last week's market activity moved in a more sustainable manner with each movement hitting natural resistance levels, breaking resistance then building support.

After hitting $470, the market began to sell off Friday evening with prices dropping nearly 12% in a span of an hour. The market found support at $415 over the weekend and many market participants used this move down as an opportunistic entry point. The bitcoin price closed the week back up around $440.

 

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Bitcoin by the Numbers

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Bitcoin Trading Week Ahead

Bitcoin prices have consolidated between $435 and $445 which offers retail buyers an opportunity to buy into last week's positive movements. The resiliency of the bitcoin price over past weekend also injected additional confidence into the market. Under these conditions, the market is primed to test last week’s high of $470.

This week, support can be found at $432 with resistance at $450.


Best Bits from Last Week




Bobby Cho is the Director of Trading at itBit and leads our 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.

 

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*All data and references are current as of 9:00AM EST on 12/14/2015.

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