The bitcoin market started the week hot, shooting up 5% between Monday and Tuesday. Ultimately, the early gains were erased and the price closed the week in the red. Traders should anticipate higher volumes early this week with volatility tempering down as the Christmas holiday slows market activity.
Bitcoin Price Recap
Strong early week price movements led the market to the cusp of December’s high of $468. Low trading volumes in the second half of the week the market to trade sideways through Friday. Prices dropped 7.5% intraday on Sunday, hitting a floor at $426.
Bitcoin by the Numbers
Bitcoin Trading Week Ahead
Buyers will look to inject dry capital into their trading accounts to take advantage of the lower trading levels. Market participants will also use this week to close out year-end positions.
Traders should look for opportunities early in the week before the Christmas holiday. Technicals will play a larger role this week as news will be limited and likely a non-factor.
Support is set at $435 with resistance at $465.
Best Bits from Last Week
- VentureBeat: How Banks are Trying Squelch Bitcoin’s Momentum
- theStreet: Future Generations Won't See Money the Way We Do, Says Bitcoin Market CEO
- CCN: itcoin Exchanges in Japan Must Be Registered under New Proposed Regulations
- Coindesk: Two Board Members Exit as Bitcoin Foundation Seeks Funding
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*All data and references are current as of 9:00AM EST on 12/21/2015.