Lifting the Offer: Bitcoin trading the week of February 1, 2016


The price of bitcoin fell nearly 6% last week with bitcoin exchange pricing heavily influenced by OTC activity. OTC sellers took deeper than normal discounts as buyers priced-in potential near-term sell offs (learn more in our next Bitcoin OTC Market Update out Thursday).





Bitcoin Price Recap

The bitcoin market attempted to stabilize over the past week after three dips of roughly 4%, only to get pushed down further. Short-term support has been strong enough to keep the market propped up amidst this bear run. However, it remains to be seen how much longer the market can support these intra-week sell offs.


Bitcoin by the Numbers


Read the January itBit Bitcoin Market Report


Bitcoin Trading Week Ahead

Lower than average exchange trading volumes will continue to put downward pressure on the market and may push buyers further away from natural technical support levels. As a result, sell activity could increase with growing sentiment that the five-month bull run is starting to flatten out. The price of bitcoin has increased upwards of 85% since late-August.  

This week, bitcoin traders can find short-term support at $365 and resistance at $383.

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 that includes 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 2/1/2016.

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