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
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
- FT: Blythe Masters and JPMorgan Trial Blockchain Project
- Bitcoin Magazine: IMF: Virtual Currencies and Their Underlying Technologies Can Provide Faster and Cheaper Financial Services
- Coindesk: Bankers Weigh Blockchain Challenges at BNY Mellon Event
- PwC and Blockstream Announce Strategic Partnership
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*All data and references are current as of 9:00AM EST on 2/1/2016.