The bitcoin market was relatively quiet over the last week with volumes and volatility sitting at lower levels. With many traders starting the year with only dry powder and little in the way of long positions, the market may swing higher this week and could continue to edge up throughout the month.
Bitcoin Price Recap
The price of bitcoin moved steadily between $420 and $435 last week. The range-bound activity left traders with only minor opportunities to scratch out profits before the new year. Most institutional traders closed their books weeks ago, trading out of long positions held since Q1 2015 which would have yielded returns of roughly 35%.
Bitcoin by the Numbers
Bitcoin Trading Week Ahead
The bitcoin market may experience a gradual boost this month as traders look to place early bets on the price and lock in their long-term positions for 2016. With bitcoin and blockchain technology poised to be in the fintech spotlight this year, the market will likely spend the month assessing the landscape and reacting accordingly.
This week, bitcoin traders can find support at $423 and resistance at $440.
Best Bits from Last Week
- Newsweek: Should the Fed Issue It's Own Bitcoin?
- CNBC: Why Bitcoin’s Tech Could ‘Change Everything’ For Banks
- BBERG: From Worst to Best - Bitcoin's 2015 Comeback
- Coindesk: Visa Europe - The Blockchain is 'No Longer a Choice'
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*All data and references are current as of 9:00AM EST on 1/4/2016.