The price of bitcoin was up just over 1% the past week, touching a high of $344 on Wednesday before settling in the $320-$325 range to close out the week. With the looming Thanksgiving holiday this week in the U.S., traders should anticipate lower volumes and stagnant prices.
Bitcoin Price Recap
This modest week-over-week increase is not reflective of the market’s price movements which showed signs of heading back to the mid 300s early in the trading week. The bitcoin market was up nearly 6% through Wednesday before falling 5% by close of business Friday.
The market established a solid new support level at $310 on Thursday, and rounded out the week trading in the low $320s after a quiet weekend.
Bitcoin by the Numbers
Bitcoin Trading Week Ahead
Although bitcoin trades 24/7, the shortened trading week in the U.S. market may prove disruptive for global traders. With the U.S. federal wire system offline Thursday for Thanksgiving and many institutional trading desks on holiday through Monday, volumes will likely be low throughout the trading week. Given the expected lack of volume, traders should be prepared for heightened volatility, particularly on Thursday and Friday.
This week, traders can find support at $310 and resistance at $328.
Best Bits from Last Week
- Finance Magnates: Bitcoin Payroll Startup Bitwage Raises $760k
- WSJ: Bitcoin Can Be Donated to Fidelity Charitable Fund
- Coindesk: Amazon Starts Shipping 21 Bitcoin Computers
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*All data and references are current as of 9:00AM EST on 11/23/2015.