The Bitcoin market has been on an incredible run over the past week, with prices up over 15%. The latest price jump was once again driven by Asia as the market tallied its largest intra-day price move on Thursday while US traders were enjoying the Thanksgiving holiday. The price could pull back this week as US traders re-enter the market and traders take profits.
Bitcoin Price Recap
Last week began quietly with the price of bitcoin stagnant in the low $320s. The market sprung into action Wednesday as technicals were breached and prices broke mid-November resistant levels on Thursday. Natural resistance was felt Friday with the market trading sideways in the $350s through Sunday morning before jumping another 8% to close out the week.
The consolidation of prices over the past two and a half weeks has given traders a clear boost in confidence. Many traders have been waiting for this consolidation since the bull run in late-October-early-November saw bitcoin hit $500 before tumbling 40%. Those wanting to see if prices could withstand post-sell off levels before making their next move may have gotten an answer last week.
Bitcoin by the Numbers
Bitcoin Trading Week Ahead
With US traders back in the market, we should experience a slight pull back as the buyers in the low $300s look to lock in 20-25% gains. It is unclear how much more upside there is in the near-term with many sellers looking to unwind long positions they have held since the late-October bull run.
Short-term support can be found at $360 while resistance stands at $385.
Best Bits from Last Week
- Coindesk: Russia's Finance Ministry Wants to Ban Bitcoin, Not the Blockchain
- Nasdaq: Big Banks Are Hopping On Bitcoin's Blockchain Bandwagon
- American Banker: Thank You for Not Smearing All Bitcoin Users, BIS
Trade on itBit’s OTC Agency Trading Desk and Receive $50
Trading over 100 bitcoins? Use itBit’s OTC desk and receive $50 in bitcoin after your first trade!
Personalized Trading Support | Low Fees | Same-Day Settlement
*All data and references are current as of 9:00AM EST on 11/30/2015.