Released every Monday, Lifting the Offer provides key market data, macro analysis and price outlooks to prepare bitcoin traders for the week ahead. Check out the full archive here.
Bitcoin by the Numbers
Best Bits from Last Week
- Institutional Investor: Derivatives Pioneer Blythe Masters Tackles Digital Currency
- Coindesk: Bitcoin Core Developers Join MIT Digital Currency Initiative
- Medium: Bitcoin, the Global Reserve
The Macro View
This week, rather than focusing on a specific macro topic, we wanted to recap what was an eventful first quarter for Bitcoin. itBit’s new 2015 Q1 Market Report examines the impact of market moving events and key macro trends on the price of bitcoin. The report also looks ahead to Q2 2015 identifying trends and themes bitcoin traders should watch.
Bitcoin Price Outlook: Neutral (UNCH)
The trading environment over the past two weeks has created a real opportunity for active bitcoin traders. The first half of the week saw a gradual rise in bitcoin price which built confidence within the buy-and-hold community. The market peaked last Wednesday at a new 14-day high of $238, boasting a three-day gain of 7%. This high was short-lived as the price has reverted back to the price range guidance we provided last week of $219-$229.
While some bitcoin traders waited for the market to build a new short-term support level at $238, the majority seized the opportunity to liquidate unrealized gains generated over the week. As we stated last week, with minimal market-moving headlines in the media right now, singles and doubles will continue to be the best trades available.
The Week Ahead
Inside Bitcoins, one of the industry’s largest conferences, kicks off tomorrow morning in NYC. The conference offers a great forum for announcements and opens up the possibility for market moving news. We are sticking to our guidance from last week and consider prices outside the $219-$229 range as potential opportunities.
We also wanted to point out that the market saw a 10% drop in price towards the end of the Inside Bitcoins conference last year. Active traders should remain vigilant and be ready to lock in gains should negative news break (and get amplified) at the conference.
Finally, itBit will be exhibiting at Inside Bitcoins so feel free to stop by our booth and meet the team. While your there, make sure to enter to win a new Apple Watch!
This Week in Bitcoin’s (Limited) History
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Bobby Cho is the Director of the Institutional Client Group at itBit. Previously, Bobby was Vice President of Trading at SecondMarket specializing in trading bitcoin and illiquid asset-backed securities.