--- title: "itBit Bitcoin Market Report: April 2016" description: Our April report recaps bitcoin market moving events in March and offers an in-depth price outlook and trend analysis for the month ahead. image: https://insights.paxos.com/hubfs/itBit_Gated_Content/March_2016_Market_Report/itBit-Bitcoin-Market-Report-March-2016.png --- [![itBit](https://insights.paxos.com/hubfs/itBit-Careers-Square.svg)](https://www.itbit.com/) [![itBit](https://insights.paxos.com/hubfs/itBit-Careers-Long.svg)](https://www.itbit.com/) [OPEN TRADING ACCOUNT](https://exchange.itbit.com/signup) [SUPPORT](https://www.itbit.com/contactus) [LOGIN](https://exchange.itbit.com/login) - [Exchange](https://www.itbit.com/exchange) - [OTC Trading](https://www.itbit.com/otc) - [Market Data](https://exchange.itbit.com/markets) - [Blog](https://www.itbit.com/blog) - [Exchange](https://www.itbit.com/exchange) - [OTC Trading](https://www.itbit.com/otc) - [Market Data](https://exchange.itbit.com/markets) - [Blog](https://www.itbit.com/blog) # [ITBIT TRADING BLOG](https://www.itbit.com/blog) ## itBit Bitcoin Market Report: April 2016 April 12, 2016 at 10:53 AM | [itBit](https://insights.paxos.com/blog/author/itbit) ![itBit-Bitcoin-Market-Report-April-2016.png](https://insights.paxos.com/hs-fs/hubfs/itBit_Gated_Content/April_Market_Report/TW-itBit-Bitcoin-Market-Report-April-2016.png?width=1000&name=TW-itBit-Bitcoin-Market-Report-April-2016.png "itBit-Bitcoin-Market-Report-April-2016.png") In March, the bitcoin price was down about 4%, on par with the digital currency’s performance year-to-date. Global equity markets rallied and outpaced bitcoin in March while commodities had a mixed month (oil was up while gold was down).    **2016 YTD Bitcoin Price Chart** **![Bitcoin-Dollar-itBit-YTD-2016-April.png](https://insights.paxos.com/hs-fs/hubfs/itBit_Gated_Content/April_Market_Report/Bitcoin-Dollar-itBit-YTD-2016-April.png?width=800&height=414&name=Bitcoin-Dollar-itBit-YTD-2016-April.png "Bitcoin-Dollar-itBit-YTD-2016-April.png")**   The ongoing stalemate in the block size debate and the resulting uncertainty has contributed heavily to the stagnation in the bitcoin market. Finding a compromise and resolution look unlikely as of this writing as all sides in the debate have dug in their heels. Interestingly, the raging block size debate has helped Ethereum (ETH) gain traction and spike in price as traders look to diversify their crypto holdings.   [OUR LATEST BITCOIN RESEARCH DELIVERED TO YOUR INBOX. SUBSCRIBE TODAY!](https://www.itbit.com/blog/itbit-bitcoin-market-report-april-2016#subscribe)   **March Bitcoin Market Moving Events ** ### ![Market-Moving-Events-March-2016.png](https://insights.paxos.com/hs-fs/hubfs/itBit_Gated_Content/April_Market_Report/Market-Moving-Events-March-2016.png?width=800&height=456&name=Market-Moving-Events-March-2016.png "Market-Moving-Events-March-2016.png")   | #### **MARCH BITcoin Market Moving Events summary** | | | | --- | --- | --- | | 3/1 | Bank of America conducts blockchain trial |  -1.0%  | | 3/5 | Coinbase CEO: Core Developers may be Bitcoin’s “biggest systemic risk” |  -2.5%  | | 3/14 | USAA expands bitcoin integration to all members |  +1.0%  | | 3/16 | Overstock announces plans to issue its company stock on blockchain |  unchanged  | | 3/29 | 10 new firms join Hyperledger project including itBit |  -2.0%  | ### **April Price Outlook** The bitcoin price has been range bound all year and March was no exception. A major volatility squeeze is coming. Volatility and volume have been sitting at low levels, indicators of an impending move.  The price of bitcoin has mostly held above key support in 2016, which stands between $400-$415. If the price breaks through support, its going to break hard. The next support level below $400 would be the “Mike Hearn Low” from mid-January, around $360. For a bullish breakout, the price would need to get above to two key overhead resistance levels at $438 and $455. ### **Key Macro Event to Watch in April** #### **Yuan devaluation** Recent evidence suggests China’s economy is beginning to stabilize. This has come as the US dollar has weakened in recent months allowing for the Chinese government to devalue the yuan. If the government is comfortable with how their economy is stabilizing, perhaps the PBOC will allow for the yuan to continue its devaluation. Past yuan devaluations have had a positive impact on Chinese bitcoin exchange trading volumes and the price of bitcoin. In her latest speech, Janet Yellen was cautious on the global economy and any US rate hikes in the near-term. This offers the PBOC good cover to continue devaluing the yuan and should help increase volumes on Chinese bitcoin exchanges.   --- ## Trade on itBit’s OTC Agency Trading Desk and Receive $50 **Trading over 100 bitcoins? 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All Rights Reserved. NMLS #1766787 Crypto asset trading involves a high degree of risk. The crypto asset market is new and unproven and may not grow. Currently, there is relatively small use of crypto assets in the retail and commercial marketplace in comparison to relatively large use by speculators, thus contributing to price volatility that could adversely affect an investment in crypto assets. In order to participate in the trading of crypto assets, you should be capable of evaluating the merits and risks of the investment and be able to bear the economic risk of losing your entire investment. No material at this site should be considered as an offer by itBit to sell or solicitation by itBit of any offer to buy bitcoin or other crypto assets.