--- title: "itBit Bitcoin Market Report: May 2016" description: Our May report recaps bitcoin market moving events in April and offers an in-depth price outlook and macro trend analysis for the month ahead. image: https://insights.paxos.com/hubfs/itBit_Gated_Content/April_Market_Report/TW-itBit-Bitcoin-Market-Report-April-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: May 2016 May 6, 2016 at 4:00 PM | [itBit](https://insights.paxos.com/blog/author/itbit) ![itBit-Bitcoin-Market-Report-May-2016.png](https://insights.paxos.com/hs-fs/hubfs/itBit_Gated_Content/itBit-Bitcoin-Market-Report-May-2016.png?width=1000&name=itBit-Bitcoin-Market-Report-May-2016.png "itBit-Bitcoin-Market-Report-May-2016.png") The price of bitcoin rose nearly 8% in April, reaching a yearly high of $468 on April 26 before retreating to close the month at $446. Bitcoin outperformed the S&P index in April, which was flat for the month. The rise in bitcoin price coincided with a spike in commodities prices, fueled by a weakened US Dollar. Gold was up nearly 6% on the month while silver jumped almost 18%.  **2016 YTD Bitcoin Price Chart** ![2016-YTD-Bitcoin-Price-May.png](https://insights.paxos.com/hs-fs/hubfs/itBit_Gated_Content/2016-YTD-Bitcoin-Price-May.png?width=768&height=382&name=2016-YTD-Bitcoin-Price-May.png "2016-YTD-Bitcoin-Price-May.png") | #### **BITCOIN Price Snapshot** | | | --- | --- | | **Past Month** |  +7.6% | | **Year-To-Date** |  +4.1% | April was a relatively quiet month for bitcoin news with the exception of the code being released for Segregated Witness. This is important news from a bitcoin fundamentals standpoint as it can be viewed as a big step forward in settling the block size debate and eliminating the lingering uncertainty around bitcoin’s future.    [OUR LATEST BITCOIN TRADING RESEARCH DELIVERED TO YOUR INBOX. SUBSCRIBE TODAY!](https://www.itbit.com/blog/itbit-bitcoin-market-report-may-2016#subscribe)   **April Bitcoin Market Moving Events ** ### ![April-2016-bitcoin-market-money-events.png](https://insights.paxos.com/hs-fs/hubfs/itBit_Gated_Content/April-2016-bitcoin-market-money-events.png?width=768&height=468&name=April-2016-bitcoin-market-money-events.png "April-2016-bitcoin-market-money-events.png")  | #### **APRIL BITcoin Market Moving Events summary** | | | | --- | --- | --- | | 4/6 | Circle gets a bank deal with Barclays after UK regulator approval |  -0.25%  | | 4/20 | Bitstamp secures European license for bitcoin exchange, SWIFT developing a distributed ledger platform |  +1.5%  | | 4/21 | Code released for Segregated Witness |  +2.0%  | | 4/25 | Japanese Bitcoin Exchange bitFlyer raises $27 million in series C round |  -0.4%  | | 4/29 | Blockchain data platform Tierion raises $1m USD |  +1.3%  | ### **May Price Outlook** The bitcoin price has fallen back into the $450 range after hitting a 2016 high of $468 in April. Volatility has returned and volumes have remained relatively low, the latter being one of the key reasons we didn’t see follow-through on the price highs.   In the near-term, $437 is a big area of support on the downside, while $455 is a key resistance point. Longer-term support levels can be found at $432 and $419, respectively. ### **Key Macro Event to Watch in May** #### **Segregated Witness** The key macro events to keep an eye on this month are specific to bitcoin rather than the broader traditional markets. With Segregated Witness code being released, will the bitcoin community finally get greater clarity on the implementation plan and roadmap?  This is a central question that if answered appropriately could help alleviate much of the uncertainty that has surrounded bitcoin and positively impact price.   --- ## Trade on itBit’s OTC Agency Trading Desk ***Personalized Trading Support | Low Fees | Same-Day Settlement*** #### [![LEARN MORE](https://no-cache.hubspot.com/cta/default/424565/f966d116-49ad-4807-a82a-a7ba4bcbe627.png)](https://cta-redirect.hubspot.com/cta/redirect/424565/f966d116-49ad-4807-a82a-a7ba4bcbe627)      ### Bitcoin Trading Research Delivered to your Inbox ### Categories ### Subscribe to itBit Blog **Products** [itBit Exchange](https://www.itbit.com/exchange) [OTC Trading](https://www.itbit.com/otc) [Custody Services](https://www.itbit.com/custody) [Escrow Services](https://www.itbit.com/escrow) **Resources** [Market Data](https://exchange.itbit.com/markets) [Support Center](https://help.paxos.com) [API](https://www.itbit.com/api) [itBit Blog](https://www.itbit.com/blog) [Fees](https://www.itbit.com/fees) **Company** [About itBit](https://www.itbit.com/about-itbit) [Press](https://www.itbit.com/h/press) [Careers](https://www.itbit.com/h/careers) [Customer Support](https://www.itbit.com/contactus) [Legal](https://www.itbit.com/legal) **Crypto Assets** [Bitcoin](https://www.itbit.com/bitcoin) [Ethereum](https://www.itbit.com/ethereum) [Bitcoin Cash](https://www.itbit.com/bitcoincash) [Litecoin](https://www.itbit.com/litecoin) [Stellar Lumens](https://www.itbit.com/stellar-lumens) - [![](https://insights.paxos.com/hs-fs/hubfs/_00_PAXOS/Medium%20Updated.png?width=28&height=28&name=Medium%20Updated.png)](https://medium.com/paxos/itbit/home) - [![](https://insights.paxos.com/hs-fs/file-2672941852-svg/_itBit_Social_Icons/twitter-02.svg)](https://twitter.com/itBit) - [![](https://insights.paxos.com/hs-fs/file-2654911471-svg/_itBit_Social_Icons/linkedin-04.svg)](https://www.linkedin.com/company/itbit-pte-ltd) Copyright © 2020 Paxos Trust Company, LLC. 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