--- title: "Lifting the Offer: Bitcoin trading analysis for the week of August 3rd, 2015" description: Released every Monday, Lifting the Offer provides market and price analysis to prepare bitcoin traders for the week ahead. image: https://insights.paxos.com/hubfs/_itBit_LTO/Lifting-the-Offer---Week-of-08.03.2015.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) ## Lifting the Offer: Bitcoin trading analysis for the week of August 3rd, 2015 August 3, 2015 at 4:30 PM | [Bobby Cho](https://insights.paxos.com/blog/author/bobby-cho) ![Lifting-the-Offer---Week-of-08.03.2015](https://insights.paxos.com/hubfs/_itBit_LTO/Lifting-the-Offer---Week-of-08.03.2015.png) Trading in July was heavily influenced by the [events in Greece](https://www.itbit.com/blog/july-itbit-macro-view-report-the-greek-crisis-and-bitcoin), trading in the Shanghai composite and speculative bets in the Litecoin market. Unlike July, August should offer greater stability through inactivity. The global financial markets typically generate less news and lower volumes in August and the bitcoin market should follow suit.   ![Tradeblock-08.03](https://insights.paxos.com/hubfs/_itBit_LTO/Tradeblock-08.03.2015)*Source: [tradeblock.com](https://www.tradeblock.com)*   ### Bitcoin by the Numbers ![Bitcoin-Price-and-Market-Cap-08.03.2015](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Bitcoin-Price-and-Market-Cap-08.03.2015.png?width=962&name=Bitcoin-Price-and-Market-Cap-08.03.2015.png) ### Best Bits from Last Week - [ZDNET: How Blockchain is Likely to Transform IT and Business](http://www.zdnet.com/article/how-blockchain-is-likely-to-change-it-and-business-forever/) - [WSJ: BitBeat: Bitcoiners Decamp to Bretton Woods, Assess the Future of Bitcoin](http://blogs.wsj.com/moneybeat/2015/07/30/bitbeat-bitcoiners-decamp-to-bretton-woods/) - [Techcrunch: UK Is Leading The Way To Becoming A Global Bitcoin Hub](http://techcrunch.com/2015/07/31/uk-is-leading-the-way-to-become-a-global-bitcoin-hub/?ncid=mobilenavtrend) - [Coindesk: US Government Funds $3 Million Cryptocurrency Research Initiative](http://www.coindesk.com/us-government-funds-3-million-cryptocurrency-research-initiative/)       ### Bitcoin Price Recap The bitcoin market closed out July on a quiet note with the majority of price movements occurring during Asia market hours. The price trended down slightly on low volumes as traders continue to search for new economic indicators to provide them with market conviction. Resistance was met early in the week as prices peaked at $297. This resistance level should serve as an important boundary with some traders still underwater (approx. 5%) from long positions taken at last week’s high.   ### Bitcoin Trading Week Ahead One thing to watch this week is if the bitcoin price can continue to hold at current levels. Last week marked the fifth time this year that the market climbed past $295. Unfortunately, each of these climbs have been followed by declines of greater than 5% the following week so traders should remain alert. Overall, the bitcoin price has been on an incredible run this summer, with the market up roughly 25% since early-June. We’ll see if this momentum continues in August.   ### This Week in Bitcoin’s (Limited) History 2013: [Forbes: Federal Judge Rules Bitcoin Is Real Money](http://www.forbes.com/sites/kashmirhill/2013/08/07/federal-judge-rules-bitcoin-is-real-money/) 2014: [WSJ: U.K. to Examine Virtual Currency Regulation](http://blogs.wsj.com/digits/2014/08/06/uk-to-examine-virtual-currency-regulation/)   Released every Monday, Lifting the Offer provides market and price analysis to prepare bitcoin traders for the week ahead. [Check out the full LTO archive](https://www.itbit.com/blog/topic/lifting-the-offer). *Bobby Cho is the Director of the [Institutional Client Group](https://www.itbit.com/ICG) and leads itBit’s [Global OTC Agency Trading Desk](https://www.itbit.com/blog/introducing-itbits-global-otc-agency-trading-desk). Previously, Bobby was Vice President of Trading at SecondMarket specializing in trading bitcoin and illiquid asset-backed securities.* *Comments? Feedback? [Shoot Bobby an email](mailto:bcho@itbit.com).* *\*All data and references are current as of 9:00AM EST on 8/3/2015.* [Lifting the Offer Legal Disclaimer](https://insights.paxos.com/hubfs/_itBit_LTO/Lifting_the_Offer_-_Legal.pdf?t=1428961216609&t=1429305046006&t=1429914456000&t=1430514280949&t=1431121431128&t=1432670425436&t=1433193396507&t=1433598447041&t=1433979988407&t=1434988331422&t=1435616577297&t=1436799089921&t=1437165948432&t=1438380255567)  ### 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. 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.