--- title: "Lifting the Offer: Bitcoin trading analysis for the week of July 20th, 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-07.20.2015.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 July 20th, 2015 July 20, 2015 at 8:00 PM | [Bobby Cho](https://insights.paxos.com/blog/author/bobby-cho) ###  ![Lifting-the-Offer--Week-of-07.20.2015](https://insights.paxos.com/hubfs/_itBit_LTO/Lifting-the-Offer--Week-of-07.20.2015.png) It’s been a tumultuous July in both the bitcoin and financial markets. Traders resonded to the news of a Greek bailout with a sell off that had the price of bitcoin down for the week. Over the last six months, global market events have impacted the price of bitcoin more than ever. This growing correlation is a positive as bitcoin continues to establish itself as an investable asset class.    ![Tradeblock-07.20.2015](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Tradeblock-07.20.2015.png?width=901&name=Tradeblock-07.20.2015.png) *[Source: tradeblock.com](https://www.tradeblock.com)* ### Bitcoin By the Numbers ![Bitcoin-Price-and-Market-Cap---Week-of-07.20.2015](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Bitcoin-Price-and-Market-Cap---Week-of-07.20.2015.png?width=912&name=Bitcoin-Price-and-Market-Cap---Week-of-07.20.2015.png "Bitcoin-Price-and-Market-Cap---Week-of-07.20.2015") ### Best Bits from Last Week - [FT: The Blockchain and Financial Markets](http://www.ft.com/intl/cms/s/0/454be1c8-2577-11e5-9c4e-a775d2b173ca.html#axzz3gSTU0wbp) - [Finextra: Standard Chartered Innovation Chief Talks Up the Blockchain](http://finextra.com/news/fullstory.aspx?newsitemid=27600) - [BI: Bitcoin is the 'Napster' of Finance](http://www.businessinsider.com/level39-eric-van-der-kleij-bitcoin-fintech-banks-blockchain-napster-itunes-2015-7) - [Coindesk: Charges Against Colorado Bitcoin Trader Dismissed](http://www.coindesk.com/charges-against-colorado-bitcoin-trader-dismissed/)     ### Bitcoin Price Recap Last Monday, traders reacted swiftly to a proposed Greek bailout agreement with a dramatic sell off driving the price down 10%. The bitcoin price continued to trend down throughout the first half of the week after the market digested the bailout agreement struck between Greece and the European Union. After the bailout agreement was actually passed on Wednesday 7/15, by the Greek Parliament, the bitcoin market reacted with an approximate 5% sell off. Bitcoin has notoriously been an isolated asset class with larger price movements triggered primarily by Bitcoin-specific events and developments. Over the course of the last six months, the market has been correlating with other global market events which are impacting the price of bitcoin more than before. As correlation builds between the price of bitcoin and other asset classes, we should see larger macro news have a more profound impact. ### Bitcoin Trading Week Ahead Traders should anticipate a less volatile week ahead as analysts look to rebuild their pricing schemes and look for fresh market influencers. It’s clear that market participants who are able to “price in” other potential factors weighing on bitcoin will have better pricing indicators. The price appears to have found support at $271 with resistance set at $280.  Should support break at $271, the market could head towards early July levels of $250-$253. ### This Week in Bitcoin’s (Limited) History 2013: [The Verge: Man Charged for Running $4.5 Million Bitcoin Ponzi Scheme](http://www.theverge.com/2013/7/24/4553186/man-charged-for-running-4-5-million-bitcoin-ponzi-scheme) 2014: [Telegraph: Dell Jumps on the Bitcoin Bandwagon](http://www.telegraph.co.uk/technology/dell/10980089/Dell-jumps-on-the-Bitcoin-bandwagon.html) 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) at itBit. 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 7/20/2015.* [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) ### 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.