--- title: "Lifting the Offer: Bitcoin trading analysis for the week of June 15th, 2015" description: Every Monday, Lifting the Offer provides market analysis and price outlooks to prepare bitcoin traders for the week ahead. image: https://insights.paxos.com/hubfs/_itBit_LTO/Lifting-the-Offer---Week-of-06.15.2015.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 June 15th, 2015 June 16, 2015 at 9:24 AM | [Bobby Cho](https://insights.paxos.com/blog/author/bobby-cho) ![Lifting-the-Offer---Week-of-06.15.2015](https://insights.paxos.com/hubfs/_itBit_LTO/Lifting-the-Offer---Week-of-06.15.2015.png)   Every Monday, Lifting the Offer provides market analysis and price outlooks to prepare bitcoin traders for the week ahead. Check out the full archive [here](https://www.itbit.com/blog/topic/lifting-the-offer).   ![Tradeblock-06.15.2015](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Tradeblock-06.15.2015.png?width=901&name=Tradeblock-06.15.2015.png)*[Source: tradeblock.com](https://www.tradeblock.com)* ### Bitcoin by the Numbers ![Bitcoin-Price-and-Market-Cap-06.15.2015](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Bitcoin-Price-and-Market-Cap-06.15.2015.png?width=937&name=Bitcoin-Price-and-Market-Cap-06.15.2015.png) ### Best Bits from Last Week - [Coindesk: Blockstream to Release First Open Source Code for Sidechains](http://www.coindesk.com/blockstream-open-source-code-sidechains/) - [NY Business Journal: Historic Bitcoin Regulation Announced for Wall Street and Beyond](http://www.bizjournals.com/newyork/news/2015/06/03/benjamin-lawsky-unveils-new-yorks-historic.html) - [BBERG: Some Financial Heavyweights Just Invested in a Trading Platform Linked to Bitcoin](http://www.bloomberg.com/news/articles/2015-06-09/symbiont-s-bitcoin-linked-trading-fix-gets-heavyweight-backing) ### Bitcoin Price Recap The bitcoin market pushed higher over the last week and continues to show bullish signals which could propel prices further this week. Two days of trading above [last week’s referenced resistance level of $230](https://www.itbit.com/blog/lifting-the-offer-bitcoin-trading-analysis-for-the-week-of-june-8th-2015) seems to have given traders an entry point to start building new positions. The bitcoin price is up nearly 5% week over week off of light news headlines and even lighter volume. The market is now up over 6% since bottoming out at $220 on June 1st. The chart below shows a market determined to set a bullish trend just in time for the start of summer. ![Tradeblock2-06.15.2015](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Tradeblock2-06.15.2015.png?width=901&name=Tradeblock2-06.15.2015.png)*[Source: tradeblock.com](https://www.tradeblock.com)*   ### Trading Week Ahead Should the bitcoin price remain above $230 over the next few days, many traders may see this as a turning point for the market. Skeptics would note that over the past four months, there has been a pattern of bitcoin price increases in the first half of the month that have been followed by sell-offs towards the end. ![Bitcoin-Percent-Change-from-Month-High-to-Month-End](https://insights.paxos.com/hubfs/_itBit_LTO/Bitcoin-Percent-Change-from-Month-High-to-Month-End.png) One explanation for this trend is the propensity of miners to liquidate holdings and close out of open positions at month’s end. If the market can buck this trend in June, it could serve as a bullish signal for the summer months ahead. ### This Week in Bitcoin’s (Limited) History 2013: [Forbes: Bitcoin In IRS Crosshairs, Says Government Report](http://www.forbes.com/sites/robertwood/2013/06/18/bitcoin-in-irs-crosshairs-says-government-report/) 2014: [PC World: One Group Controls 51 Percent of Bitcoin Mining, Threatening Security Sanctity](http://www.pcworld.com/article/2364000/bitcoin-price-dips-as-backers-fear-mining-monopoly.html)   Comments? Feedback? We’d love to hear it! [Click here](mailto:bcho@itbit.com) to email the author.   *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.*   [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)   ### 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.