--- title: "Lifting the Offer: Bitcoin trading analysis for the week of June 22nd, 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-06.22.2015.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 22nd, 2015 June 22, 2015 at 3:00 PM | [Bobby Cho](https://insights.paxos.com/blog/author/bobby-cho) ![Lifting-the-Offer---Week-of-06.22.2015](https://insights.paxos.com/hubfs/_itBit_LTO/Lifting-the-Offer---Week-of-06.22.2015.png) This was a strong week for bitcoin traders. The price rose 5% driven primarily by the return of macro traders to the Chinese bitcoin market from the Shanghai Stock Exchange (SSE). The week ahead will test the new price level and attempt to buck the trend of late-month sell-offs that have been commonplace over the past four months. ![Tradeblock-06.22.2015](https://insights.paxos.com/hubfs/_itBit_LTO/Tradeblock-06.22.2015.png)[*Source: tradeblock.com*](https://www.tradeblock.com) ### Bitcoin By the Numbers ![Bitcoin-Price-and-Market-Cap-06.22.2015](https://insights.paxos.com/hubfs/_itBit_LTO/Bitcoin-Price-and-Market-Cap-06.22.2015.png) ### Best Bits from Last Week - [Canadian Senate Report: Digital Currencies](http://www.parl.gc.ca/Content/SEN/Committee/412/banc/rep/rep12jun15-e.pdf) - [Coindesk: Santander: Blockchain Tech Can Save Banks $20 Billion a Year](http://www.coindesk.com/santander-blockchain-tech-can-save-banks-20-billion-a-year/) - [Forbes: Why The Bitcoin Blockchain Could Make Gift Cards, A Consumer Favorite, Even More Beloved](http://www.forbes.com/sites/laurashin/2015/06/17/why-the-bitcoin-blockchain-could-make-gift-cards-a-consumer-favorite-even-more-beloved/) - [Reuters: Bitcoin Surges as Grexit Worries Mount, Posts Best Run in 18 Months](http://www.reuters.com/article/2015/06/16/us-eurozone-greece-bitcoin-idUSKBN0OW2DS20150616?feedType=RSS&feedName=technologyNews) - [BI: $30 Million Bitcoin Startup's Backup Plan to Sell Teach to Banks](http://uk.businessinsider.com/30-million-bitcoin-startup-bitpays-backup-plan-sell-tech-to-the-banks-2015-6?IR=T)      ### Bitcoin Price Recap The market extended its June bull run climbing nearly 5% over the last week. Upon closer examination, intra-week prices jumped approximately 10% over the first three days of the week. This move was fueled primarily by macro traders coming back into the Chinese bitcoin market. From mid-May through last week, the market witnessed a [shift in liquidity from bitcoin to the Shanghai Composite Index (SSE)](https://www.itbit.com/blog/itbit-market-report-bitcoin-price-analysis-for-june-2015) with volume drying up across the major Chinese bitcoin exchanges. We saw the reversal of this trend last week with Asian macro traders transferring liquidity back into bitcoin causing a 20% drop in average weekly volume traded in the SSE.  This is the most significant decline in weekly volume traded in nearly two months. ![Shanghai-Composite-Index-Volume---Weekly-Volume](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Shanghai-Composite-Index-Volume---Weekly-Volume.png?width=610&name=Shanghai-Composite-Index-Volume---Weekly-Volume.png) ![Shanghai-Composite-Index-Volume---Daily-Volume](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Shanghai-Composite-Index-Volume---Daily-Volume.png?width=768&name=Shanghai-Composite-Index-Volume---Daily-Volume.png) *[Source: https://www.quandl.com/data/YAHOO/INDEX\_SSEC-Shanghai-Composite-Index-China\*](https://www.quandl.com/data/YAHOO/INDEX_SSEC-Shanghai-Composite-Index-China)*   Speculation around Greece’s exit from the EU may also have helped drive the bitcoin price last week. However, the ongoing speculation could have already been priced in as the bitcoin price is up almost 7% in June. Looking at the bitcoin market from a broader lens, the fact that non-bitcoin related news legitimately impacted the price is noteworthy. Historically, the vast majority of price moves have been motivated by Bitcoin-specific news and events. This could be an indicator that the bitcoin market is slowly becoming more closely correlated with other markets and asset classes.   ### Bitcoin Trading Week Ahead The biggest question heading into the week will be around the sustainability of the current price level. Resistance was met around $250 early last week as the market digested the run up in price. Even with last week’s 5% rise in price and an increase in volatility, the market may look to find a stable support level. As we noted in [last week’s Lifting the Offer](https://www.itbit.com/blog/lifting-the-offer-bitcoin-trading-analysis-for-the-week-of-june-15th-2015), the second half of the month has been notorious for increased sell activity over the last four months. Should the market extend its gains this week, this would be the best run since March and will continue to build trader confidence.     ### This Week in Bitcoin’s (Limited) History 2013: [WSJ: States Put Heat on Bitcoin](http://www.wsj.com/articles/SB10001424127887323998604578565961039879492) 2014: [BBERG: Bitcoin to Get More Attention From U.S. Consumer Bureau](http://www.bloomberg.com/news/articles/2014-06-26/bitcoin-to-get-more-attention-from-u-s-consumer-bureau)   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 in this post is current as of 9:00AM EST on 6/22/2015 * [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) ### 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.