--- title: "Lifting the Offer: Bitcoin trading analysis for the week of June 29nd, 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-06.29.2015.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 29nd, 2015 June 29, 2015 at 5:00 PM | [Bobby Cho](https://insights.paxos.com/blog/author/bobby-cho) ![Lifting-the-Offer---Week-of-06.29.2015](https://insights.paxos.com/hubfs/_itBit_LTO/Lifting-the-Offer---Week-of-06.29.2015.png) The past week marked the third straight winning week for the bitcoin market. The price jumped over 4% on news that Greece was moving closer to default and in the process broke $250, a key resistance level.  ### ![Tradeblock-06.29.2015](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Tradeblock-06.29.2015.png?width=876&name=Tradeblock-06.29.2015.png) [*Source: tradeblock.com*](https://www.tradeblock.com) ### Bitcoin By the Numbers ### ![Bitcoin-Price-and-Market-Cap---06.29.2015](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Bitcoin-Price-and-Market-Cap---06.29.2015.png?width=887&name=Bitcoin-Price-and-Market-Cap---06.29.2015.png) ### Best Bits from Last Week - [American Banker: Why the Bitcoin Blockchain Beats Out Competitors](http://www.americanbanker.com/bankthink/why-the-bitcoin-blockchain-beats-out-competitors-1075100-1.html) - [Coindesk: Barclays Trials Bitcoin Tech With Pilot Program](http://www.coindesk.com/barclays-trials-bitcoin-tech-with-pilot-program/) - [Reuters: Nasdaq Partners with Chain to Bring Blockchain to Private Market](http://www.reuters.com/article/2015/06/24/nasdaq-blockchain-idUSL1N0Z92I720150624) - [Coindesk: Crypto Processor Vogogo Nets $12.5 Million in New Financing](http://www.coindesk.com/crypto-processor-vogogo-nets-12-5-million-in-new-financing/)   ### Bitcoin Price Recap The market rose over 4% this past week with minimal influence from Bitcoin-specific news. The recent breakdown in negotiations between the European Commission (the EU’s executive body) and Greek authorities was the key driver behind the price increase. The distance between the two sides is evident in a recent [press release from the European Commission](http://europa.eu/rapid/press-release_IP-15-5270_en.htm?locale=en) which stated: > “Neither this latest version of the document, nor an outline of a comprehensive deal could be formally finalised and presented to the Eurogroup due to the unilateral decision of the Greek authorities to abandon the process on the evening of 26 June 2015.”   It was on the aforementioned evening of June 26th that Bitcoin traders began to add long positions in hopes that the breakdown of negotiations and further capital controls within Greece would drive the price of bitcoin higher. Traditional money managers around the globe joined these traders in strategizing around the short-term and long-term fallout from these negotiations and the potential investment opportunity.  One can assume that the run up in price is driven primarily by bitcoin traders speculating on the events in Greece and not Greek citizens looking to adopt bitcoin as their fallback currency. However, the situations in Cyprus and Greece illuminate bitcoin's inherant value as a decentralized currency solution and could potentially serve as a market driver.    ### Bitcoin Trading Week Ahead The ongoing concern around the bitcoin market's ability to break resistance at $250 was answered in emphatic fashion over the past week. This had been a key resistance level for traders over the past few months as the last time $250 was broken in April, the price dropped all the way down to $215. This week, traders may find support at $245 with new resistance set at $260, an important level which was tested in early-April. As we enter July, this is a pivotal week that could help set the tone for the third quarter.    ### This Week in Bitcoin’s (Limited) History 2013: [NYT: Winklevoss Twins Plan First Fund for Bitcoins](http://dealbook.nytimes.com/2013/07/01/first-name-in-the-first-fund-for-bitcoins-winklevoss/?_r=0) 2014: [WSJ: Tim Draper Is Sole Winner of U.S. Bitcoin Auction](http://blogs.wsj.com/moneybeat/2014/07/02/vc-tim-draper-is-sole-winner-of-u-s-bitcoin-auction/)   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 current as of 9:00AM EST on 6/29/2015.* [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) ### 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.