--- title: "Lifting the Offer: Bitcoin trading analysis for the week of September 14th, 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-09.14.2015.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 September 14th, 2015 September 14, 2015 at 12:00 PM | [Bobby Cho](https://insights.paxos.com/blog/author/bobby-cho) ![Lifting-the-Offer-Week-of-09.14.2015](https://insights.paxos.com/hubfs/_itBit_LTO/Lifting-the-Offer-Week-of-09.14.2015.png) As we alluded to in [last week’s Lifting the Offer](https://www.itbit.com/blog/lifting-the-offer-bitcoin-trading-analysis-for-the-week-of-september-7th-2015), growing negative trader sentiment, specifically a lack of confidence in the early-September rally, was a key catalyst for the weekend correction. The bitcoin price was down over 4% for the week but remains up overall in September. This week, all eyes in the bitcoin and global financial markets will be on the Federal Reserve and their decision regarding the US interest rate.   ![Tradeblock-09.14.2015](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Tradeblock-09.14.2015.png?width=808&name=Tradeblock-09.14.2015.png) ##### ***[Source: tradeblock.com](https://www.tradeblock.com)*** ### Bitcoin by the Numbers ![Bitcoin-Price-and-Market-Cap-09.14.2015](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Bitcoin-Price-and-Market-Cap-09.14.2015.png?width=812&name=Bitcoin-Price-and-Market-Cap-09.14.2015.png) ### Bitcoin Price Recap The bitcoin price was relatively stable during the work week with prices fluctuating between $237 and $245 through Friday. However, despite over $40 million of new venture capital investment in Bitcoin companies last week, the price trended lower over the weekend. On Saturday, the market began to drop with large sellers driving the price down over 3%. The price hit a low of $227 on Sunday matching late-August support levels. The recent downward movement by the bitcoin market during weekend trading hours have been difficult for the trading community. Many buyers leave little to no dry powder on their accounts for weekend trading, generally closing out positions by Friday. ### Bitcoin Trading Week Ahead We are likely to experience a sideways market this week as the global investment community awaits the Federal Reserve’s decision on a [potential US interest rate hike](https://www.itbit.com/h/itbit-bitcoin-macro-view-impact-of-us-interest-rate-hike-on-bitcoin-august-2015). The FOMC meeting is scheduled for Wednesday and Thursday. An interest rate hike could prove to have a negative impact on bitcoin prices, along with other speculative asset classes. Support appears to have consolidated at $227 with resistance at $235.  Should support break, the market can expect to find the next support level at $220, with even stronger support at $212. **[Click here to read our detailed report on the impact of a potential US interest rate hike on the bitcoin market.](https://www.itbit.com/h/itbit-bitcoin-macro-view-impact-of-us-interest-rate-hike-on-bitcoin-august-2015)** ### Best Bits from Last Week - [Fast Company: MIT's Plan to Inspire the Next Generation of Bitcoin Innovators](http://www.fastcompany.com/3050808/elasticity/mits-plan-to-inspire-the-next-generation-of-bitcoin-innovators) - [Forbes: Wall Street's First Bitcoin Forays: Buy Or Build](http://www.forbes.com/sites/laurashin/2015/09/09/wall-streets-first-bitcoin-forays-buy-or-build/) - [Bitcoin Magazine: Bitcoin Venture Capital Markets Heating up as Five Bitcoin Startups Raise $45 Million](https://bitcoinmagazine.com/21898/bitcoin-venture-capital-markets-heating-five-bitcoin-startups-raise-45-million/) - [Coindesk: Bitcoin-to-Cash App Abra Raises $12 Million Series A](http://www.coindesk.com/bitcoin-to-cash-app-abra-raises-12-million-series-a/) *Bobby Cho is the Director of Trading at itBit and leads our [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 where he helped create the first broker-dealer based institutional bitcoin trading desk. He has extensive experience in both bitcoin and securities trading with clientele ranging from Fortune 500 companies, hedge funds, asset managers and other financial institutions.*   --- ## Try itBit’s Global OTC Agency Trading Desk and Receive $50! Looking to trade over 100 XBT? Receive $50 in bitcoin when you complete your first OTC trade with itBit. 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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.