--- title: "Lifting the Offer: Bitcoin trading analysis the week of November 9, 2015" description: Released every Monday, Lifting the Offer provides an in-depth market recap and price outlook to prepare bitcoin traders for the week ahead. image: https://insights.paxos.com/hubfs/_itBit_LTO/Lifting-the-Offer-Week-of-11.09.2015.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 the week of November 9, 2015 November 9, 2015 at 2:00 PM | [Bobby Cho](https://insights.paxos.com/blog/author/bobby-cho) ![Lifting-the-Offer-Week-of-11.09.2015.png](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Lifting-the-Offer-Week-of-11.09.2015.png?width=800&height=320&name=Lifting-the-Offer-Week-of-11.09.2015.png "Lifting-the-Offer-Week-of-11.09.2015.png") The recent bitcoin bull run reached its apex last week, peaking at a 2015 high of $500 on Wednesday. The bitcoin market cooled off over the second half of the week, experiencing a 25% sell-off that brought the price back under $400 to close the week. Expect a quieter week ahead with prices bouncing between $365-$390. [VIEW OUR LATEST BITCOIN OTC MARKET DATA FOR OCTOBER 2015 \[INFOGRAPHIC\]](https://www.itbit.com/blog/itbit-bitcoin-otc-market-update-october-2015)   ![Tradeblock-11.9.2015.png](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Tradeblock-11.9.2015.png?width=800&height=411&name=Tradeblock-11.9.2015.png "Tradeblock-11.9.2015.png") ##### ***[Source: tradeblock.com](https://www.tradeblock.com)*** ### Bitcoin Price Recap There are no definitive explanations as to why the price dropped so significantly after touching $500. A fair assumption would be profit-taking by long-term bitcoin holders who have been mostly underwater for the better part of the past 12-18 months. Many of these traders may have believed that the market was overbought and looked to hit bids at year-to-date highs. ### Bitcoin by the Numbers ![Bitcoin-Price-and-Market-Cap-11.09.2015.png](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Bitcoin-Price-and-Market-Cap-11.09.2015.png?width=870&height=158&name=Bitcoin-Price-and-Market-Cap-11.09.2015.png "Bitcoin-Price-and-Market-Cap-11.09.2015.png") ### Bitcoin Trading Week Ahead Prices bounced between $365-$390 over the latter half of last week and traders should expect more of the same this week. Given the recent rash of violent price movements and the completion of the final USMS auction, traders will welcome a quiet week with further price and volume consolidation to plot their next moves. Unfortunately, most technicals have been thrown out the window over the past week. However, long term support can be found at $355 with resistance at $400. ### Best Bits from Last Week - [Fortune: What Do MasterCard and Visa Think About Bitcoin?](http://fortune.com/2015/11/06/visa-mastercard-bitcoin/) - [Bloomberg: An ETF That Invested in Bitcoin Has Been Having a Nice Few Weeks](http://www.bloomberg.com/news/articles/2015-11-06/an-etf-that-invested-in-bitcoin-has-been-having-a-nice-few-weeks) - [Coindesk: Payments Giant Worldpay is Quietly Supporting Bitcoin](http://www.coindesk.com/payments-worldpay-bitcoin-support/) - **[Bitcoin Magazine: Wall Street OTC Bitcoin Trading Desks See Record Volumes as Price Hits 52-week Highs](https://bitcoinmagazine.com/articles/wall-street-otc-bitcoin-trading-desks-see-record-volumes-as-price-hits-week-highs-1446828531)** ***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 Trading over 100 bitcoins? Receive $50 in bitcoin when you complete your first OTC trade with itBit!  Personalized Trading Support | Same-Day Settlement | Low Flat Fees [![CONTACT US TODAY](https://no-cache.hubspot.com/cta/default/424565/693eea0f-7495-4772-a47c-52da8dbc2506.png)](https://cta-redirect.hubspot.com/cta/redirect/424565/693eea0f-7495-4772-a47c-52da8dbc2506)      *\*All data and references are current as of 9:00AM EST on 11/9/2015.* *[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&t=1438380255567&t=1438901527874)* ### 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.