After declining nearly 7% early in the week to $350, the market responded strongly with a 15% surge that lifted prices back in the high $390s. With only Scaling Bitcoin to link to the recent rise, this week could be quiet. Many traders may wait for a clear catalyst over the next week before making their next move.
CHECK OUT OUR YEAR-END PRICE OUTLOOK FOR THE BITCOIN MARKET
Source: tradeblock.com
Bitcoin Price Recap
Much of the Bitcoin community was in Hong Kong for Scaling Bitcoins and it appears that the market has reacted positively to the events of the conference. Open discussion and collaboration among industry participants helps to grow the technology, drive mainstream adoption and bring the industry closer to resolving the block size debate. Reducing uncertainty around the future of Bitcoin is a positive for the market and this is reflected to an extent in the latest price move.
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Bitcoin by the Numbers
Bitcoin Trading Week Ahead
Buyers may be reluctant to buy this latest price surge. Given the price decline in November following bitcoin’s run to $500 and the fact the price couldn’t break through a key resistance level at $400 late last week, traders may sit on the sidelines waiting for a legitimate catalyst. Further downward pressure may come from traders who have bought the drop down to $300 and will be looking to capitalize on this most recent price run.
This week, bitcoin traders can find short-term support at $385 and resistance at $400.
Best Bits from Last Week
- Coindesk: Former Senior White House Staffer Joins Bitcoin Miner Bitfury
- Business Insider: Goldman Sachs - "The Blockchain Can Change.. Well Everything"
- Forbes: SEC Alleges Bitcoin Mining Companies Operated $20 Million Ponzi Scheme
- TheStreet: Here's How the Value of Bitcoin Could Skyrocket in 2016
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*All data and references are current as of 9:00AM EST on 12/7/2015.
