--- title: "Lifting the Offer: Bitcoin trading the week of December 7, 2015" description: Released every Monday, Lifting the Offer provides an in-depth bitcoin 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-12.7.2015.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 the week of December 7, 2015 December 7, 2015 at 3:00 PM | [Bobby Cho](https://insights.paxos.com/blog/author/bobby-cho) ![Lifting the Offer-Week of 12.7.2015](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Lifting-the-Offer-Week-of-12.7.2015.png?width=1000&name=Lifting-the-Offer-Week-of-12.7.2015.png "Lifting the Offer-Week of 12.7.2015") 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](https://www.itbit.com/blog/bitcoins-wild-ride-to-500-and-2015-year-end-outlook)   ![Tradeblock-12.7.2015.png](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Tradeblock-12.7.2015.png?width=908&name=Tradeblock-12.7.2015.png "Tradeblock-12.7.2015.png") ##### ***[Source: tradeblock.com](https://www.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.    [OUR LATEST BITCOIN RESEARCH DELIVERED TO YOUR INBOX. SUBSCRIBE TO ITBIT TRADING BLOG TODAY!](https://www.itbit.com/blog/lifting-the-offer-bitcoin-trading-the-week-of-december-7-2015#subscribe) ### Bitcoin by the Numbers ![Bitcoin-Price-and-Market-Cap-12.7.2015.png](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Bitcoin-Price-and-Market-Cap-12.7.2015.png?width=1037&name=Bitcoin-Price-and-Market-Cap-12.7.2015.png "Bitcoin-Price-and-Market-Cap-12.7.2015.png") ### 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](http://www.coindesk.com/former-white-house-staffer-joins-bitcoin-miner-bitfury/) - [Business Insider: Goldman Sachs - "The Blockchain Can Change.. Well Everything"](http://www.businessinsider.com/goldman-sachs-the-blockchain-can-change-well-everything-2015-12?r=UK&IR=T) - [Forbes: SEC Alleges Bitcoin Mining Companies Operated $20 Million Ponzi Scheme](http://www.forbes.com/sites/jordanmaglich/2015/12/01/sec-alleges-bitcoin-mining-companies-operated-20-million-ponzi-scheme/) - **[TheStreet: Here's How the Value of Bitcoin Could Skyrocket in 2016](http://www.thestreet.com/story/13377731/1/here-s-why-the-value-of-bitcoin-could-skyrocket-in-2016.html)** ***Bobby Cho** *is the Director of Trading at itBit and leads our* [*OTC Agency Trading Desk*](https://www.itbit.com/h/otc)*. 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.**   ## Trade on itBit’s OTC Agency Trading Desk and Receive $50 ### Trading over 100 bitcoins? Use itBit’s OTC desk and receive $50 in bitcoin after your first trade!  ### Personalized Trading Support | Low Fees | Same-Day Settlement #### [![LEARN MORE](https://no-cache.hubspot.com/cta/default/424565/f966d116-49ad-4807-a82a-a7ba4bcbe627.png)](https://cta-redirect.hubspot.com/cta/redirect/424565/f966d116-49ad-4807-a82a-a7ba4bcbe627)     *\*All data and references are current as of 9:00AM EST on 12/7/2015.* *[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.