--- title: "Lifting the Offer: Bitcoin trading the week of February 8, 2016" 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-2.8.2016.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 February 8, 2016 February 8, 2016 at 4:00 PM | [Bobby Cho](https://insights.paxos.com/blog/author/bobby-cho) ![Lifting-the-Offer-Week-of-2.8.2016](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Lifting-the-Offer-Week-of-2.8.2016.png?width=1000&name=Lifting-the-Offer-Week-of-2.8.2016.png "Lifting-the-Offer-Week-of-2.8.2016") The price of bitcoin closed unchanged week-over-week but not without a flurry of mid-week activity. The price shot down to $366 on Wednesday ([hitting our projected short-term support](https://www.itbit.com/blog/lifting-the-offer-bitcoin-trading-the-week-of-february-1-2016)) then bounced up to $390 Thursday before closing the week in the mid-$370 range. Traders are expecting a slow week ahead with lower market activity due to the Chinese New Year holiday. **[OUR LATEST BITCOIN RESEARCH DELIVERED TO YOUR INBOX. SUBSCRIBE NOW!](https://www.itbit.com/blog/lifting-the-offer-bitcoin-trading-the-week-of-february-8-2016#subscribe)**   ![Tradeblock-2.8.2016.png](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Tradeblock-2.8.2016.png?width=908&name=Tradeblock-2.8.2016.png "Tradeblock-2.8.2016.png") ##### ***[Source: tradeblock.com](https://www.tradeblock.com)*** ### Bitcoin Price Recap The sudden mid-week volatility in the bitcoin market came as a surprise to participants who were anticipating subdued trading activity given the approaching Chinese New Year. The quick sell-off from Thursday’s peak at $390 was telling and helped establish a stronger understanding of where support and resistance currently reside. #### **[Read the February itBit Bitcoin Market ReporT](https://www.itbit.com/blog/itbit-bitcoin-market-report-february-2016)**   ### Bitcoin by the Numbers ![Bitcoin-Price-and-Market-Cap-2.8.2016.png](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Bitcoin-Price-and-Market-Cap-2.8.2016.png?width=1037&name=Bitcoin-Price-and-Market-Cap-2.8.2016.png "Bitcoin-Price-and-Market-Cap-2.8.2016.png") ### Bitcoin Trading Week Ahead The US markets have been led in large part by movements from Chinese exchanges. The Chinese New Year holiday means slower Asia trading activity and by extension lower volatility in the USD-denominated exchanges throughout much of this week. This week, bitcoin traders can find short-term support at $365 (which was tested and validated last week) and resistance at $385. ### Best Bits from Last Week - [Wired: Why Bitcoin Will Thrive First in the Developing World](http://www.wired.com/2016/02/why-bitcoin-will-thrive-first-in-the-developing-world/) - [Globes: Israeli Bitcoin Payment Company Simplex Raises $7m](http://www.globes.co.il/en/article-israeli-bitcoin-payment-co-simplex-raises-7m-1001101223) - [Finance Magnates: Bitcoin Traders Take Note: Happy Chinese New Year](http://www.financemagnates.com/cryptocurrency/trading/bitcoin-traders-take-note-happy-chinese-new-year/) - [WSJ: Bitcoin Startup Blockstream Raises $55 Million in Funding Round](http://www.wsj.com/articles/bitcoin-startup-blockstream-raises-55-million-in-funding-round-1454518655) ***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 that includes 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 2/8/2016.* *[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.