--- title: "Lifting the Offer: Week of May 11th, 2015" description: Released every Monday, Lifting the Offer provides key market data, macro analysis and price outlooks to prepare bitcoin traders for the week ahead. image: https://insights.paxos.com/hubfs/_itBit_LTO/Lifting-the-Offer---Week-of-05.11.2015.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: Week of May 11th, 2015 May 11, 2015 at 3:00 PM | [Bobby Cho](https://insights.paxos.com/blog/author/bobby-cho) ![Lifting-the-Offer---Week-of-05.11.2015](https://insights.paxos.com/hubfs/_itBit_LTO/Lifting-the-Offer---Week-of-05.11.2015.png) Released every Monday, Lifting the Offer provides key market data, macro analysis and price outlooks to prepare bitcoin traders for the week ahead. Check out the full archive [here](https://www.itbit.com/blog/topic/lifting-the-offer).   ![Tradeblock-05.11.2015](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Tradeblock-05.11.2015.png?width=850&name=Tradeblock-05.11.2015.png) *[Source: tradeblock.com](https://www.tradeblock.com)* ### Bitcoin By the Numbers ![Bitcoin-Price-and-Market-Cap-05.11.2015](https://insights.paxos.com/hs-fs/hubfs/_itBit_LTO/Bitcoin-Price-and-Market-Cap-05.11.2015.png?width=835&name=Bitcoin-Price-and-Market-Cap-05.11.2015.png) ### Best Bits From Last Week - [itBit's Official US Launch Press Release](https://www.itbit.com/h/us-launch-press-release) - [AFR: Ripple Plans to Wash Away Currency Exchange](http://www.afr.com/business/banking-and-finance/ripple-plans-to-wash-away-currency-exchange-20150506-1myyo1) ### Bitcoin Price Outlook: Neutral #### *Pricing Recap* This was a wild week in the bitcoin market. [itBit’s launch of the first fully regulated Bitcoin exchange in the U.S.](https://www.itbit.com/blog/breaking-ground-in-the-united-states) on Thursday helped drive the price up from Wednesday’s low of $228 to a high of around $250. Traders were finally given a window to knock in some runs after being forced to settle for singles and doubles the past few weeks due to the relatively flat market. The 8% gain from Thursday to Friday was a nice opportunity to close out positions. #### *The Week Ahead* Volume figures continue to be concerning as the market searches for marginal buyers. According to TradeBlock's [XBX Index historical volume](https://tradeblock.com/markets/index/), which consolidates volumes across the exchanges they track, week over week volume is down 50% (as of this writing). Assuming the absence of positive news to help prop up the market, the decline in trade volume indicates that the bitcoin price is due for a gradual slide. Finally, let's take a look at the bitcoin price's support and resistance levels. Two weeks ago, the short-term trading range was between $219-229. After adjusting to factor in the past week's announcements and trading activity, we see the new support at $235 and resistance at $250. ### itBit is Now Available to US Customers Nationwide Learn more about itBit’s launch in the United States as the first regulated bitcoin exchange available to US traders nationwide: - **[Breaking Ground in the United States](https://www.itbit.com/blog/breaking-ground-in-the-united-states)**: itBit CEO Charles Cascarilla offers his perspectives on itBit’s US launch, the new itBit Trust Company and the state of Bitcoin regulation. - **[itBit US Launch Press Recap](https://www.itbit.com/blog/itbit-us-launch-press-recap)**: Top videos and articles about our US launch announcements. ### This Week in Bitcoin’s (Limited) History 2013: [CNET: Homeland Security Cuts Off Dwolla Bitcoin Transfers](http://www.cnet.com/news/homeland-security-cuts-off-dwolla-bitcoin-transfers/) 2014: [Reuters: Bitcoin Foundation Hit by Resignations Over New Director](http://www.reuters.com/article/2014/05/16/us-bitcoin-foundation-resignations-idUSBREA4F02B20140516) Comments? Feedback? We’d love to hear it! Click [here](mailto:bcho@itbit.com) to email the author.   *Bobby Cho is the Director of the [Institutional Client Group](https://www.itbit.com/ICG) at itBit. Previously, Bobby was Vice President of Trading at SecondMarket specializing in trading bitcoin and illiquid asset-backed securities.*   [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)   ### 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.