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.
Bitcoin By the Numbers
Best Bits From Last Week
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. 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, 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:
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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.
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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
2014: Reuters: Bitcoin Foundation Hit by Resignations Over New Director
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Bobby Cho is the Director of the Institutional Client Group at itBit. Previously, Bobby was Vice President of Trading at SecondMarket specializing in trading bitcoin and illiquid asset-backed securities.
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