Every Monday, Lifting the Offer provides market 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
- Coindesk: Blockstream to Release First Open Source Code for Sidechains
- NY Business Journal: Historic Bitcoin Regulation Announced for Wall Street and Beyond
- BBERG: Some Financial Heavyweights Just Invested in a Trading Platform Linked to Bitcoin
Bitcoin Price Recap
The bitcoin market pushed higher over the last week and continues to show bullish signals which could propel prices further this week. Two days of trading above last week’s referenced resistance level of $230 seems to have given traders an entry point to start building new positions.
The bitcoin price is up nearly 5% week over week off of light news headlines and even lighter volume. The market is now up over 6% since bottoming out at $220 on June 1st. The chart below shows a market determined to set a bullish trend just in time for the start of summer.
Trading Week Ahead
Should the bitcoin price remain above $230 over the next few days, many traders may see this as a turning point for the market. Skeptics would note that over the past four months, there has been a pattern of bitcoin price increases in the first half of the month that have been followed by sell-offs towards the end.
One explanation for this trend is the propensity of miners to liquidate holdings and close out of open positions at month’s end. If the market can buck this trend in June, it could serve as a bullish signal for the summer months ahead.
This Week in Bitcoin’s (Limited) History
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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.