Bitcoiners got to enjoy some exciting market activity this week, with the Bitcoin price rising to levels that have not been seen in several months. Towards the end of the week, the price broke into the $270s, but quickly settled down into the low $260s, which some people hope will be a new bottom.
Total Change: +6.08%
This week began on Monday, October 12 with the Bitcoin price sitting at $247.83, staying within the range that persisted for much of last week. The 12th ended up being a bearish day overall, with a small decline in the morning, followed by another decline late at night. Monday closed in the low $240s.
Tuesday kicked off at $243.75, coming off of the gradual decline we saw during the previous day. The markets took those losses in stride and rebounded strongly, however, reaching $250 before noon. The markets calmed down after hitting the $250 mark, and hovered between $249 and $250 for the rest of the day.
In the news, we reported on Uber’s recent data breach in its new Uber Partner App. This breach put approximately 1,000 scanned documents containing driver’s licenses and personal information. This security blunder is yet another example of the need for blockchain-backed information security. With a blockchain, data is much harder to steal, making everyone better off.
October 14 started at $249.13, gearing up for another day of strong gains. After spending the first part of morning stuck between $248 and $250, the Bitcoin price began moving upwards at 10 AM. By noon, the price hit $254, and then slid down into the low $250s in the evening. As night fell, though, the price went back up to $255, ending the day on a high note.
Thursday, October 15 opened at $254.43, and did not move much for the rest of the day. Aside from a brief fall to the low $250s in the early morning hours, the markets were steadfast in the mid-$250s.
Meanwhile, in the news, we reported on the first blockchain hackathon to be held in Greece. This event was set to occur on October 17. A blockchain hackathon has special implications for Greece; as the European country fought back a debt crisis during the summer, Bitcoiners wondered if Greek citizens would turn to our digital currency to protect their wealth from bank runs and government policies.
Friday began with the Bitcoin price at $255.52, and would launch upwards early in the day. The price began climbing as soon as the day started, moving steadily upwards until mid day. By noon, the price had risen to $264, and it hit a peak of $267 at 1 PM. From there, the price dropped back down to $260, but entered another climb that continued into the next day.
In the news, we reported on Voxelus, which will be the first virtual reality marketplace with its own digital currency. Additionally, we reported on a development in the Silk Road legal drama. Carl Force, a former DEA agent that worked on the Silk Road case, asked for a sentence of 7 years in prison for his crimes. Earlier this year, Force plead guilty to extortion, money laundering, and obstruction of justice during the Silk Road investigation. Force faces sentencing today, October 19, 2015 — so we will see whether or not the judge grants Force’s request.
October 17 opened at $266.44, still riding the rally that began on the previous day. The Bitcoin price climbed all morning, reaching $270 at 4 AM, peaking at $273 during the 10 AM hour. However, the price dropped dramatically in the early afternoon, hitting a low of $260.80 at 2 PM. The markets quickly recovered from that drop, though, returning to $270 in the evening. The end of the day saw another drop, although slight, and the day closed out with the price in the high $260s.
Sunday, October 18 opened at $268.25, riding high after the rally on Saturday the 17th. Unfortunately, though, Sunday was a bearish day, with the price falling for most of the day. By midday, the Bitcoin price had fallen back down to $260. The markets attempted a modest recovery during the afternoon, but failed; after creeping back up to $263, the price fell back to $260. Another attempt at a climb was made during the night, with the price rising to $263 once again. The week ended on a hopeful note, as Sunday closed at $262.90, making for a total weekly gain of 6.08%.
Sunday seems to have been a day of heavy profit taking, with traders selling at what they considered to be a peak in the high $260s. It seems as if the price is holding up in the low $260s, though, which may suggest that we have found a new bottom for the time being. However, speculation could swing the price in either direction, so it is unsure how long we will stay in this low $260s range. For this coming week, I think we can expect some additional selling pressure that will test the $260 point as a lower bound. We may also see some spontaneous rallies like we did throughout this week, which could actually push the price a little bit higher, but profit taking could put a damper on any bullish activity.
What do you think will happen in the coming week? Let us know in the comments below!
Image courtesy of Uber
The opinions expressed in this article are not necessarily those of Bitcoinist.net.
Evan is the Senior Editor of Bitcoin.com. He has a bachelor's degree in History with minors in Economics and Political Science. When he's not acting like he knows what he's doing in the newsroom, Evan is most likely playing video games. Follow Evan on Twitter @EvanFaggart.
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