Bitcoinist WeeklyNews Re-Hash:
This week has been somewhat depressing for those hoping to see a return of the bull run that has characterized the market activity of the past couple weeks. The bulls did not make a reappearance this week, while the bears had a firm hold of the Bitcoin price. This week may not be all bad, though. The seemingly tough resistance we have seen at $300 may suggest a leveling-out point, which could mean at new, $300 baseline for Bitcoin
Also read: Taiwan: There is no Bitcoin Ban
Daily Bitcoin Price Action
- November 9: $369.07
- November 10: $377.16
- November 11: $312.71
- November 12: $314.98
- November 13: $339.03
- November 14: $335.05
- November 15 Open: $331.89
- November 15 Close: $319.34
Total Change: -13.47%
The markets kicked off the week on November 9, 2015 with the Bitcoin price at $369.07. This price point is significantly lower than the levels seen during the massive bull run, yet still higher than anything we have seen in quite some time. The bulls attempted to make another go at it during the morning hours on the 9th, reaching a peak of $386.79 at 7AM. However, the momentum petered out into the afternoon and the price stayed fairly flat in the mid $370s to low $380s range — failing to rise any further. This range persisted for the rest of the day, putting the bulls at bay and setting the stage for the bears on the next day.
Tuesday, November 10 began at $377.16, and would quickly plummet downwards. Starting at 3AM, the Bitcoin markets entered a decline that held for the entirety of the day. By the bottom of the 8 AM hour, the Bitcoin price had sunk to the low $360s. After a brief respite from the decline, the bears resumed their assault in the afternoon, driving the price into the $330s. Then, in the evening, the price fell even further, entering the $300s.
Wednesday opened with the Bitcoin price at $312.98, a far cry from the levels seen at the beginning of the week. Compared to the previous day, Wednesday’s market activity was fairly calm. The price hovered between the $300s and $320s for most of the day, dropping below $300 to $294 at one point during the 5 PM hour. The day ended with a continuance of this low note; the price returned to the $310s during the evening and remained there throughout the night.
November 12 started at $314.98. During the early morning, the markets made an attempt at a massive recovery, with the price exploding into the $340s at 4AM. The push quickly lost steam, though, and the price fell back into the $330s at 6 AM. Fortunately, the $330s range held until the afternoon, allowing the buyers to regroup and make another push in the evening. Bitcoin entered the high $330s at 6PM, flirting with $340 for the rest of the day without actually reaching it.
The Bitcoin markets seemed to have a fairly uneventful Friday the 13th, avoiding any major bearish movements that might have accompanied the legendary bad luck of this day. Although there was a sharp drop into the $320s during the early morning, the markets stabilized in a timely fashioned and maintained this new price level for the rest of the day. In fact, during the evening hours, the Bitcoin price managed to climb back into the $330s, even hitting $340 for a brief moment at 6 PM. So, while the markets did fall quite a bit, it was far less disastrous than the fall to $300 earlier in the week.
Saturday started at $335.05, gearing up for a pretty boring day. The price was extremely flat for the overwhelming majority of the day, hovering between $330 and $340. However, something strange happened in the early evening. At some point during the 5PM hour, the price shot up to $356.1, and was immediately followed by a drop to $325.45 at 6 PM. Then, after this unexplainable fluctuation, the markets returned to the $330s to close out the day.
Sunday, November 15 opened at $331.89, but would not stay there for very long. At 8 AM, the price took a steep tumble from the mid $330s to $320. The markets attempted to establish a holding pattern in the $320s, but this effort was thwarted when the price fell into the high $310s in the late afternoon and into the evening. Sunday ended with the Bitcoin price at $319.34, making for a painful loss of 13.47% for the week.
Is the Bull Market Dead?
The past few weeks have taken the Bitcoin world for a wild ride. This bull run was the stuff of legends. We broke the long-held $300 barrier; after breaking that barrier, the markets made it to $400 within the next day or two. Then, the community wondered if we would see a $500 bitcoin when the price hit $450.
Unfortunately, all that excitement seems to have ended, and we are on the decline for the time being. However, what remains to be seen is whether or not the gains achieved by the bull run will be liquidated entirely. It is possible that we could see a full return to pre-rally prices. On the other hand, the massive push could have created some sustained growth, allowing the Bitcoin price to stay at or above $300 for the time being.
In my personal opinion, I think the latter scenario will prove to be the case. Given the resistance we have seen at the $300 mark during this week’s decline, it seems as if there is some level of real demand to support at $300 bitcoin. Therefore, I think we could see $300 persist for the rest of the year, setting the tone for the markets in 2016. I could also be completely wrong, though, and we very well could see sub $300 again fairly soon.
Do you think we’re back in a bear market? Let us know in the comments below!
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The opinions expressed in this article are not necessarily those of Bitcoinist.net.
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