This past week on the Bitcoin markets have been very eventful and hectic. Starting on the decline, the Bitcoin price ran into a sell wall put up by an alleged, single person, whom the Bitcoin community has dubbed the “BearWhale.” After the wall was taken down by buyers on the market, the price shot upwards, making considerable gains. Let us take a look at the daily opening prices on the Bitstamp Bitcoin exchange for the week. Note that October 12 has the closing price listed, rather than the opening price.
Note: The prices in this list have been rounded to the nearest dollar amount. Therefore, the descriptions of the price movements in this report will not be 100% accurate.
Oct 5: $335
Oct 6: $300 (-10.45%)
Oct 7: $335 (+11.67%)
Oct 8: $330 (-1.49%)
Oct 9: $354 (+7.27%)
Oct 10: $369 (+4.24%)
Oct 11: $360 (-2.44%)
Oct 12 (Close): $374 (+3.89%)
The week started on October 5, with the Bitcoin price at $335. The market followed no general pattern during the day, with significant declines in the first half of the day followed by a rebound and slight stabilization during the latter half of the day. Then, starting at 10 PM, the price was made almost perfectly flat by the “BearWhale.” The Bitcoin price moved only one or two dollars below $300 for a total of 5 hours, making for a remarkably flat spot on the price charts. This wall stayed up until 2 AM on the morning of October 6. Whether or not the “BearWhale” is really one person, and whether or not this person had positive, negative, or neutral motives in setting up the wall is pure speculation. Therefore, we will not attempt to analyze the “BearWhale’s” activities in the report, as we prefer to remain objective and adhere only to hard data in our weekly Bitcoin price reports.
October 6 began at $300, right in the middle of the sell wall. As mentioned above, though, the wall was broken at 2 AM, and the price began moving once more. By the bottom of the noon hour, the Bitcoin price had shot up to $339, with an hourly high of $347. Following that peak, the price went down slightly and then flattened out, finishing the day off with in the $330s. That sideways activity continued on into October 7th, during which the price remained relatively flat for the entire day.
The Bitcoin price began climbing on Wednesday, October 8. By midday, the price reached $350—a $20 increase from the day’s opening price of $330. The price continued climbing throughout the duration of the day; reaching into the high $350s and eventually closing the day out at $354. The next day, October 9, started out on a continuation of this steady increase, reaching a peak of $395.55. However, starting at 11 AM, the price took a fairly steep fall and bottomed at some point during the 5 PM hour, reaching a low of $349.
The 10th of October started out at $369—making for a 4.24% gain from the start of the previous day. The first half of the day was characterized by a steady decline, with the Bitcoin price falling to $355 by midday. During the latter half of the day, though, the price became somewhat level, and hovered between the high $350s and the mid $360s until the day closed out with the price at $360.
Saturday, October 11, opened at $360. After a slight dip and a subsequent rebound towards midday, the price stayed fairly level. From 3 PM until midnight, the end of the day, the Bitcoin price hovered between the high $350s and the low to mid $360s. At midnight, the close of the day, the price stood at $362—making for almost no overall change throughout the course of the entire day.
Now we will cover the Bitcoin price activity of Sunday, October 12. Normally, we run our price reports from the beginning of Sunday all the way through the week, until we reach the closing price on Saturday. However, since the price report is being posted a day later than it normally is (on Monday instead of Sunday), we have decided to add the activity of Sunday to this report in order to keep the information as up to date as possible. That being said, let us look at what happened on the markets during the 12th of October.
Sunday began with the Bitcoin price at $360. After a very slight decline in the early morning hours, the price began climbing, which it would continue to do for most of the day. By the bottom of the noon hour, the price had reached $364, not very much progress from the beginning of the day. However, starting at 2 PM, the Bitcoin price shot upwards. By the end of the 2 PM hour, the price had risen to $380; the markets then saw a daily high of $383.6 at some point during the 3 PM hour. After 3 PM, though, the price began declining once more. The day closed on this downward slide, with the Bitcoin price at $374. Although, despite the fact that October 12 closed on the decline, the price still made net gains—the closing price on October 12 was 3.89% higher than the opening price on October 11.