The week of October 19, 2014, has been a fairly calm week on the Bitcoin markets—compared to last week, the week of the BearWhale. Aside from two bearish days, the overall activity of the week was positive, with the price increasing a total of 8.86%. Following the BearWhale excitement that pushed up the price towards the end of last week, this week was characterized by steady gains. Take a look at the daily, opening prices on the Bitstamp Bitcoin exchange for the week. Note that October 18th shows the closing price rather than the opening price. Additionally, notice that this report only covers six days, Monday through the end of Saturday. This is because last week’s report ran a day late, and so we covered the activity on Sunday, the beginning of which is usually the cutoff for our reports. Next week, the Bitcoin price update will return to the normal format.
Oct 13: $374
Oct 14: $396 (+5.88%)
Oct 15: $401 (+1.26%)
Oct 16: $396 (-1.25%)
Oct 17: $380 (-4.04%)
Oct 18 Close: $393
The reported week started out on Monday, October 13, 2014. After a week of excitement and high activity on the Bitcoin markets, due to the BearWhale’s sell wall on Bitstamp, the markets calmed down slightly while continuing a pattern of steady growth that was established last week. The 13th of October characterized this calm, but steadily growing, activity in the markets. Opening at $374, the Bitcoin price stayed flat for a couple of hours and then began creeping upwards at 3 AM. This pattern of slow growth continued for the entire day, and by the top of the 6 PM hour the price had reached $395. The day closed out at $396.
Tuesday, the 14th of October, opened at $396, a notable 5.88% increase over the opening price of the previous day. This day was a little more erratic than the 13th, with no discernable pattern emerging in the Bitcoin price activity. At 1 AM the price jumped up to approximately $412, and then went on a decline that lasted for several hours. The price jumped up again at 1 PM, and then went on another decline that also lasted for the rest of the day. Tuesday ended with the Bitcoin price at $401; so, even though there were two periods of significant decline during the day, the price still managed finish the day above the opening price.
October 15 was much calmer than the 14th in terms of Bitcoin price activity. The price fluctuated a bit during the latter half of the day, starting out on the decline, climbing upwards, and then briefly declining again in the hours leading up to midday. After the noon hour, though, the price recovered slightly and then flattened out. The day closed at $396. The 16th of October was also bearish, with two periods of flat activity in the early morning hours and during the evening, while the time between these two periods saw considerable price fluctuations. October 16 closed at $396.
The 17th and 18th of October saw a return to the bullish pattern of Bitcoin price activity that characterized the entire week. The 17th opened at $380, which is down 4.04% from the opening price on the 16th. Additionally, the first few hours of the day saw relatively large drops in price. However, starting at 8 AM, the price began moving gradually upward again. The day ended with the price at $381. Although there was almost no overall change throughout the day—with the price only increasing by $1—the upward price pattern was indeed reestablished, which carried over into the 18th. Saturday, October 18 saw gradual, constant growth for the entire day, with no significant periods of downward pressure. By the end of the day, the Bitcoin price had returned to the $390s, with the 18th closing out at $393—a 3.15% increase over the opening price of the day.
And that is what happened during this past week on the Bitcoin markets! Remember, as we mentioned above, this report is shorter than usual and next week the report will return to its normal length and format.