This week was bullish in terms of Bitcoin price activity, especially when compared to the downward trajectory of last week’s Bitcoin price activity. Throughout the course of this week, the price managed to climb out of the mid $320s and hit the $340s. Additionally, the Bitcoin price also entered the $350s for a brief period of time. Overall, the price increased by 5.52 percent this week. That being said, let us take a closer look at the day-to-day price activity that occurred on the Bitstamp Bitcoin exchange. Please note that the prices on the below list have been rounded to the nearest dollar amount. Therefore, the descriptions of price activity in this report will not be 100% accurate. Additionally, note that the prices in the below list are daily opening prices. However, the price listed for November 8th is the closing price, rather than the opening price.
Nov 2: $326
Nov 3: $331 (+1.53%)
Nov 4: $327 (-1.21%)
Nov 5: $334 (+2.14%)
Nov 6: $338 (+1.20%)
Nov 7: $351 (+3.85%)
Nov 8 Open: $346 (-1.42%)
Nov 8 Close: $344 (-0.59%)
Weekly change: +5.52%
The week started out on November 2, 2014, with the Bitcoin price sitting at $326. The day started out on a slight decline, which ended at 6 AM when the price bottomed out at $318. After this minor decline, the Bitcoin price began rising again—almost completely canceling out the losses incurred during the slight, early morning decline. After this recovery, the price remained fairly level for the rest of the afternoon. Then, at 8 PM, the price began quickly climbing upwards. This accelerated incline leveled off at 11 PM, after which the price fell slightly. Despite the last-minute decline, the day ended on a positive note, with the Bitcoin price at $331, several dollars above the opening price.
Monday, November 3, opened at $331—making for a 1.53% increase over the start of the previous day. This day was bearish in terms of Bitcoin price activity; there was a very slight, yet definite, downward slope to the price trajectory throughout the course of the entire day. The 3rd closed with the price at $327. However, on the following day, November 4, the price began rising again. Following the subtle price movement of the previous day, Tuesday, the 4th, moved upward very gradually. Tuesday ended with the Bitcoin price sitting at $334.
Whereas the 4th was subtly bullish, and the 3rd was subtly bearish, November 5 was very clearly flat. Opening at $334—up 2.14% from the opening price for November 4—the Bitcoin price on this day stayed mostly within a mid-to-high $330s to low $340s range. The closing price for the day was $338, making for a $4 gain over the beginning of the day.
November 6 saw the market pick up a decidedly bearish Bitcoin price trajectory. The day started out flat, with very little price movement for most of the morning hours, and then shot upwards at 10 AM. At the top of the 10 AM hour, the price was sitting at $342; by the close of the hour, the price had risen to $350. By 3 PM, the price hit a daily peak of $353.1; after that peak, though, the price fell slightly, dipping back into the $340s. However, that stint in the $340s did not last long—the price eventually returned to the $350s—and the day closed out on the upswing, with the Bitcoin price at $351.
However, that bullish activity did not persist very long, for the Bitcoin price movement on Friday, November 7, was decidedly bearish. Opening at $351—a substantial 3.85% gain over the start of the previous day—the Bitcoin price quickly began to fall. The market suffered overall losses during the 7th, despite the periodical, upward fluctuations that occurred throughout the day. The day ended with the Bitcoin price at $346, a $5 decline from the beginning of the day. Saturday, November 8, the last day of the week, showed no signs of attempting to recover. The price stayed relatively flat for the entire day, hovering in the low $340s for the first half of the day, and then staying within a mid-to-high $340s range for during the latter half of the day.
Although this past week ended on a bad note, with the last two days of the week being a mixture of bearish movement and sideways activity, the week was positive overall. As a whole, the Bitcoin price for the week increased by 5.52%. Additionally, the first half of Sunday, November 9 has been very positive, with the Bitcoin price reaching the high $350s—and even briefly flirting with the $360s. Thus, it is possible that we could see some positive gains, or a stable Bitcoin price at the very least. However, we will save our report of the activity on November 9 for next week.