This is the Coin Brief weekly Bitcoin price report for the week of October 12-October 18, 2014. This week was characterized by steady gains that persisted throughout the entire week, except for a few days of bearish activity. Overall, throughout the duration of the week, the Bitcoin price increased by 8.86%.
Let’s take a look at the daily opening prices on the Bitstamp Bitcoin exchange for the week.
Quick Overview of the Daily Bitcoin 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 12: $361
Oct 13: $374 (+3.60%)
Oct 14: $396 (+5.88%)
Oct 15: $401 (+1.26%)
Oct 16: $396 (-1.25%)
Oct 17: $380 (-4.04%)
Oct 18 Open: $381 (+0.26%)
Oct 18 Close: $393 (+3.15%)
Weekly change: +8.86%
Weekly Bitcoin Price Recap
Sunday, October 12, 2014 would continue the upward momentum that was established last week in the aftermath of the BearWhale’s sell wall at $300. The day opened at $361, stayed flat for the first few hours of the morning, dropped slightly into the $350s at 4 AM, and then began climbing at 8 AM. The Bitcoin price climbed continuously until 5 PM, with the price at $380 at the close of the hour. After 5 PM, the price fell for the rest of the day. October 12 ended at $374 — still up from the start of the day, but down from the 5 PM peak.
The 13th started at $374, marking a 3.60% increase from the start of the previous day. At 3 AM, the Bitcoin price went up to $378 and then remained flat for several hours, hovering between the low $380s and the high $370s. At 1 PM, the price began creeping upward; the price peaked at $394 at the bottom of the 5 PM hour and leveled out for the rest of the day, hovering in the low to mid $390s. The day ended at $396.
The Bitcoin price activity followed no distinct pattern on October 14. Starting at $396 — 5.88% higher than the opening price on the 13th — the day kicked off on the decline. The price fell, albeit very slightly, until midday and then began increasing. At 1 PM, the price jumped up from $401 at the top of the hour to $412 at the bottom of the hour. The price began falling again at 4 PM and declined for the rest of the day; the 14th closed at $401.
Wednesday, October 15 opened at $401, up 1.26% from the start of the previous day. After some fluctuations in the morning hours, the latter half of the day was fairly flat. Between the hours of 1 AM and 5 AM, the Bitcoin price declined from $401 to $390. At 7 AM, the price rose from $390 at the top of the hour to $396 at the bottom of the hour, with an hourly high of $403. Between 9 AM and 11 AM, the price fell from $400 to $390, with an hourly low of $385.92. Then, at midday, the price began flattening out. For the rest of the day, the price hovered in the $390s. The day closed at $396.
The 16th of October began at $396, a 1.25% decline from the opening price on October 15. This day was decidedly bearish, with gradual declines in the early morning and evening and some fairly volatile activity in later morning hours all the way through the afternoon. The major Bitcoin price activity began at 7 AM, when the price fell from $394 at the top of the hour to $384 at the bottom of the hour. The price continued falling until 3 PM, where it fell to $372 at the bottom of the hour. Then, at 4 PM, the price jumped back into the $380s. Throughout the remainder of the day, the price stayed between the high $370s and low-to-mid $380s. The 16th of October ended at $380.
This day opened up with the Bitcoin price at $380, a 4.04% decline from the start of the previous day. Despite some very small fluctuations throughout the day, the price activity as a whole was flat. The day closed at $381, an overall increase of $1.
Saturday opened at $381, a meager 0.26% increase from the start of the previous day. The first part of the day, from the morning through the 4 PM hour, was characterized by slight but steady gains. by the bottom of the 4 PM hour, the price had climbed to $394. After 4 PM, though, the Bitcoin price leveled out and stayed flat for the rest of the day. The day closed out at $393, a 3.15% increase from the beginning of the day. The overall, weekly change in the Bitcoin price amounted to an 8.86% increase.
Where Will the Bitcoin Price go from Here?
Last week, we gave two possibilities for the future Bitcoin price activity. First, we said that the price would continue rising and the community rode the wave of excitement that the BearWhale stirred up. Second, we forecasted that the upward pressure created by the BearWhale excitement would be temporary, and we would either see the price fall or remain level, awaiting a decline at a date beyond our weekly forecast. The former prediction proved to be correct. In the aftermath of the BearWhale, the markets calmed down considerably while maintaining the upward price trajectory that was set in motion last week.
As for the coming week. we will say that the price will continue to move upward — ceteris paribus (all things remaining equal), of course.