Posted by: Evan Faggart November 2, 2014
This last week was a decidedly bearish one on the Bitcoin markets. The Bitcoin price bump that came as a result of excitement over the BearWhale has completely exited the market, and the downtrend has been firmly reestablished. The price fell from $347 at the beginning of the week to $326 and the end of the week—making for an overall decline of 6.05% Let us take a slightly more detailed look into the price activity that went on throughout the week. Please note that the prices on the list below are the daily opening prices on the Bitstamp Bitcoin exchange. These prices have been rounded to the nearest dollar amount; therefore, the descriptions of price activity in this report will not be 100% accurate. Additionally, please not that the price shown for November 1 is the closing price, rather than the opening price.
Oct 26: $347
Oct 27: $354 (+2.02%)
Oct 28: $353 (-0.28%)
Oct 29: $353 (0%)
Oct 30: $336 (-4.82%)
Oct 31: $344 (+2.38%)
Nov 1 Close: $326
Weekly change: -6.05%
The week began on October 26, 2014, with the Bitcoin price sitting at $347. At 3 AM, there was a sharp upward spike in the price—going from $349 at the top of the hour to $358 at the close. Afterwards, the price remained level for a few hours and then fell slightly at 9 AM, from $357 to $352. The price remained fairly level for the rest of the day; the 26th ended with the Bitcoin price at $354.
The next two days were characterized by relatively flat Bitcoin price activity. The 27th of October opened at $354, a 2.02% increase over the opening price of the previous day. Throughout the entire day, the price remained in the $350s. The only exception to the sideways activity was a brief dip to $349, which occurred in the weak downward pressure that entered the market in the early morning hours. The price activity on October 28th was more sideways than the activity on the 27th. While the price fluctuated between the low $350s and the high $350s on the 27th, the price on the 28th stayed within a slightly narrower range, hovering between the mid $350s and the high $350s. October 28 closed at $353.
The sideways activity of the previous two days ended on Wednesday, October 29. The day began at $353—no change from the opening price of the 28th—with the price remaining flat for the first few hours of the morning. Then, starting at 4 AM, the Bitcoin price embarked upon a fairly significant decline. By the close of 10 AM, the price had fallen to $340; by the bottom of the 7 PM hour, the price had fallen to $336, with an hourly low of $333.33. October 29 ended with the Bitcoin price at $336.
Thursday, the 30th of October, opened at $336—a considerable 4.82% decline from the start of the previous day. On this day, the market attempted to recover slightly from the losses incurred on the 29th. The Bitcoin price remained level throughout the first half of the day, hovering $340 and the mid $330s. That sideways action ended in the early afternoon, though, and the price began moderately climbing. At 2 PM, the price rose from $336 at the top of the hour to $344 by the close. The price continued climbing for a few more hours, and eventually stalled out at 5 PM, with the hourly closing price at $349. After that attempted rebound, the price embarked on a gradual, yet definite, decline that would characterize the following day. October 30 closed at $344.
October 31, Halloween, began with the Bitcoin price at $344. The day started out with a continuation of the gradual decline that was established the previous night, which would persist throughout the duration of the 31st. At 6 AM, the Bitcoin price fell from $345 at the top of the hour to $339 at the close. The price fell again at midday, after a brief period of insignificant gains, from $342 to $339. After another brief period of small gains, the price fell again in the afternoon and leveled out at $338; the Bitcoin price hovered between $338 and $339 for the remainder of the day. Halloween ended with the price at $339.
The first day of November began with the Bitcoin price at $339, a 1.45% decrease from the opening price of October 31. The gradual decline that persisted throughout the 31st accelerated to a relatively significant, downward trajectory. By the bottom of the 9 AM hour, the price had fallen to $325, with an hourly low of approximately $320. The price continued falling, and hit $320 by the close of the 4 PM hour, with an hourly low of $316.61. This steep decline came to a halt at the close of 4 PM though, and a minor price climb began at 5 PM. November 1 closed at $326, down 3.83% from the start of the day.