Posted by: Evan Faggart November 16, 2014
This is the DeepDotWeb weekly Bitcoin price report for the week of November 9-November 15, 2014. This week was characterized by a rather unexpected price rally, temporarily reaching heights in the $450s and eventually leveling out in the $380s. Overall, the Bitcoin price rose by 10.76% this week.
Let’s take a look at the daily opening prices on the Bitstamp Bitcoin exchange for the week. Please note that we have placed both the opening and closing prices for November 15 on the list below. This will be the format for this list for the foreseeable future.
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.
Nov 9: $344
Nov 10: $361 (+4.94%)
Nov 11: $369 (+2.22%)
Nov 12: $381 (+3.25%)
Nov 13: $450 (+18.11%)
Nov 14: $394 (-12.44%)
Nov 15 Open: $396 (+0.51%)
Nov 15 Close: $381 (-3.79%)
Weekly change: +10.76%
Weekly Bitcoin Price Recap
Nov 9: The week kicked off on November 9, 2014, with the Bitcoin price at $344. Following the Silk Road 2.0 bust — along with the closure of several other DarkNet markets — the Bitcoin price started to creep upwards. This creep continued into this past week, as the price took an upward trajectory for the entirety of this day. By noon, the Bitcoin price had climbed to $357; by the end of the 6 PM hour, the price had hit $365, with an hourly peak of $366.35. The market continued to make gains for the rest of the day, and November 9 closed at $361.
Nov 10: Monday, November 10, began at $361 — up 4.94% from the start of the previous day. The upward pressure on the Bitcoin price from the 9th continued on into this day, and persisted for the first half of the day. By the top of the noon hour, the price had risen to $374. After midday, however, the price began to dip downwards; the downward slide ended at the bottom of the 4 PM hour, when the Bitcoin price sunk to $365. Once the fall bottomed out at $365, though, the price leveled out and hovered between the mid $360s and the low $370s. The day closed at $369.
Nov 11: The 11th of November opened with the Bitcoin price at $369, at 2.22% increase over the opening price on the 10th. The early morning hours saw very flat Bitcoin price activity. After a small dip at 9 AM, the price began climbing upwards and would continue to do so for the rest of the day. At the top of the noon hour, the Bitcoin price sat at $365; by the close of 11 PM, the price had climbed to $382, with an hourly high of $389.07. November 11 closed at midnight with the Bitcoin price at $381.
Nov 12: Wednesday, November 12, began at $381 — 3.25% higher than the opening price for the 11th. This day saw the occurrence of a massive Bitcoin price increase that spread excitement throughout the entire Bitcoin community. The day began with a continuance of the steady price incline that characterized the previous day; the price broke $400 at 10 AM, which marked the first time the Bitcoin market has seen $400 since sometime in September. At noon, the price took a massive upwards leap, going from $409 at the beginning of the hour to $434 at the close — a 6.11% increase within the span of one hour. This large jump was immediately answered by a brief wave of selling volume. This downward pressure was not equal to the preceding price spike though, and the Bitcoin price had only fallen to $419 at the bottom of the hour. After the reactionary selling pressure, the price continued to move upwards. The day ended at $450.
Nov 13: The opening price for November 13 was $450, a gargantuan 18.11% increase over the start of the previous day. However, the price began falling in the early morning hours of the 13th, showing that the massive upward surge in the markets yesterday was not sustainable. The Bitcoin price fell throughout the entire day in a wave-like pattern — falling downwards and then temporarily increasing, only to fall once more. Several people in the Bitcoin community noted that there was a large buy order from a single person on OKCoin on the 12th, and assigned responsibility for the unexpected price spike to that person. A single buyer pushing the up the price on the 12th would explain the bearish activity of the 13th; since the price spike was caused by a single person buying a large block of coins, there were no other people willing to buy at the heightened price, forcing sellers to lower their asking prices until they reached a level where people resumed buying. That being said, November 13 came to a bearish close with the Bitcoin price at $394, falling below $400 once again.
Nov 14: Friday, November 14 was fairly calm compared to the previous two days. Opening at $394, the Bitcoin price was down 12.44% from the start of the previous day. Despite regular fluctuations throughout the day, the overall trajectory of the price on the 14th was sideways. The Bitcoin price hovered between the high $390s and the mid $400s all day, eventually closing the day out at $396.
Nov 15: November 15 began at $396, up 0.51% over the opening price of the 14th. The early morning hours saw significant declines in the Bitcoin price; by the close of 9 AM, the price had fallen to $370. However, after this early morning decline, the price moved up to $380 and began hovering within a mid $370s to low $380s range. This price range persisted for the rest of the day, and November 15 came to a close with the Bitcoin price at $381 — a 3.79% decrease from the start of the day.