Bitcoin Market Report: OKCoin Tops in BTC

Vancouver Island, Canada

bitcoin


Data as of 11:00 PDT April 13 2016 except as noted.

OKCoin trades 50.62% of BTC

$BTCUSD price brief
Bitcoin is DOWN -0.29% on the day, UP +0.47% on the week, and DOWN -2.78% on the month*:

Market capitalization
Market cap US$ 6,550,389,503
Price $424.57
Supply 15,428,400 BTC
Data courtesy coinmarketcap.com

Price change $BTCUSD
Day -0.29%
Week +0.47%
Month -2.78%
Data courtesy @Gatecoin 11:30 PDT April 13 2016

Major $BTCUSD prices
xbtliveprice Data courtesy @KittyBitcoin 11:31 PDT April 13 2016

Market trend
In our 30 day market snapshot the bitcoin price has seen a recent April high of $427.04. The trend (blue) is slightly BULLISH. It’s UP on the week +0.47%:
chart-1-bnc-market-summary Data courtesy @BraveNewCoin Bitcoin Liquid Index

21 day chart
The OKCoin chart shows 21 days of $BTCUSD:
okcoin Chart courtesy @OKCoinBTC

Support & Resistance
Support
We have multiple levels of persistent support (yellow) on the @OKCoinBTC chart. In a price reversal the closest support level is at $418. Mid tier support is seen around $415 with previous strength. If the price really starts to tank the next level support is seen near $410. This includes both psychological and swing support – all within the last 30 days.

Bitstamp chart
We’re using the popular bitstamp.net exchange to peg our resistance levels (purple). The chart covers a six month period:

bitstamp
Resistance
The six month historic high is $464.53. We’re currently sitting at a last price of about $424. The closest significant resistance level on this chart is in the mid $435’s. Here we find both resistance and support in depth. This includes in December, January, February and March. Please note that $435 BROADLY encompasses the mid $435 price resistance range from $433 to $437 – seen often over a four (4) month period.

Mid $435 is a strong level which could be considered in price movements up or down. If we saw a strong bullish trend it could find stiff resistance at this mark. If the price spikes above it then drops, historically we have seen support here too.

Weekly indicators
High: $427.07
Low: $414.22
Range: $12.85
Support: $418
Resistance: $435

Data courtesy @BraveNewCoin BLX 7 day chart

Market sentiment
These are subjective estimates of BTC market sentiment:

Daily: neutral
Weekly: neutral
Monthly: bullish

Price: possible scenarios
Bear scenario
In the bear scenario the price drops to the observed first support level of $418. There are historically several support levels below this including at $415 and $410. Given bitcoin’s yearly low volatility, and given the relatively lengthy but slight upwards trend, a scenario supposing reliance on these lower support levels is considered low probability.

Bull scenario
In a bull scenario the price takes off upwards but has a hard time penetrating mid $435. In a possibly optimum situation a high of $464 could be attained. More likely is a price somewhat less. Historically we have seen broad and persistent resistance at around $435.

Buy Bitcoin for just $210?
Petar Zivkovski, Director of Operations at Whaleclub, has an interesting take on the value of your recently purchased bitcoin. He writes:

“The bitcoin block reward halving is estimated to occur on July 12, 2016, about three months from now. The supply will halve – and assuming demand remains the same, the post-halving value per bitcoin is around $840. Extrapolating this based on the current market price, the present value of one bitcoin is around $210 – an attractive entry price.”

Browse Petar’s entire April 10 2016 article here:

http://bravenewcoin.com/news/bitcoin-price-analysis-how-to-cash-in-on-the-upcoming-price-action/

Global bitcoin markets
The global BTC markets indicate the relative size of each BTC pair, last price and 24 hour change. The 24hr volume of all the pairs below totals: $195338520: Two weeks ago it was $ 190,794,365 for approximately a 5 million dollar report-to-report increase:

global-bitcoin-markets
Data courtesy @BraveNewCoin

The percentage of each market is:

Current report period
BTCCNY 74.66%
BTCUSD 12.64%
BTCJPY 6.82%
BTCEUR 5.18%
BTCGBP 0.68%

Previous report period
BTCCNY 74.10%
BTCUSD 12.74%
BTCJPY 6.84%
BTCEUR 5.54%
BTCGBP 0.67%

Data calculations @KittyBitcoin source @BraveNewCoin

Volume change: made in China
BTCCNY has increased by 0.56%. BTCUSD, BTCJPY and BTCGBP remain almost unchanged. BTCEUR is down by -0.36%. The corollary is that Chinese traders – already dominant in the BTC industry – bought more bitcoin.

There are interesting political and economic factors behind this. One observer sees uncertainty in the Chinese yuan, recent multiple micro BOC yuan devaluations, plus pessimism in the Chinese stock market as plausible factors partially accounting for the BTCCNY marketshare increase.

Bitcoin exchange market share: all currency pairs
This chart shows “all currencies” traded in a thirty day period:

all-currencies-april-13

Data courtesy Bitcoinity.org April 13 2016

OKCoin is back on top with the world’s leading marketshare. This follows several months of Huobi dominance. Huobi now slips to number two.

Also of significance LakeBTC has climbed above BTCC. This is a first for LakeBTC.

The rest of the defacto top ten exchanges have not changed position since the last reporting period about two weeks ago. These top exchanges are: @bitx2014, @bitfinex, @krakenfx, @coinbase and @btcecom.

Historical – previous report – all currencies
all-currencies-march-31
Data courtesy Bitcoinity.org March 31 2016

$BTCUSD volume & market share
The thirty day $BTCUSD piechart is below:

btcusd-pie-april-13-2016
Data courtesy Bitcoinity.org

The usurper in this report is @OKCoinBTC. Last report @Bitfinex was on top – and for the most part Bitfinex owned this rank in months past. However OKCoin – ‘The Google of Bitcoin’ – strikes back and claims number one spot.

Historical – previous report – BTCUSD
btcusd-pie-march-31-2016
Data courtesy Bitcoinity.org

Blockchain intelligence
KittyBitcoin is developing the Coinery – a casual quick scratchpad for Bitcoin, Ethereum and general cryptocurrency news:

coinery Image courtesy @KittyBitcoin

This content archival software and its SEO algorithms are internally developed over a number of years. Historically the SEO combined with the application structure is stickier than superglue on plastic 🙂 Take a look at the work in progress here:

http://kittybitcoin.com/news/

Summary
Bitcoin is DOWN -0.29% on the day, UP +0.47% on the week, and DOWN -2.78% on the month. BTC saw weekly support at $418 and multiple months resistance about $435. The trend line is slightly BULLISH and overall sentiment is NEUTRAL.

Disclaimer
Past history is not an indicator of future performance. For the legal disclaimer read here:

http://kittybitcoin.com/docs/disclaimer.php

Are you an avid ethereum reader?
Are you an avid ethereum reader? Check out this latest EXCLUSIVE “Ethereum Market Report: Ether falls to monthly Low”:

http://allcoinsnews.com/2016/04/12/ethereum-market-report-ether-falls-to-monthly-low/

Thanks for reading!

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