Bitcoin Price Extends Mini-Streak, Challenging 3-Week Highs

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term's traded price has edged higher again, challenging 3-week highs of $244 set late last week on BTC-e. After falling back to $232 earlier in the weekend, prices again pushed higher, challenging the recent highs but thus far failing to crack them. Bitcoin is currently trading at $242 on BTC-e.

The mini-milestones are in addition to a brief round of wild trade last week on the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, which saw prices gyrate by roughly 23% within a few minutes. It will be interesting to consider, however, if the bizarre action turns out to be a turning point sending prices to new highs over the coming weeks.

The positive moves have sent bitcoin slightly above its 50-day moving average (MA), officially completing the comeback after trailing the mark for almost all of April. At its low, bitcoin was more than 15% off.

The re-convergence is part of a larger trend that has seen bitcoin's trading band tighten for the last three months. Prices haven't really chosen a definitive direction during the stretch, typically hovering within less than 10% of the $240 mark, the current MA. Threats to move below $210 or above $300 have been short-lived and turned away by strong countermoves. The duration of the current streak of relative stability is longer than any such stretch in 2014.

Prices on BTC-e are again uncharacteristically higher than those on its peers, adding a premium of roughly $2.50 (1%).