Bitcoin’s (BTC/USD) price continued last week’s downtrend through this weekend, dropping to a new 10-day low of $208 on BTC-e 3 hour ago.
The new low may be a sign of rough times ahead when volume picks up after the weekend. BTC had been fighting off the $210 near-term support level, but the recent break may now set off a fresh round of selling.
BTC had plunged by over 10% to close to $210 late last week, and managed to barely retrace roughly half its losses thereafter. During the past 24 hours, selling resumed and it gave back another 7%.
Going Past the Great Wall: Things to Consider When Entering the Asian MarketGo to article >>
Trading volumes have been lower than average, as typical for weekends, the exception being the break to new lows 3 hours ago when volume approached 1,500 BTC/hour.
Litecoin fell to $1.65, a one-week low, outpacing BTC’s losses for the day. The LTC/BTC rate, which has been relatively steady around 0.008 of late, lost 10%.
Prices on BTC-e are $3 (1.4%) off those on its peers, an average offset.