Bitcoin Breaks Resistance to 1-Week High on Renewed Volume

Bitcoin (BTC/USD) jumped by as much as 12.5% to $234.79 on BTC-e, its highest price in over a week. It is

Bitcoin (BTC/USD) jumped by as much as 12.5% to $234.79 on BTC-e, its highest price in over a week. It is currently trading at $228 and may be poised for additional gains.

The jump continues a trend that started earlier in the week when BTC jumped by more than 10% to $210, a level which it maintained a tight trading band around for close to 48 hours. Prior to today’s rise, BTC had indicated weakness in its drive to get past $230.

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Traded volume jumped as high as 4000 BTC/hour, the most since BTC crashed to its lowest levels in 14 months nearly two weeks ago.

BTC-USD, Jan 22

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It is possible that renewed optimism has entered the marketplace following Coinbase’s record-breaking funding round, which brought major financial players into the Bitcoin world. Immediately after the announcement, prices stirred but continued to flatline for another 24 hours.

Still, prices remain closer to those lows than to where they started off in 2015, and are down by over 25% year-to-date. A retracement of more than half has become the norm during the past several downturns, so the current uptick is in order.

All other top-ranked coins are trading in positive or neutral territory, with the exceptions of Paycoin and Counterparty.

Bitcoin prices on BTC-e are $4 (1.7%) below those on its peers, an average offset.

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