Bitcoin jumped on Wednesday as its uphill battle against Chinese authorities seems to have been forgotten at least for now.
BTC jumped by as much as 5% to briefly break $970 on MtGox on Wednesday. It is challenging its highest level in nearly 3 days after slipping as low as $880 during heavy selling on Monday.
The cryptocurrency still has yet to keep its head above the 1000-level watermark for any prolonged period in 2014, quickly retreating to the safety zone of the low-mid 900’s each time. It has not lingered in such territory since it cracked $1240 during volatile trade in late November.
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Traders will be encouraged, however, by BTC’s increasing 10-day exponential moving average in 2014, although it too is starting to wane in the absence of greater leaps and bounds.
Volume has been moderate relative to that of recent days. Yesterday, volumes were less than half their average level and in the days preceding they were well above normal following the recent developments in China.
(Chart Source: Bitcoinwisdom.com)