Bitcoin Pokes at $960 But Stays Flattest Since October

Bitcoin (BTC) is continuing in its bland ways, looking more like traditional currency these days than the old crypto from

Bitcoin (BTC) is continuing in its bland ways, looking more like traditional currency these days than the old crypto from the “wild, wild West”. BTC is once again going through its longest stretch of flat behavior since October, deviating no more than 1.5% in either direction from the $945 stronghold.

Bitcoin- Feb 3 Chart Long Term
Bitcoin- Feb 3 Chart Long Term. BTC is showing its flattest trading on MtGox since October.

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This follows a 3 day period of volatility last week where BTC broke the $1000 level on MtGox, only to fall hard in the wake of the arrests of two high profile figures in the Bitcoin community.

BTC is currently trading at that price on MtGox. This follows a slight rise from yesterday’s averages when BTC made weak advances toward the $960 mark before quickly retreating.

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Bitcoin- Feb 3 Chart
Bitcoin- Feb 3 Chart. Bitcoin is holding tight around $945 on MtGox

Volume has been less than half the level seen over the weekend, averaging less than 50 BTC per hour.

The quiet activity is reflective of the lack of any noteworthy crypto-events. The near daily occurrences such as the opening of Bitcoin ATM’s, government reviews of digital currency and its acceptance by small businesses are now barely noticed by market participants.

BTC is trading around $814 on Bitstamp and $797 on BTC-e. This actually represents a slight drop from yesterday’s levels on both exchanges, in contrast with the ever-so-slight gains on MtGox. The spread between MtGox and its peers has thus widened slightly to $130-150. The divergence points more to a probable “MtGox premium effect” related to withdrawals than it does to a genuine rise in the cryptocurrency, as minimal as it may be.

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