After a lengthy stretch of nearly 48 hours of uneventful trade, bitcoin (BTC/USD) suddenly broke through its floor near $220 on BTC-e, losing nearly 4% within an hour.
In the past, long stretches of quiet have often been more than compensated for with larger-than-normal moves in either direction. In addition, BTC has recently resumed its habit of bearish weekends, so we cannot rule out a break of $200 during the next 72hrs.
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BTC is now off by 12% from its mid-week peak near $241 and challenging its lowest levels in 4 days. It has not dropped back below $200–its new psychologically significant watermark–since in and around its first visit into such territory.
A redigging to sub-$200 depths may reintroduce some panic back into the crypto markets, which although showing some stabilizing behavior, are sitting on vulnerable ground. Near-term support levels have not be holding up and periods of stability have been unexpectedly interrupted by sharp declines.
Prices on BTC-e remain $3.50 (1.6%) below those on its peers, an average offset.