Bitcoin Price Breaks Quiet, Falls to 5-Week Low
Bitcoin's traded price has broken its longest stretch of flat trade this year, falling to as low as $220 on
Bitcoin’s traded price has broken its longest stretch of flat trade this year, falling to as low as $220 on Bitstamp. It is currently trading at $223.
The drop represents a loss of only 3.5% during the past 24 hours and 6.8% during the past 72 hours, but was sizeable in relation to the incredibly flat trade experienced during May. Bitcoin is now trading at a 5-week low.
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The end of bitcoin’s stability streak may induce further price action to the downside. Prices are now closer to their 2015 lows than highs, although previous approaches to the $200 threshold have been successfully fought off. After last year’s early May respite, bitcoin proceeded to rally by over 50%.
The drop also sends bitcoin easily below its 50-day moving average (MA), which had flattened near $233. Bitcoin now trades 4.7% behind the mark.
Prices on BTC-e have continued to deviate from their historic discount to those on its peers, now trading at a $2.80 (1.3%) premium.
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