Bitcoin (BTC/USD) has broken its streak of some of the quietest trading in 2015, dropping sharply by as much as 5% to $225 on BTC-e.
After a brief retracement back above $235, it has once again turned lower, challenging 24 hour lows.
The unexpected drop sends BTC back below its 50-day moving average (MA), which it had recently surpassed due to a combination of its stability and the MA’s catching up with a miserable start to the year.
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The drop, at the very least, delays what could have been the start of a bottoming process. Prices have been slowly distancing themselves from the $210 support region, not broken since during the volatility in mid-January.
The future mid-term direction is once again unclear. Short-term traders may be content to just work within the tight trading range, while long-term investors will likely be waiting on the sidelines until they get a clearer idea of the next direction or find an attractive buying opportunity.
Volumes have been choppy, averaging less than 200 BTC/hour but with occasional spurts to above 500.
Prices on BTC-e are markedly lower than on its peers. At $226, they are 3% lower than those on Bitstamp and Bitfinex.