Bitcoin Price Climbs to 2-Week High

Bitcoin's traded price has climbed as high as $258 on BTC-e, a 2-week high.

Bitcoin’s traded price has climbed as high as $258 on BTC-e, a 2-week high. It is currently trading at $254.

Since hitting a multi-week low of $234 last week, bitcoin’s gains have been small and steady, typically 1-3% per 24h period. Since dropping by roughly 20% two weeks ago, price movements have been generally much slower and volumes have become more consistent between 300 and 500 BTC/hour.

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The recent climb has in fact quietly brought bitcoin just barely back above its 50-day moving average (MA). It has crossed the mark in both directions on numerous occasions during the past two months, and more recently, has done so with increasing frequency. A long-term view has thus shown a gradual convergence toward the MA, in line with the far lower volatility levels than those experienced in early January.

There has also been little by way of price-moving news and developments, the biggest story being the charging of former federal agents with bitcoin-related fraud in relation to the Silk Road investigation. The market has understandably felt that the charges should not positively or negatively impact the price of bitcoin.

The offset between BTC-e and its peers is roughly $4.30 (1.7%), in line with the historical average.

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