Bitcoin’s (BTC/USD) traded price has fallen again, dropping another 3.3% to as low as $235.60 on BTC-e. It is currently trading at $239.
A series of small declines over the past few days have now quietly added up to bring bitcoin dangerously close to what was a 1-month low of $234, set at the end of last month. Should it break through, bitcoin will be trading at its lowest levels since late February. Unlike the steep, violent drops experienced earlier this year, the latest return to the low $200’s has progressed in a staggered fashion.
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Today’s drop has sent bitcoin further behind its 50-day moving average (MA), still rising due to the price stabilization in February and positive performance in March. Bitcoin’s price has fallen as much as 8.2% behind the mark.
There has been a recent absence of significant positive news items capable of pushing prices higher, and even if this weren’t the case, the market appears to have been increasingly developing a sense of immunity to them.
The gap between prices on BTC-e and its peers has returned toward typical levels near $2.50 (1.05%).