Bitcoin’s (BTC/USD) traded price has given up virtually all of its hard earned gains from the past several days, falling by as much as 6% from its 2-week high of $258. It is currently trading at $243 on BTC-e.
Volume has picked up during the drop, surpassing 1,000 BTC/hour at its peak. During the slow and steady rise leading up to the previous high, volumes were more moderate near 300-500 BTC/hour.
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The drop has also convincingly sent bitcoin back below its 50-day moving average (MA), which it has been crossing with increasing frequency in both directions. It is now 2.4% below the mark, which has since converged to just above $250.
Bitcoin has still maintained its increasing support levels but has also consistently failed to break past $300 in 2015, making its next major move a difficult call. It has not moved by more than 10% in a 24h period in nearly three weeks.
The gap between prices on BTC-e and its peers has uncharacteristically widened to roughly $7.00 (2.8%).