Bitcoin (BTC/USD) has declined for only the second time in the last nine sessions, losing as much as 2.9% from yesterday’s peak near $273.
That has been the price traders have been closely watching during the past week. Bitcoin hit $273 on Bitstamp five days ago, reaching its highest level since August 8. Yesterday, it literally came within pennies of breaking this high, but after several attempts, backed off.
A breach of the mark would have likely signaled additional strength to traders, who would have bid up the price to 2 1/2-month highs.
Bitcoin is still in the midst of one of its steadiest rises in recent memory, a behavior that is being interpreted by bulls as a sign of better things to come.
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At its peak of $273 on Saturday, bitcoin was trading 14% above its 50-day moving average (MA). This would have seemed an impossibility two months ago, when its sudden drop sent it 23.6% below the MA.
Bitcoin is still off by 19% in 2015, during which it has yet to trade in positive territory, and 30% during the past 12 months.
Shares of Bitcoin Investment Trust (OTCMKTS: GBTC), which recently declined to within 2% of fair value, are currently trading at a premium of only 1.3%.
Litecoin (LTC/USD) continues to stagnate, hovering near the $3.00 mark. The LTC/BTC rate fell as low as 0.011, its lowest level since June.