The recent mini-rally in bitcoin prices that brought them to their highest levels in nearly three weeks has stalled.
Bitcoin (BTC/USD) hit a 4-day low of $235 on Bitstamp, 4.5% below the peak of $246 reached 48 hours ago. Trading is markedly calmer than three weeks ago, when bitcoin appeared to get caught up in the whirlwind of volatility gripping global equity markets. Its fall below $200 and subsequent bounce were the sharpest moves in months.
The latest rally saw bitcoin creep within 4% of the 50-day moving average (MA), which was broken in early August as volatility just started to return.
Q8 Trade Gains Recognition for ‘Most Trusted Trading Platform in MENA’Go to article >>
Last year’s August volatility set the tone for a miserable fourth quarter, capping a 2014 that saw bitcoin shed 70%. This year, bitcoin has shown an aversion to sub-$200 territory, in which it has not spent much more than 24 hours upon each visit.
Despite hitting lows not seen in nearly two years, 2015 has, on average, been far more stable for bitcoin than either of the two previous years. From the current MA of $254, it has not deviated by more than 28% in either direction, which for bitcoin standards, is pretty impressive. It has been more stable than crude oil and most mining stocks, some of which have shed over 50% in just over a month.
Litecoin (LTC/USD) slipped as well, hitting a 4-day low of $2.85. The LTC/BTC rate declined slightly to 0.012.