Bitcoin Price Rebounds Strongly With Global Markets

Bitcoin (BTC/USD) has recouped all of its losses from two days ago, climbing over 15% during the past 24 hours

Bitcoin (BTC/USD) has recouped all of its losses from two days ago, climbing over 15% during the past 24 hours to above $230.

Its profile of emergence from $200 during the period almost identically mirrors that of its descent. Traders will be watching if bitcoin can rise past the $235 resistance set in the wake of last week’s drop, which would suggest that the fall below $200 was merely a purge of sellers from the market, or if it will stall, which would leave open the possibility of a return downward.

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Volume during the rise has been slightly lower than during the descent, which was concentrated over a shorter period.

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Bitcoin has again followed a similar profile to that of global equity markets, which have mounted a modest recovery.

The rise of 15% is its greatest showing since during the climax of the Greece crisis, and in a 24-hour span, since the last time it fell below $200 in mid-January. Bitcoin’s forays below the mark this year have been short lived, suggesting a possible technical aversion to it.

Litecoin (LTC/BTC) has climbed back to near $3.00, but its recovery has been outpaced by bitcoin. In deviating from its augmenting of bitcoin movements on the way down, the LTC/BTC rate has faltered to 0.013.

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