Bitcoin’s price has climbed by as much as 4.5% to hover near $235, a one-week high on most exchanges.
Three days ago, the BTC-e exchange saw some of its wildest trading since August, gyrating by as much as 23% within a few minutes. The behavior was confined to BTC-e alone, where oversized orders likely set off a vicious cycle. Trickle effects were barely felt on most other exchanges.
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The wild behavior, which saw prices rise to $269, has kept prices on BTC-e higher than those on its peers since then. Typically, prices on BTC-e are lower by 1% to 1.5%. The odd behavior may have been a prelude to today’s rise, which is seeing BTC-e prices converge with those on its peers.
The rise has quietly brought bitcoin back to within 3.5% of its 50-day moving average (MA), which began trending lower after peaking at $256 earlier this month. Bitcoin has crossed the mark numerous times since late January after having traded below it for nearly two months.
Recent attempts to break out of the $230s have been short-lived, and prices set new 3-month lows of $210 earlier this week- suggesting a stronger foundation is needed before we see light at the end of the tunnel.