Bitcoin Price Stumbles, Threatening Support Levels

Bitcoin’s price (BTC/USD) faltered again during the past 12h of trade, sliding off its plateau near $270 to challenge its

Bitcoin’s price (BTC/USD) faltered again during the past 12h of trade, sliding off its plateau near $270 to challenge its short-term floor of $258.

Bitcoin had made a stable comeback back to $270 after falling as low as $243 on BTC-e late last week. The fall broke a multi-week streak of stable gains, setting the stage for additional unsettled trade in the mid-term.

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Bitcoin is currently trading at $257 on BTC-e, still falling, and on increasing volume to above 500 BTC/hour.

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It finds itself back within 3% of its 50-day moving average (MA), now at a 2-month high of $250. Bitcoin’s tenure above the MA for practically all of March was its longest such streak in positive territory since last July.

A string of good news items indicating increasing bitcoin traction with the mainstream had helped the price again approach $300. But in the recent absence of additional developments, prices have drifted lower. This, despite the recent announcement of Nasdaq’s intentions to leverage its technology toward bitcoin trading.

Prices on BTC-e are roughly $1.50 (0.6%) lower than those on its peers, a lower than average offset.

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