The traded price of bitcoin (BTC/USD) unexpectedly reversed lower this weekend, falling to $216 on BTC-e and challenging 10-day lows.
As recently as 72h ago, bitcoin had shot higher to $237, offering traders hope that the previous drop was a brief hiccup during what was previously a relatively stable stretch of trade. Bitcoin’s trading range had tightened within roughly +/- 10% of $240, but then set new 2-month lows of $214 earlier this month.
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The peak reached late last week was likely motivated by a short-lived surge in demand, which saw volumes shoot above 2,500 BTC/hour. The gains slowly ebbed at the start of the weekend but losses accelerated during the past 12h. Prices gave up 5%, wiping out all of last week’s gains.
The return of weakness this April has sent bitcoin back below its 50-day moving average (MA), which has finally reversed back below $250 after newfound stability in March pushed it higher. Bitcoin is now 13% behind this mark.
Prices on BTC-e are roughly $2 (0.9%) lower than on its peers, an average offset.