Bitcoin (BTC/USD) dropped to as low as $276.50 on Bitstamp, a one-week low, following another fruitless attempt to crack $300.
Bitcoin had risen to as high as $297 in the middle of last week, but again couldn’t crack the elusive $300 mark. It has broken $300 on three occasions in 2015, not lasting above the mark much longer than 24 hours each time. It has yet to trade in positive territory this year.
$275 is a support level which bitcoin has held onto reasonably well since after the Greece crisis, now long forgotten. Bitcoin may therefore return toward the middle of its new short-term trading range between $275 and $290.
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However, the latest peak fell well short of the previous high of $318 at the cusp of the Greece crisis, indicating possible mid-term weakness. August last year was one of bitcoin’s most volatile periods, during which bitcoin lost 25% within one week.
Litecoin has again outpaced bitcoin’s moves, falling as low as $3.85 on BTC-e. It is currently trading at $4.03. Last year’s August sell-off saw litecoin drop plummet from near $8.00 to $3.33.
It is following a similar profile to bitcoin, still maintaining its support but threatening to break it in the near-term.
The LTC/BTC rate is now 0.014, down from 0.016 last week due to litecoin’s larger movements.