Bitcoin Trading- BTC/USD Technical Analysis, Aug 31: Bitcoin hanging on amid abnormal volume

Some abnormally high bitcoin (BTC) trading volume on BTC-e has some traders wondering what will happen next. Over 35,000 BTC

Some abnormally high bitcoin (BTC) trading volume on BTC-e has some traders wondering what will happen next. Over 35,000 BTC ($17 million) has been traded in the past 6 hours, by far exceeding the roughly 18,000 traded during the flash crash. It is the highest such figure since a volatile period in mid-April when BTC/USD also entered $300 territory.

The 6h volume comprises a major chunk of the entire global 24h trading volume, typically 100,000-120,000 BTC and usually dominated by China’s top exchanges.

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Similar behavior has been observed in Litecoin trading, where the concurrent price decline has been far more noticeable and raised the prospect of margin call-induced trading taking place. Bitcoin has only declined by about 3% during the stretch, which has led some to suggest that trading bots having gone hyperactive are responsible.

BTC-USD- Aug 31

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(Update: Crypto markets have taken a turn lower, with BTC and LTC hitting new lows of $480 and $4.82 respectively).

Bitcoin now trades at a 12.5% discount to its 200-day moving average, now $550. $480 is also BTC’s short-term support level, which if broken, can lead to declines back down to $460.

 

 

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