Bitcoin (BTC/USD) trading remains choppy in a low volume environment this weekend after nearly slipping below $300 last week.
After falling to its lowest point since early October, the pair whipsawed higher by as much as seven percent to $324 on BTC-e, only to revisit the low 24 hours later. Thereafter, it climbed as high as $330, giving the impression that a critical bottom was reached and a large-scale reversal was in the works.
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All this, however, took place on low, inconsistent volume. The rally waned, or at least took a pause, and the pair fell back to $315. It is currently trading at $318, the next moves highly uncertain. At current levels, any rally is likely to be short-lived unless the pair gathers sufficient momentum to escape out of the $340s.
The pair has not experienced a gain of 10% since one month ago when it rallied to $389.
Prices on BTC-e are $7 ($2.2) off those on its peers, possibly a result of the choppy activity.