Bitcoin (BTC/USD) has resumed its fall in another choppy weekend of trading, hitting a one-week a low of $307.50 on BTC-e. The pair came within $3.50 of its two-month low of $304 set 10 days ago. It is currently trading at $309.
Since hitting that low, BTC climbed as high as $335 but has since completed its semicircular return toward $300. It may break this psychologically significant level during the next week based on its weakening mid-term profile of decreasing support and gradually lower peaks.
Should this take place, keep an eye on the $285, BTC’s 2014 low set in early October. It is believed that a string of sell orders were triggered around $300, and losses may accelerate if prices hit another yet-to-be-discovered minefield.
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Volume has been inconsistent, within occasional surges above 500 BTC/hour but more often below 100.
After last week’s drop to $315, BTC remained flat for roughly 24 hours before climbing back to $330. From there, BTC unexpectedly plunged by 6.7% in two stages.
Prices on BTC-e are $5.50 (1.7%) below those on its peers, an above-average offset and possibly a side effect of the unstable trade.