Bitcoin Trading–BTC/USD Technical Analysis, Dec 31: BTC Slips below $310

Bitcoin (BTC/USD) slipped below $310 today in what has been a relatively uneventful final day for bitcoin trading in 2014.

Bitcoin (BTC/USD) slipped below $310 today in what has been a relatively uneventful final day for bitcoin trading in 2014.

Despite the relative stability, BTC quietly came within a few cents of its near-term bottom of $307, which is its lowest point in two weeks and not too far off from the 2014 low of $285. A new break may arouse a return of more accelerated price movements as traders detect BTC in new territory.

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In general, the last 72 hours have mostly consisted of a slight downtrend, converging toward a common bottom but recognizable by a string of declining short-term peaks.

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Volume is once again choppy. Interestingly though, the greatest spikes in volume – at one point exceeding 600 BTC/hour – have failed to move prices by more than 1%.

For now, the $305-$310 support range appears to be holding, though the circumstances under which it has been tested may not be representative for more volatile conditions.

In the absence of major speculative price activity this December, as opposed to last, major moves are unlikely, at least until the new year when traders return, alternative asset managers rebalance their portfolios and the news front heats up again. In the past, such calm behavior was often followed by major moves in either direction.

Prices on BTC-e are $3 (0.95%) lower than on its peers, which is in line with its average offset.

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