Bitcoin’s (BTC/USD) price shot higher today, breaking through what had been its near-term resistance level of $230 on BTC-e. Currently, it is trading at $236.
The price climbed as high as $239, a 6-day high, on choppy volume. A spike of 8.5% brought BTC close to $240 on a brief surge in volume to over 3,500 BTC ($800,000) per hour. Volumes have since fluctuated between 200 and 1,000 BTC/hour.
BTC’s price is now within 10% of its 50-day moving average (MA), still in a state of decline and now equal to $267. Another cross-over may be what traders are looking for as confirmation that last week’s rise above $300 was really the initial leg of a larger reversal.
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BTC has successfully held off from falling below $200 since plunging to $163 three weeks ago. In general, its next direction remains highly uncertain during what has become its most volatile period since the August sell-off.
Prices on BTC-e have been slower to catch up with those of its peers, maintaining an above average offset of roughly $6 (2.5%).