Bitcoin (BTC/USD) is rising again today, jumping by over 4% ten hours ago to as high as $384 on BTC-e. This is BTC’s highest point in three weeks.
It is has also been a difficult point to navigate. During those highs three weeks ago, BTC could not muster enough momentum to climb out of the $380’s and proceeded back down a slippery slope into the low$300’s. Since bottoming at $318, BTC has rallied by 20%.
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The pair is currently trading at $381.
The $380 mark will be an especially formidable challenge based on BTC’s pattern of retracing no more than 70% during its 4-month slide. Something has to give in order for the latest mini-rally to signal that a true bottoming has occurred and genuine recovery is in the works.
While still way off its 200-day moving average (MA), today’s advance brings it comfortably above the 50-day MA, which is starting to stabilize around $360.
Prices on BTC-e are about $2.20 (0.57%) off from those on its peers.