Bitcoin (BTC/USD) has returned to its bearish ways since climbing back above $400 earlier this week. It has lost as much as 10% from this peak, currently trading at $373 on BTC-e.
$405 is shaping up as somewhat of a barrier to further sustainable advances. In terms of support, $365 is key if BTC doesn’t want to complete the head and shoulders pattern.
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Volume continues to be slightly above average, with about 500 BTC switching hands per hour.
BTC continues to hover about 3% higher than its 50-day moving average (MA), which has flattened around $360 since BTC’s latest foray above the mark 10 days ago. This makes the low $360’s an especially important support point. Should it be broken, a new stage of decline back into the low $300’s is likely.
Prices on BTC-e are about $4 (1.1%) lower than on its peers.
Continuing rounds of investment in the crypto space, albeit occasionally not Bitcoin-centric, has not been strong enough to lift BTC past recent highs.