Bitcoin (BTC/USD) has had a tough time navigating the $380’s, falling hard to $375 earlier today after just barely making it to $389. After a slight bounce, BTC has now broken the low to $373 and looks poised to fall back below $370.
BTC still remains safely above its 50-day moving average (MA), still at $360. But hopes of breaking through the tougher barriers and establishing stable footing have not yet materialized.
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Zooming out to a long-term view, one observes the uncertainty as to BTC’s next major move. Its latest peak ($450) in mid-November exceeds that of the previous month. Similarly with its lows, which have come in successively higher during the past three months. But the $450 peak seemed artificial, and the latest 4-day rally appears to be running out of gas, suggesting a possible end to the pattern.
Prices on BTC-e are about $4 (1.1%) lower than other exchanges.