Bitcoin (BTC/USD) has bounced back, hitting $338.50, its highest price this month on BTC-e. The rise represents but a small break in its losing streak that started in mid-October.
The streak saw BTC set successively lower multi-week lows. It did hold off, however, from seriously threatening 2014 lows. Selling decelerated 24h ago when prices compressed no further, bottoming at $318, less than a dollar off the lows set 48h prior. The $320 area has functioned as a reasonable short-term support level of sorts in November.
Right now, BTC needs to get over the $338 hump in order to have any chance of recovering further in the near-term. It ran out of gas at the same mark 72h ago.
Going Past the Great Wall: Things to Consider When Entering the Asian MarketGo to article >>
The rise of 6.3% over the past 24h is the largest in a week.
Volume has been moderate, averaging 200-300 BTC per hour on BTC-e. One should note that dollar-based volume is fairly low relative to what was considered average periods several months ago, as the corresponding price of 1 BTC has declined significantly.
BTC-e is trading at a $4.30 (1.3%) discount relative to its peers.