Bitcoin volumes have picked up slightly and the price just jumped by 3% in 3 hours, 5% in the last 12. BTC is now trading at $477 after coming off a high of $484.
The $460 mark is shaping up as a dependable short-term support level. Prices have not submerged below $459 since August 20, a period of lingering volatility following the flash crash on BTC-e. Since then, prices have been repelled by this level on multiple occasions.
However, there is equally formidable resistance from the top end. With the exception of a brief volume-induced spike heading into this past weekend, BTC is having a tough time climbing above $485 in the short term.
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The combination of today’s rise and the overall downward trend from the past 2 months places BTC back within 10.5% of its 200-day moving average- the closest it has gotten, percentage-wise, in two weeks.
The price gap between Bitstamp and BTC-e has found its way back to previous levels. BTC is now $7 (1.5%) higher on Bitstamp and other exchanges. Prices varied by as much as $9 (1.9%) as the market climbed during the past few hours. Earlier this week, their roles were uncharacteristically reversed as prices on Bitatamp were 0.5% lower for a lengthy stretch.