Bitcoin Trading- BTC/USD Technical Analysis, Sept 8: BTC drops 5% in 24h

Volatility has returned to bitcoin (BTC) trading as new extremes, in both directions, have been tested over the past 72h.

Volatility has returned to bitcoin (BTC) trading as new extremes, in both directions, have been tested over the past 72h.

Hours ago, BTC hit a new 18-day low of $460 on BTC-e. Late last week, it spiked up to $494 and then retreated. While the volatility isn’t impressive by historical standards- the total price range has been only 7%- it is higher than anything we’ve seen since mid-August.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

Since then, BTC has held tightly a narrow trading range, which now appears to be in gradual decline. The most recent downturn saw BTC lose 5% during the past 24h, under relatively heavy volume of 250 BTC an hour. Hitting $460, a key support level is in jeopardy.

Suggested articles

Separating Yourself From the Pack in a Mature FX IndustryGo to article >>

BTC-USD- Sept 8

BTC is currently trading at $463 on BTC-e. Uncharacteristically, it has sustained a higher price on BTC-e than on Bitstamp for a reasonable amount of time- the price on Bitstamp is $461.

Typically, prices on BTC-e are slightly discounted relative to most other exchanges, although the recent trend has seen the gap shrink. Currently, prices are all over the map: Bitfinex is at $466 and Huobi is at the equivalent of $470. The disparities may be a precursor for increased volatility to come.

Today’s dip has also sent BTC past the 15% offset from its 200-day moving average, whose downward trajectory has slowed, due in part to the recent period of stability.

Got a news tip? Let Us Know