Bitcoin Trading Flat, Forming Support Around $910

Bitcoin (BTC) fell slightly on Thursday, clinging tightly to the $920 on MtGox level for close to 24 hours. This

Bitcoin (BTC) fell slightly on Thursday, clinging tightly to the $920 on MtGox level for close to 24 hours. This follows yesterday’s stabilization after volatile trading earlier in the week that witnessed swings in BTC as high as 10%.

Considering the flattest activity seen in days, volumes are unexpectedly higher than recently experienced during flat trading, averaging close to 250 BTC per hour. A return toward moderate volume levels under such flat conditions may be further indication of BTC mid-term fundamental stability in the low 900’s. Such a theory, however, is best supported if BTC repeats this behavior following future swings.

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Thus far today, there haven’t been any newsworthy developments, even of the lighter variety, as the hearings on virtual currency in New York are complete with no surprise items.

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More noteworthy is BTC starting to form some support around the $910 level, albeit of the weaker variety. During the current pattern of stabilization, BTC has refused to dip below $910 even during sudden drops motivated by short demand, but hasn’t traded near the level long enough to establish a foundation.

BTC/USD Support Around $910
BTC/USD Support Around $910

On BTC-e and Bitstamp, BTC is trading in the $780 range, slightly narrowing its spread with MtGox to $140 as anomalies from prior volatility continue to wear off.

 

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