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.
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.
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.