Western Hemisphere Buoys Bitcoin Prices as Chinese Selling Abates – $500 Level Looks Safe

After bitcoin prices at BTC China hit a low of around $350 in dollar terms yesterday, as well as $400

After bitcoin prices at BTC China hit a low of around $350 in dollar terms yesterday, as well as $400 at other major exchanges, prices rebounded as European and US markets went online. Prices peaked yesterday at 3PM EST on Bitstamp at just above $600, before tailing off again as day replaced night in Asia.  As a result, prices of bitcoin during the Asian day session saw weakness again today.  However, similar to yesterday’s trading, trading has rebounded as the European day began, with prices currently at day highs at $660 on Bitstamp.

Bitcoin prices bounce again today as Asia trading day ends
Prices bounce again today as Asia trading day ends

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After yesterday’s massive selloff, selling pressure has abated as volumes from China have decreased.  With CNY transactions at BTC China limited to withdrawals, there has been no fresh funds to come into the market to buy at depressed levels.  As a result, BTC China market share over the last 24 hours has declined to around 20% after consistently being in the 30-35% level since the end of October.  The drop in trading points to a possible reduction in short term selling pressure which could keep prices from retesting the $500 unless news is released from other parts of the world.

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