Bitcoin Holds Steady, then Tests Wednesday's Peak

Thursday, 09/01/2014 | 10:11 GMT by Leon Pick
Bitcoin Holds Steady, then Tests Wednesday's Peak

Bitcoin held its ground late Wednesday, managing to keep its head above water, bottoming at 900 USD on MtGox even during choppy periods of selling. It gradually regained its footing toward the 920 USD levels experienced for much of the day.

Early Thursday, BTC steadily continued its advance, at one point testing its Wednesday peak of 965 USD before quickly retreating to the 940 USD level. This level has been highly unstable recent days but may be the new norm early today in the absence of market moving news items. Volumes have tapered off as well- only 60% of what they were at the same time on Wednesday and far lower than the market moving levels inspired by Tuesday's news items.

BTC has remained resilient in Chinese trade even in the face of Alibaba's new ban on TaoBao selling bitcoins, a sign that traders don't see this as a threat to the cryptocurrency's value.

(Chart Source: bitcoinwisdom.com)

Bitcoin held its ground late Wednesday, managing to keep its head above water, bottoming at 900 USD on MtGox even during choppy periods of selling. It gradually regained its footing toward the 920 USD levels experienced for much of the day.

Early Thursday, BTC steadily continued its advance, at one point testing its Wednesday peak of 965 USD before quickly retreating to the 940 USD level. This level has been highly unstable recent days but may be the new norm early today in the absence of market moving news items. Volumes have tapered off as well- only 60% of what they were at the same time on Wednesday and far lower than the market moving levels inspired by Tuesday's news items.

BTC has remained resilient in Chinese trade even in the face of Alibaba's new ban on TaoBao selling bitcoins, a sign that traders don't see this as a threat to the cryptocurrency's value.

(Chart Source: bitcoinwisdom.com)

Topics
bitcoin
china
trading
mtgox
About the Author: Leon Pick
Leon Pick
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