Bitcoin Maintains Plateau, Cannot Crack 980

Bitcoin kept its low profile during the last 12 hours of flat trading, holding steady in the $960-970 range on MtGox and unable to advance beyond $975 on Tuesday. It is trading slightly higher than the $950 level held for much of yesterday. It has not been able to break its $980 resistance level for 10 days.

Volume was about average, with an average of 300-400 BTC changing hands per hour.

The relatively flat activity over the past 2 weeks has brought both its simple and exponential 15-day moving averages in line with current price levels. Prices were well above these averages to start start 2014 and well below them toward the end of 2013.

Traders are content with current price levels in the absence of recent major market-moving developments in Bitcoin. This despite the steady daily stream of reports of businesses and other establishments now accepting, facilitating or otherwise supporting the bitcoin. Perhaps equally strong is the stream of governments and major institutions not recognizing it as a currency or warning the public about its risks.