Bitcoin Price Breaks Quiet, Falls to 5-Week Low

Bitcoin 's traded price has broken its longest stretch of flat trade this year, falling to as low as $220 on Bitstamp. It is currently trading at $223.

The drop represents a loss of only 3.5% during the past 24 hours and 6.8% during the past 72 hours, but was sizeable in relation to the incredibly flat trade experienced during May. Bitcoin is now trading at a 5-week low.

The end of bitcoin's stability streak may induce further price action to the downside. Prices are now closer to their 2015 lows than highs, although previous approaches to the $200 threshold have been successfully fought off. After last year's early May respite, bitcoin proceeded to rally by over 50%.

The drop also sends bitcoin easily below its 50-day moving average (MA), which had flattened near $233. Bitcoin now trades 4.7% behind the mark.

Prices on BTC-e have continued to deviate from their historic discount to those on its peers, now trading at a $2.80 (1.3%) premium.