Bitcoin Price Facing Resistance at $300, Gives Back Last Week's Gains

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC/USD) has had a tough time of late overcoming the $300 mark. For the second time in 2015, bitcoin has been flirting with $300 but has once again returned empty-handed.

Bitcoin tumbled from $290 to as low as $272, a loss of over 6%, on BTC-e. It is currently trading at $279 in a resumption of tight trading. During the past 12h, it has not deviated from its average by more than 1%.

The drop, while the biggest in nearly a week, took place on relatively low volume, only momentarily exceeding a rate of 1,000 BTC/hour.

Bitcoin also failed to maintain much traction above the $300 mark following the hype leading up to the launch of Coinbase Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term. It peaked at $304, but quickly withdrew from the psychologically significant threshold within a few hours as traders sold on the news.

Bitcoin has thus yet to hold ground above $300 in 2015, though it has also shown a recent aversion to revisiting previous lows. A long-term view shows bitcoin has been in a healthy, stable uptrend during the past month, in contrast with its wild advances during the Coinbase hype in late January. Retracements like this weekend's are perfectly within order during long-term uptrends.

Prices are still well above their 50-day moving average (MA), which has continued its climb for the first time since last July, further indicating a possible bottoming process.

Overall, the next move is a tough call. But any serious break above $300 will likely be met with heavy buying as traders return to the floor.

Prices on BTC-e have once again returned to their typical discount relative to other exchanges, and then some, now over $5 (1.8%) off.