Bitcoin Price Off Slightly After Facing Tough Resistance at $273

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 declined for only the second time in the last nine sessions, losing as much as 2.9% from yesterday's peak near $273.

That has been the price traders have been closely watching during the past week. Bitcoin hit $273 on Bitstamp five days ago, reaching its highest level since August 8. Yesterday, it literally came within pennies of breaking this high, but after several attempts, backed off.

A breach of the mark would have likely signaled additional strength to traders, who would have bid up the price to 2 1/2-month highs.

Bitcoin is still in the midst of one of its steadiest rises in recent memory, a behavior that is being interpreted by bulls as a sign of better things to come.

At its peak of $273 on Saturday, bitcoin was trading 14% above its 50-day moving average (MA). This would have seemed an impossibility two months ago, when its sudden drop sent it 23.6% below the MA.

Bitcoin is still off by 19% in 2015, during which it has yet to trade in positive territory, and 30% during the past 12 months.

Shares of Bitcoin Investment Trust (OTCMKTS: GBTC), which recently declined to within 2% of fair value, are currently trading at a premium of only 1.3%.

Litecoin (LTC/USD) continues to stagnate, hovering near the $3.00 mark. The LTC/BTC rate fell as low as 0.011, its lowest level since June.