Bitcoin Price Surrenders Gains, Falls to 10-Day Low

The traded price of 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) unexpectedly reversed lower this weekend, falling to $216 on BTC-e and challenging 10-day lows.

As recently as 72h ago, bitcoin had shot higher to $237, offering traders hope that the previous drop was a brief hiccup during what was previously a relatively stable stretch of trade. Bitcoin's trading range had tightened within roughly +/- 10% of $240, but then set new 2-month lows of $214 earlier this month.

The peak reached late last week was likely motivated by a short-lived surge in demand, which saw volumes shoot above 2,500 BTC/hour. The gains slowly ebbed at the start of the weekend but losses accelerated during the past 12h. Prices gave up 5%, wiping out all of last week's gains.

The return of weakness this April has sent bitcoin back below its 50-day moving average (MA), which has finally reversed back below $250 after newfound stability in March pushed it higher. Bitcoin is now 13% behind this mark.

Prices on BTC-e are roughly $2 (0.9%) lower than on its peers, an average offset.