Bitcoin Price Testing $275 Support, Litecoin Slumps Below $4

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) dropped to as low as $276.50 on Bitstamp, a one-week low, following another fruitless attempt to crack $300.

Bitcoin had risen to as high as $297 in the middle of last week, but again couldn’t crack the elusive $300 mark. It has broken $300 on three occasions in 2015, not lasting above the mark much longer than 24 hours each time. It has yet to trade in positive territory this year.

$275 is a support level which bitcoin has held onto reasonably well since after the Greece crisis, now long forgotten. Bitcoin may therefore return toward the middle of its new short-term trading range between $275 and $290.

However, the latest peak fell well short of the previous high of $318 at the cusp of the Greece crisis, indicating possible mid-term weakness. August last year was one of bitcoin’s most volatile periods, during which bitcoin lost 25% within one week.

Litecoin has again outpaced bitcoin’s moves, falling as low as $3.85 on BTC-e. It is currently trading at $4.03. Last year’s August sell-off saw litecoin drop plummet from near $8.00 to $3.33.

It is following a similar profile to bitcoin, still maintaining its support but threatening to break it in the near-term.

The LTC/BTC rate is now 0.014, down from 0.016 last week due to litecoin’s larger movements.