Bitcoin Trading–BTC/USD Technical Analysis, Dec 22: BTC Higher in Choppy Trade

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) is trading higher today, currently at $326 on BTC-e. Earlier, it continued its choppy ways, spiking to over $332 on a sudden surge in volume to over 1000 BTC/hour. It was BTC's highest point in six days, a difficult period which saw it nearly break $300.

The sudden spike helped it overcome a recent aversion to $330, although the spike was short-lived. BTC immediately pulled back toward current levels and is threatening to break through its immediate-term support of $324.

The rise, albeit brief, may have set the tone for a larger mid-term recovery, which many traders are expecting at current depressed prices. However, the rise may have purely materialized from a temporary shortage in supply. Volumes have weakened to 300 BTC/hour.

As assessed yesterday, BTC would have to break out of $340 in order to prove that any rally has legs.

Prices on BTC-e are within $2 (0.63%) of those on its peers, possibly indicating stabilization near current levels in the immediate term.