Bitcoin Trading – BTC/USD Technical Analysis, Feb 3: Price Breaks $230 Resistance

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's (BTC/USD) price shot higher today, breaking through what had been its near-term resistance level of $230 on BTC-e. Currently, it is trading at $236.

The price climbed as high as $239, a 6-day high, on choppy volume. A spike of 8.5% brought BTC close to $240 on a brief surge in volume to over 3,500 BTC ($800,000) per hour. Volumes have since fluctuated between 200 and 1,000 BTC/hour.

BTC's price is now within 10% of its 50-day moving average (MA), still in a state of decline and now equal to $267. Another cross-over may be what traders are looking for as confirmation that last week's rise above $300 was really the initial leg of a larger reversal.

BTC has successfully held off from falling below $200 since plunging to $163 three weeks ago. In general, its next direction remains highly uncertain during what has become its most volatile period since the August sell-off.

Prices on BTC-e have been slower to catch up with those of its peers, maintaining an above average offset of roughly $6 (2.5%).