BTC's Lengthy Slide Takes a Pause

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 prices made a partial recovery after enduring their lengthiest slide since late December. Since hitting a 1-week high of $1023 on MtGox, the cryptocurrency had been in steady decline for close to 48 hours. After hitting a low of $880 on Monday, it recovered partially back to the relative safety of the low-mid $900 levels early Tuesday. BTC has spent the majority of 2014 trading in this range.

Although not as sharp or dramatic as other sell-offs observed last week or mid-December, its length reflects the growing negative sentiment about its future in the face of .

Selling accelerated at higher volumes during daylight trading hours in China, at one point losing close to 5% in an hour. However, prices quickly recovered back above $900 as traders gravitated toward a wait-and-see approach.

Encouraging to BTC believers is the solid support level BTC has established around the $870-$880 level thus far in 2014. Each time BTC has approached this level it has quickly repelled it.

(Chart source: bitcoinwisdom.com)