Bitcoin (BTC/USD) has returned to its bearish ways since earlier this week. It has lost as much as 10% from this peak, currently trading at $373 on BTC-e.
$405 is shaping up as somewhat of a barrier to further sustainable advances. In terms of support, $365 is key if BTC doesn’t want to complete the head and shoulders pattern.
Volume continues to be slightly above average, with about 500 BTC switching hands per hour.
BTC continues to hover about 3% higher than its 50-day moving average (MA), which has flattened around $360 since BTC’s latest foray above the mark 10 days ago. This makes the low $360’s an especially important support point. Should it be broken, a new stage of decline back into the low $300’s is likely.
Prices on BTC-e are about $4 (1.1%) lower than on its peers.
Continuing rounds of investment in the crypto space, albeit occasionally not Bitcoin-centric, has not been strong enough to lift BTC past recent highs.
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