A big move was in the works following since 2014, the question being in which direction. After a lackluster few days, prospects did not look promising heading into the weekend.
But bitcoin’s price (BTC/USD) has bucked its recent downtrend, soaring by over 20% this weekend to $265 on BTC-e. It is bitcoin’s highest price in nearly three weeks, since immediately after the .
The gains have accumulated steadily over the past 48 hours, in contrast with other recent rallies better characterized by large, sudden spikes.
Volumes have peaked as high as 2,500 BTC/hour.
The bullish signal from this weekend’s rally is bitcoin’s rising above its 50-day moving average (MA) for the first time since during the Coinbase-inspired hype three weeks ago. Helping it cross over was the MA’s continued downward trajectory, which has brought it to near $240, its lowest since November 2013.
The crossing three weeks ago lasted less than 24 hours as the Coinbase hype . This weekend’s stronger behavior, combined with the fact that BTC has held its ground above $200 since early January’s volatility, may be a signal that prices have bottomed in the mid-term. However, a more consistent behavior than during the Coinbase hype is necessary to give this theory credibility.
Litecoin has broken back above $2.00, also for the first time since last month’s rally. It has, however, appreciated at a slower pace than BTC, as reflected by the LTC/BTC rate falling well below 0.008.
Prices on BTC-e are $2.50 (0.95%) below those on its peers, a smaller than average offset.
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