Bitcoin’s price (BTC/USD) has just dropped the most since mid-February, falling 5.5% to $269 on BTC-e.
The drop has sent prices to their lowest level in 12 days. During the peak of the selling, prices dropped to as low as $251, their lowest since February. In general, the past several weeks of trading have been the most stable in 2015. Even after , prices confidently recovered toward the stable confines of the upper $280s throughout the week.
The initial drop, however, may have set the wheels in motion for additional selling. A key $285 support level was weakened during the weekend drop, and it gave way the second time around. The break may have triggered the release of a large amount of selling pressure. Traded volume hit a rate of nearly 9,000 BTC/hour and close to a total of 20,000 BTC ($5.6 million) was dumped within a 3h span. Such figures have not been observed since late January. Similar quantities were observed on Bitfinex, with lesser activity on Bitstamp.
The gap between BTC-e and its counterparts has widened to $5.50 (2%), as is common during sudden drops.
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