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Currencies BitCoin Bitcoin: BTC/USD Technical Analysis – 16th December 2014

Bitcoin (BTC/USD) has dropped sharply to $329 on BTC-e, its lowest point in six weeks.

It has broken through its short-term support point of $339, which had been repeatedly tested during the previous 72 hours. As assessed, any meaningful breach would send BTC to fresh lows.

During the past 48 hours, there has been a noticeable uptick in volume, and with it, a departure from the highly flat behavior and a signal for resumption of larger moves in the market. BTC jumped as high as $348 on volume exceeding 1000 BTC/hour, only to return to what had been a tight range of stability in the low $340’s. With the downward momentum already in place, BTC dropped by 3% during the past 8 hours. Volume averaged 250 BTC/hour during the drop, which while average these days, was a sharp increase from that observed over the weekend.

The recent slump coincides with declines in global equity and commodity markets, in tandem with a strengthening US dollar, though such moves aren’t always necessarily correlated.

Prices on BTC-e are about $5.50 (1.7%) off from those on its peers, slightly above average.

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dcmagnatesCreated by the team at Forex Magnates, Digital Currency Magnates was founded on the premise that “the future of money is digital”.  With this in mind DC Magnates was created to become a source of news and research for the digital currency industry, reporting on breaking news, unique companies  and alt-coins bringing innovation to the market, as well as a portal for real time trading information featuring analysis and charts.