Bitcoin prices consolidated in rangebound trade on Monday, as speculators awaited the next catalyst to influence price direction. BTC/USD inched up 0.02%, or 13 cents, on Slovenia-based BitStamp to trade at $587.28 during U.S. morning hours.
Bitcoin prices were likely to find support at $555.90, the low from July 31, and resistance at $607.20, the high from August 1. Elsewhere, the price of a Bitcoin on Bulgaria-based BTC-e dipped 0.09%, or 50 cents, to trade at $580.50.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency eased down 0.01% to trade at $585.48. Sentiment remained shaky as a wave of technical selling kicked last week after prices dropped below key support levels, triggering fresh sell orders amid bearish chart signals.
News on Bitcoins
Prices of the virtual currency fell below the key $600-level on July 25, after trading above the mark during the previous 30 days. Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
Bitcoin is back to trading above $580 after a short excursion below the figure earlier in the day. BTC prices hit a three day low of $572.69 today before rebounding. We are still in somewhat of a no man’s land. Unless bitcoin can climb back above $600, further gains are uncertain. Similarly, we can’t count on more losses until BTC/USD nears the important support at $550. Here is how today looked on BTC-E. Prices are somewhat higher at $585 per coin on BitStamp.
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Bitcoin Financial News
Bitcoin looks set to mark the third consecutive weekly loss. During the course of the week, the digital currency took support from the fundamental and technical support region of 540-550 and bounced from the oversold level of 555.90 to a high of 607.20. BTC/USD has since then fatigued and slipped sharply from the near-resistance levels to a current value of $581.21.
It must be noted that the digital currency rose sharply on the news of the controversial Argentina debt default but has calmed down post the event. Bitcoin is now equidistant from the major resistance and major support levels of 610 and 550 respectively.
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