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Bitcoin is trading barely changed compared to the opening price of $234.85. In the first half of the session we saw a dip to $232.40. This was followed by a rally back to $236.99 dollars per coin. But as we’ve seen many times this week, whenever BTC get above $236-$237 dollars, the sellers step in and push prices back down. Eventually we closed the day at $236.01, with a $1.16 gain. But in the new session we’re seeing some continuation of the selling and bitcoin is currently quoted at $235.50 on BTC-E.
On OKCoin one bitcoin is selling for $238.14 on the USD exchange and 1535 Yuan ($241) on the Chinese site. According to this comparison website, $238 and $241 is where most major USD and CNY sites are trading. Bitcoin futures are holding onto the $1 dollar premium for the nearer contracts and $3 dollars premium for the longer dated contracts.
The price of bitcoin as stayed remarkably stable since February of this year. While in January we saw BTC/USD lose almost $100 dollars, during the rest of the year we recovered some of those losses. We’ve continued to trade above and below $250 dollars per coin during most of 2015.
For example, the current 270-day average price is at $244 dollars, very close to the current $235 quote. The 270-day simple moving average is shown in red on the chart below. As prices continued to range-trade, we’ve also seeing volatility plummet from a high of $26.35 on January 30th to a low of $3.93 on June 16th. Volatility continues to stay low, with the 20-day Average True Range quoted at $4.62
Originally appeared at: http://www.forexnews.com/blog/2015/10/02/bitcoin-barely-changed-since-february/