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Bitcoin is trading slightly lower in today’s trading session. We opened at $273.51, traded to a low of $268.93 before rallying back up to a daily high of $274.38. From here we took another leg down to close the day at $272.50, barely $1 dollar below the open. We are currently quoted at $271.89 on BTC-E.
Today’s loss comes after a $2 dollar decline yesterday. Before that, we had 3 days where BTC/USD gained by small amounts ($3, $4 dollars and again $3 dollars). The sharp decrease in volatility is a major departure from the $20-$30 dollar ranges seen last week.
On OKCoin we had a similarly tight range of only $5.77 dollars today, with a high at $277.75 and a low at $271.98. We are currently trading at $276.46 dollars per coin. Futures contracts on the same platform continue to price in a large premium with the far out September 25th contract at $287.56. The nearer contracts are quoting a more respectable $277 and $279 dollars.
The technical picture is unchanged. Bitcoin continues to push on the important support at $270 dollars. On BTC-E we got as low as $268.86 before rebounding. On OKCoin we saw quotes as low as $271.98. You can find a live OKCoin chart HERE.
If the constant pushing on $270 continues, it will eventually lead to a break lower. The bulls will need to peel prices away from this figure to eliminate this risk. On OKCoin, a clean break below $269 should end the bitcoin rally. On BTC-E, the lower end of the support area is somewhat fluid because last week’s crash to $194 dollars messed up the
Originally appeared at: http://www.forexnews.com/blog/2015/07/22/bitcoin-slightly-lower-as-volatility-declines/