Bitcoin Still Flat, Albeit with a Bearish Bias

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Bitcoin is continuing to consolidate just below the $230 handle. But we are starting to see some bearish bias to the price action. Today on BTC-E we briefly broke below the 2-day low at $225.99 and proceeded to carve out a new low at $224.80. The break didn’t last long however and BTC/USD soon bounced back to $227 dollars per coin. The chart below shows the past seven days of price action on BTC-E. The consolidation during the last three days is marked with a yellow rectangle.


On OKCoin we saw a very similar session today. Prices broke below the previous swing low at $227, traded to a low of $226.02, then reversed course. One coin is currently selling for $229.05 on OKCoin. Futures on the same platform continue to hold on to the small $1-$2 dollar premium over spot. As we noted in our article yesterday, this is largely the result of Chinese exchanges pulling up the average. The same article lists some of the important levels we’re watching.

BTCChina has re-branded to simply BTCC, dropping the ”China” from its name. In a news item posted on its website, the company says that: ”Bitcoin is global, and as we launch more products and services to serve the global audience, we needed a more global name. BTCC is that name. Wherever you are, BTCC is your bitcoin company.”

Along with the re-branding, BTCC now has a new logo. Former BTCChina, now BTCC, is one of the top bitcoin exchanges by trading volume.

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