Bitcoin Still Struggling with $270 Dollars

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Bitcoin is still struggling to break the resistance at $270 dollars per coin. Today we traded as high at $272 dollars before the sellers regained the momentum and pushed prices back below the $270 mark. We are currently quoted at $265.65 on BTC-E, very close to the day’s open at $266 dollars.


On OKCoin, one bitcoin is selling for $270.17. Meanwhile on the futures exchange the nearer July 10th contract is trading at $272.83 while the far out September contract is at $282.60. This $12 dollars premium is close to yesterday’s $13 dollars, so in this regard not much has changed. Futures traders continue to expect more BTC gains, especially on the long end. But if the trend for bitcoin ends and prices reverse to the downside, the September 25th contract will likely suffer the largest losses. There is no free lunch in trading. For the levels we’re watching, take a look at yesterday’s article.

On the news front, what was suppose to be a routine update to the bitcoin software resulted in some problems. Because some mining pools were running either old or incomplete versions of the software, a fork appeared in the bitcoin blockchain. This means that for a period of time there were two versions of the bitcoin blockchain.

The blockchain is bitcoin’s public ledger where each transaction is recorded. The existence of two chains poses a risk of a double-spend attack. The mining pools in question have since ”killed” the invalid chain but developers are warning that the risk is not over yet:

”If you are using any wallet other than Bitcoin Core 0.10.x or 0.9.5 (or something backed

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