Want to Trade Bitcoin?
Bitcoin is down about $5 dollars today as the rally seems to be slowly winding down. After opening at $248.54, prices slowly drifted lower to $243.12 dollars per coin. We are currently quoted not far from the lows at $243.51. The downward bias during the past 30 hours is clearly visible in the chart below.
On OKCoin we opened at $247.12, traded to a low of $242.01 before closing at $243.66. One coin is selling for 241.95 at the moment. In a sign that the rally may not be completely over, futures continue to price in a premium. The near June 26th contract is trading at $243.56 while the far out September 25th is quoting $245.32 dollars per coin. You can find live OKCoin futures prices on this page. But even this premium is slowly evaporating. Yesterday the premium on the September 25th contract was $4.88 dollars, today it’s only $3.37.
The final strike for the bulls should come on a break below $230 dollars. A decisive break below this level will likely end the uptrend. To continue the rally, bulls will need to break $259 on BTC-E and $263 on OKCoin. Above this level, more resistance can be found at $270 and $300 (for OKCoin $305). As we’ve repeated numerous times before, the $300 mark is a triple top formation that spelled the end for two previous BTC rallies. A breakout above this figure should exacerbate the gains.
Blockchain Capital raised $7 million dollars that will go to new bitcoin ventures. The company is lead by Bitcoin Foundation Chairman Brock Pierce and has so far invested in Coinbase and Ripple Labs among others. The company decided to change its previous name ”Crypto Currency Partners”, in a bid to capitalize on the interest behind the blockchain technology. While many are skeptical on whether bitcoin can make it as a currency, the opinions on the technology underpinning the network (the blockchain) are overwhelmingly positive.
Get our free guide to bitcoin trading here.