12 Jan 2015
Bitcoin trades at 13-month low
FXStreet (Mumbai) - Bitcoin weakened to the lowest levels in a over an year against the US dollar as investors ditched virtual currency in favor of the traditional safe havens amid fear of regulation and broad based US dollar strength.
The BTC/USD pair currently trades 0.57% lower at 262.29, after having clocked a low of 257.20 earlier today. The virtual currency was last seen at the current level in Oct 2013. Moreover, Bitcoin has been in a declining trend since mid-November 2014 as fears of the virtual currency being brought under regulation gripped investors. Furthermore, traditional safe haven assets like US Treasuries, Gold and the Japanese Yen were favored amid rout in Crude prices and the economic malaise in the Eurozone.
Overall, the fall in the Bitcoin prices is more or less in line with the rally seen in the USD index. The US dollar continued to strengthen across the board on speculation of an interest rate hike in 2015.
BTC/USD Technical Levels
The immediate support is seen at 257.20, below which prices have a strong support around 230 levels. Meanwhile, resistance is seen at 270 and 278 levels.
The BTC/USD pair currently trades 0.57% lower at 262.29, after having clocked a low of 257.20 earlier today. The virtual currency was last seen at the current level in Oct 2013. Moreover, Bitcoin has been in a declining trend since mid-November 2014 as fears of the virtual currency being brought under regulation gripped investors. Furthermore, traditional safe haven assets like US Treasuries, Gold and the Japanese Yen were favored amid rout in Crude prices and the economic malaise in the Eurozone.
Overall, the fall in the Bitcoin prices is more or less in line with the rally seen in the USD index. The US dollar continued to strengthen across the board on speculation of an interest rate hike in 2015.
BTC/USD Technical Levels
The immediate support is seen at 257.20, below which prices have a strong support around 230 levels. Meanwhile, resistance is seen at 270 and 278 levels.