16 Jan 2015
Bitcoin gains 8%
FXStreet (Mumbai) - Bitcoin advanced for the second consecutive session today as the virtual currency was probably oversold on charts, which triggered bargain hunting at lower levels.
The BTC/USD pair gained another 8.42% today to trade at 217.83 levels, thereby extending the 21% rally seen in the previous session. Bitcoin was hit badly with news that hackers stole nearly 19K Bitcoins from BitStamp on January 5. The sell-off that followed took the virtual currency to more than one year lows. However, prices have seen a chart driven recovery today as the currency was probably oversold on technical grounds.
Meanwhile, the BTC/EUR pair is up 6.74% at 190.00 levels, while the CoinDesk’s Bitcoin Price Index, which measures the average value of the virtual currency across the globe, is up 4.47% at USD 219.86 levels.
Bitcoin Technical Levels
The immediate resistance is seen at 226.01, above which gains could be extended to 260.00 (Jan. 4 low) levels. Meanwhile, support is seen at 213.41 (Jan. 13 low) and 207.38 (Jan. 15 close) levels.
The BTC/USD pair gained another 8.42% today to trade at 217.83 levels, thereby extending the 21% rally seen in the previous session. Bitcoin was hit badly with news that hackers stole nearly 19K Bitcoins from BitStamp on January 5. The sell-off that followed took the virtual currency to more than one year lows. However, prices have seen a chart driven recovery today as the currency was probably oversold on technical grounds.
Meanwhile, the BTC/EUR pair is up 6.74% at 190.00 levels, while the CoinDesk’s Bitcoin Price Index, which measures the average value of the virtual currency across the globe, is up 4.47% at USD 219.86 levels.
Bitcoin Technical Levels
The immediate resistance is seen at 226.01, above which gains could be extended to 260.00 (Jan. 4 low) levels. Meanwhile, support is seen at 213.41 (Jan. 13 low) and 207.38 (Jan. 15 close) levels.