Bitcoin Price Update: Digital Currency Tests Resistance at $460, But Could Not Keep Upward Momentum

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Fxpips.com – Bitcoin prices moved little over the last seven days ending May 13, remaining generally between $450 and $460 in the midst of dismal trading volume.

As of around ten hours ago, the price of digital currency tested resistance at the $460 mark during the past few days wrapping up May 15, but bitcoin fell short in reaching what could define a major status as it pushes on.

Bitcoin’s price swung near the $460 level overall, a mark which remains unbroken since May 10, hitting as much as $458.87 as of May 15, based on CoinDesk’s Dollar-Bitcoin Price Index (BPI).

A series of near fails in trying to create a strong pace above the figure indicates that $460 could come out as an important yardstick for Bitcoin as it treads on.

The virtual currency’s price, for example, opened at $455.75 on May 15, momentarily dropping under $455 when it hit a low of $454.91 between 12:16 and 12:30 UTC.

The final hours of the session then saw bitcoin remaining between $455 and $460, breaching thru $458 to register a peak of $458.65 between 17:46 and 17:58 UTC, but upward shifts continue to be evasive.

Bitcoin has remained consistent above $458 for much of May 15, notching $458.69 between 19:31 and 19:46 UTC before it settled at $457.99 in the time between 19:46 and 19:58 UTC.

The price of the cryptocurrency went on to remain under $458 for the next few hours, before it notched a peak of $458.08 between 21:46 and 21:58 UTC.

 

coindesk-bpi-chart-12

As trading started as of May 16, the virtual currency’s price opened at $457.85, but have since declined lower to a current market value of $454 as the day’s trading was about to wrap up.

Although digital money entrepreneurs may not have seen any sought-after profits, the weekend suggested that the virtual currency maintains its recent stable performance.

Prices of bitcoins have been largely unchanged during the past couple of weeks, interchanging between $450 and $460 in the week through May 13 and between $445 and $455 during the prior week.

Meanwhile, players who bought the $465-$470 area have abandoned their posts, with the projection of further downtrend or a better buying opportunity, minimizing the average long entry price.

Overall, the week has been rather steady and market movements are normalizing. During the last few weeks, this has been a leading benchmark of volatility; as the range zone becomes more constricted, breakouts (and trend sparks) become more possible.

About Chris Miranda

Chris writes mostly about the latest in the stock market, finance, tech and business.
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