Since our last update, bitcoin had a healthy retracement of $25 dollars after its bounce at $300 dollars. This led us to a low of $274 per coin, a down move of over 8 percent. While altcoins have failed to keep up with the BTC/USD rally, they had no problem following big brother lower. Peercoin went down by 7%, Namecoin by 9% and Litecoin by 6 percent during bitcoin’s retracement. Most coins have retraced some of the those losses however, with both Bitcoin and Litecoin getting close to its previous highs.
Bitcoin Nears $300 Again
After a sizable 8 percent retracement, bitcoin is getting close to the $300 figure again. We are currently quoted at $288 dollars per coin, just 4 percent away from this important round number. As the daily chart below shows, $300 has held up 3 previous rallies. The BTC move up on January 7th stopped at $301.01. The rally on January 26th ended at $303.30, while the most recent bounce last week stopped at $298.999.
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