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Bitcoin rallied 10 points today. After opening the day at $610.62 on BTC-E, everyone’s favorite virtual currency fell to 606.69 but from here prices quickly rebounded. In the next few hours, BTC/USD moved up to hit a daily high of $624.99. We are currently trading just shy of the high at $620.30 per coin. Today’s rally somewhat invalidates our yesterday suggestion for more losses. Going forward, a break of $625, or preferably $633 may propel BTC prices to $650 and $667. Lower, a significant move below the psychologically important $600 figure may cascade losses toward $550. With today’s gains the momentum has definitely shifted to the upside. The trend however is still down, as can be seen from the chart below.
There have been several positive news stories today. The first one came from UK’s self-governing Isle of Man. The Global Advisors Bitcoin Investment Fund (GABI) has been certified by the Jersey Financial Services Commission. The Fund will start to operate from August 1st. Unfortunately the fund will not be open to investments from the general public. Global Advisors is a hedge fund company that usually specializes in commodities and is based in Jersey. The second positive news was that Xhamster, a popular porn website, has started to accept bitcoins for payment. Xhamster is the 56th most visited website on the internet.
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July 11, 2014 at 10:03AM
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