Bitcoin rises for first time in 6 days after hitting 1-month low
By Investing.com, July 31, 2014, 06:02:12 AM EDT AAA
Investing.com – Bitcoin prices rose for the first time in six days on Thursday, as investors returned to the market to seek cheap valuations in wake of recent losses which took prices to a one-month low.
BTC/USD fell to a session low of $555.90 on Slovenia-based BitStamp, the lowest since June 25, before turning higher to last trade at $571.00 during U.S. morning hours, up 0.89%, or $5.03.
Bitcoin prices were likely to find support at $555.12, the low from June 12, and resistance at $585.99, the high from July 30.
Elsewhere, the price of a Bitcoin on Bulgaria-based BTC-e climbed 1.22%, or $6.85, to trade at $566.37. Prices fell to $555.00 on Wednesday, the weakest level since June 15.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency tacked on 1.21% to trade at $571.20.
Sentiment remained shaky as a wave of technical selling kicked in earlier in the week after prices dropped below key support levels, triggering fresh sell orders amid bearish chart signals.
Prices of the virtual currency fell below the key $600-level on July 25, after trading above the mark during the previous 30 days.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
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