Bitcoin prices dip to 3-week lows

Bitcoin prices dip to 3-week lows

8 September 2014, 16:32

Bitcoin (BTC/USD) declined 3.3%, or $15.76, on Slovenia-based BitStamp to trade at $461.78 during U.S. morning hours, as speculators continued to exit the market amid bearish chart signals. Prices fell to a session low of $457.57, a level not seen since August 19.

Bitcoin prices were likely to find support at $455.22, the low from August 19, and resistance at $497.00, the high from September 4.

Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) dropped 1.44%, or €5.28, to trade at €362.72 on U.S.-based Kraken Exchange. Sentiment has been shaky in recent weeks, with market analysts blaming a number of factors, including a recent U.S. government report that highlights the risks associated with virtual currencies, New York's BitLicense proposals, and the introduction of new sophisticated trading techniques.

Elsewhere, the price of a Bitcoin on Bulgaria-based BTC-e shed 2.51%, or $12.02, to trade at $466.89, the lowest since August 20.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency plunged 2.59% to trade at $467.05.

A number of traders and market participants also attributed the recent decline to price manipulation by short-term profiteers who are deliberately driving prices down to eventually buy them back at lows.

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