Bitcoin’s Price Battles New Resistance in Bid to Breach $1,000

Bitcoin prices continued to fluctuate around $1,000 today, as the global digital currency markets saw technical resistance around this figure.

Overall, bitcoin traded traded above $1,000 for roughly the first eight hours of the day, reaching as much as $1,007 during the session, CoinDesk Bitcoin Price Index (BPI) figures reveal.

Prices fell below $1,000 at 08:15 UTC, however, and failed to break through that level for the remainder of the day.

At the time of report, the currency was trading at $998.42, according to the BPI.

All eyes on China

According to analysts, traders remain reluctant about placing bets in the market, as concerns linger about further actions from the People’s Bank of China (PBOC), the nation’s central bank.

The digital currency has experienced significant volatility in the last several weeks, as the PBOC’s decision to crack down on domestic exchanges has caused these marketplaces to announce a slew of sudden policy changes.

Huobi, OKCoin and BTCC (previously called the ‘Big Three’ exchanges) all announced they would impose consistent fees, cut margin trading and halt or slow deposits and withdrawals denominated in digital currency in recent days.

These continued developments have made some market participants reluctant to trade bitcoin, according

Read more ... source: CoinDesk

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