Bitcoin’s range around $350 continues for another day, although the last 24 hours showed a bullish bias. After opening at $354.10 prices fell to $348.42 only to rise back above the $350 mark one hour later. The rally took BTC/USD to a daily high $360.99, just shy of yesterday’s high at $362.13. We are currently quoted at $358.65 on BTC-E, compared to $361.76 on BitStamp and $362 on OKCoin.
A break past the weak resistance level at $365-$370 may lead to some follow-through toward the $400-$408 resistance area. But this will depend largely on the results of the coming bitcoin auction. As we’ve written about previously, the initial reaction to first bitcoin auction back in June was a substantial market sell-off that lasted almost three days, followed by a complete reversal of prices back to pre-auction levels.
This time, the sell-off lasted for 4.5 days before prices stabilized around the $350 figure. Whether we will now reverse course depends largely on if the bids received at the auction will be higher then the current market price. There are some favorable signs. Tim Draper, the winner of the first bitcoin auction, told Bloomberg News that he plans to bid again:
”I am a big believer in bitcoin, and I believe it to be one of the most important technologies that have come along in our lifetime. The price is even better than the last auction.”
Barry Silbert, founder of SecondMarket and the BitcoinTrust, is again organizing a syndicate that will allow smaller buyers to participate in the auction. For interested parties, here’s a
link to the participation form. The deadline for the auction of 50,000 BTC (around $18 million) is December 4th, not December 1st, apologies for my mistake in previous articles.
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