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Bitcoin resumes fall

FXStreet (Mumbai) - FXStreet (Barcelona) - Bitcoin is back in red after the recovery witnessed on Monday. Prices had plummeted more than 18% over the weekend, according to Coindesk’s Bit Coin Price Index.

The crash in Bitcoin may have been due to the fact that the regulations proposed by the New York’s Department of Financial Services shall hurt the freedom of Bitcoin as a virtual currency. However, the hiccups may only be temporary. Rafael Corrales, a partner at Charles River Ventures, argued in the Times that recent Bitcoin price fluctuations are the result of its “transition stage” between between speculative vehicle and actual currency: “When Bitcoin becomes a currency, it realizes its potential.”

Nevertheless, BTC/USD appears to have resumed its fall today. The virtual currency is trading 2.36% lower at 321.28, after having nearly tested the resistance level of 340.

Bitcoin technical levels

The BTC / USD has a resistance of 340; breach of which shall open doors for 360. On the downside, the support is located at 285.10 (low of 10th Oct, 2014).

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