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Bitcoin gains for the fourth consecutive day

FXStreet (Mumbai) - Bitcoin gains for the fourth consecutive day rebounding from the 11-month low of USD 285.10. The virtual currency is trading 4.52% higher at USD 362.00 at the time of writing.

The USD 99 plunge witnessed over the last weekend is now being attributed to manipulation by speculators who sold heavily only to buy at the lower levels. The prices are also under pressure on a possibility that the virtual currency may be brought under the government regulation. Bitcoin being a digital cash, is not backed by a government or central bank to regulate or issue it.

Bitcoin Technical levels

Bitcoin has a resistance of 370 (low of 19th Sept, 2014), while the immediate support is located at 340 (low of 18th Aug, 2014).

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