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Bitcoin continues to recover the losses

FXStreet (Mumbai) - Bitcoin prices have strengthened since last week amid no fresh triggers. Much of the slump in Bitcoin prices has been erased as prices have rebounded from an 11-month low of USD 285.10 to the current level of USD 374.

The BTC/USD is trading 1.34% higher at USD 374. Earlier today, the prices had hit a high of USD 379. Most experts say the recent slide in the Bitcoin was due to manipulation by short-term profiteers. As such the virtual currency lacked a trigger for such a sharp fall.

Meanwhile, the Litecoin is trading 0.21% lower at 3.82 levels.

Bitcoin Technical level

Bitcoin has an immediate resistance of 380.95 (Oct 9 high), while the immediate support is located at 370.00 below which prices can dip to 350.00 levels. Moreover, the prices have formed a base around 350.00 levels during last few sessions. Thus, it will act as a strong support level.

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