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Bitcoin rises to USD 400

FXStreet (Mumbai) - Bitcoin prices have recovered entire losses witnessed during the first week of the current month, to trade at USD 400.

The BTC/USD has gained 4% today to trade at 400 levels, after the virtual currency managed to take out the resistance level of 380 yesterday. Bitcoin prices had come under pressure recently after New York became the first state to issue proposed rules for digital currency companies. Bitcoin has also come under the scanner of the Securities and Exchange Commission and the Consumer Financial Protection Bureau.

The fears of Bitcoin being brought under official regulation still persist, despite which prices hit a high of USD 408 today.

Bitcoin Technical levels

Bitcoin has an immediate resistance of 412 (Sept 26 high), above which prices can rise to 429 levels. On the downside, 380 should act as a strong support level.

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