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Wednesday, March 8, 2017

Bitcoin Price Hits Resistance in Bid to Breach $1,300

Bitcoin Price Hits Resistance in Bid to Breach $1,300

Bitcoin prices appear to be encountering some resistance near $1,300.

Order books on digital currency exchange Bitfinex show a rise in the amount of sell orders closer to that level, according to figures provided by BFX DATA. As of roughly 22:15 UTC, that increase can be seen in sell orders starting slightly below $1,280.

Bitfinex sell orders accounted for more than 90% of all orders in the hour leading up to this time. However, buy orders maintained a very slim majority in the 24 hours before 22:15 UTC, making up 51.3% of all orders placed during this time.

The exchange constitutes roughly 14% of the total bitcoin exchange market share by trade volume over the past 24 hours, data from Bitcoinity shows.

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