Bitcoin is trading right around the important $266 level. Despite several hourly closes above $266, the bulls still haven’t managed to clear the area and push prices higher. But the longer BTC lingers around this mark, the more odds increase for a breakout. Bitcoin’s little brother, Litecoin, is still stuck in its range.
Bitcoin Flirts With $266
As we’ve mentioned several times before, $266 is one of the key numbers to watch for bitcoin. A clear breakout above could see prices rallying toward the $300 round figure. The $303 swing high, reached on January 26th, will be the next important line in the sand. A rally past this level may push BTC/USD to $334 per coin.
On the lower end, a move below $225 would end the current rally. But to generate the momentum needed for a new downtrend, bitcoin will need to take out $208 per coin as well.
First Publicly Traded Bitcoin Fund
The Bitcoin Investment Trust (BIT) looks set to become the first publicly traded bitcoin fund. The fund was initially private but after the 12-month lockup period expires, some of the shares bought by early investors will be eligible to be sold to the public. It’s unclear if a secondary market for the BIT shares will develop however, as the Digital Currency Group cautioned:
”We have been assigned a ticker symbol, no assurances can be given as to when or if such trading will commence, or that an active public secondary market for BIT shares will develop or be maintained”
The Fund will trade until the ticker symbol ”GBTC.”
Litecoin Still in Range
Unlike Bitcoin which has been in rally mode for a while now, alternative cryptocurrency Litecoin is still trading deep within its range between $1.66 and $2 dollars. We are currently quoted at $1.89 per coin, over 5 percent away from the top of the congestion area at $2 dollars.
Let’s take a look at some of the important levels for LTC. On the top, a breakout past $2 dollars (not just brief spike above) would open the door to $2.40. Notable levels above here include $2.70, $3 dollars and $3.40. On the lower end, a move below $1.66 may see prices fall toward the round $1.50 mark. If this level gives way as well, LTC/USD may fall to the weak support levels near $1.23 and $1.05. A major milestone for LTC on the bottom is the $1 dollar parity level. A breakdown below this important mark would intensify the losses.