Bitcoin Spikes on FXOpen, Litecoin Bounces at $1.46


Bitcoin prices spiked on FXOpen today, reaching a high of $243.71 before falling back. Somewhat surprisingly, the move higher was muted on other BTC exchanges. Most of them topped out near $230 per coin. Alternative cryptocurrency Litecoin bounced off the $1.46 mark and headed lower, staying in a downtrend.

Bitcoin Spikes to $243

Prices on FXOpen spiked to $243 per coin today. What’s even more perplexing about this move is that it happened in under one hour. Bitcoin rallied from $224.40 to $243.71 in only 45 minutes. FXOpen uses BTC-E prices. We still don’t have a satisfactory explanation about the spike. Several theories have been floating around, ranging from panic buying by Russians ahead of a potential ban to a hacked account on BTC-E.


Until we get more clarity on the matter and prices on BTC-E stabilize, it would be prudent to stay on the sidelines. Prices on BTC-E continue to trade at a premium of about $3 dollars, with FXOpen quoting $228 compared to $225 for the wider market. The usual state of affairs has BTC-E trading $2-$3 below other bitcoin exchanges. On other BTC to USD exchanges, prices never reached the highs seen at BTC-e so there Bitcoin remains in its downtrend. However a BTC/USD rally above $240 on other exchanges will likely mean an end to the downtrend. To continue the move lower, bitcoin will need to clear the round $200 figure.

Litecoin Bounces Off $1.46

Litecoin bounced off the $1.46 resistance level. In our article last week we highlighted $1.467 as potential resistance. Today the altcoin hit $1.466 before falling back over 6 percent to $1.35. We are currently trading not far from the daily lows at $1.375.


Technically Litecoin remains in a downtrend. The bounce at $1.467 confirms the importance of this level. A Litecoin rally above it will likely mean an end to the downtrend. On the lower end, the double bottom near $1.30 per coin should offer some support. A clearing of this area may lead to an attack of this year’s low at $1.05. The area from the parity level ($1) t0 $1.05 is another important support area. A break below the $1 dollar mark may lead to more LTC losses.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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