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14 Jan 2015
Bitcoin falls 12%, hits 14-month low
FXStreet (Mumbai) - Bitcoin prices fell sharply to a 14-month low today, as investors ditched the virtual currency in favor of more traditional safe haven asset amid threat of global economic slowdown.
The BTC/USD traded 12.46% lower at 201.95 at the time of writing, compared to the previous session’s close at 220.68 levels. The virtual currency tumbled almost 18% at one point of time to USD 216, its lowest since November 2013. The sentiment was also hit on reports that hackers stole nearly 19K bitcoins from the BitStamp last week. Meanwhile, the BTC/EUR pair is down 10.625 at 179.99 levels, while the CoinDesk’s Bitcoin price index is down fell 14.75% to USD 227.780 levels.
Moreover, the virtual currency has been on the declining trend since mid November 2014 after the rout in Crude prices threatened to push the global economy into deflation. Plus, the fall is in line with other major currencies, which have weakened against the USD on rate hike expectations in the US.
Bitcoin Technical Levels
The immediate resistance is seen at 213.41, above which gains could be extended to 260.00 levels. Meanwhile, support is seen at 193.57 and 180.16 levels.
The BTC/USD traded 12.46% lower at 201.95 at the time of writing, compared to the previous session’s close at 220.68 levels. The virtual currency tumbled almost 18% at one point of time to USD 216, its lowest since November 2013. The sentiment was also hit on reports that hackers stole nearly 19K bitcoins from the BitStamp last week. Meanwhile, the BTC/EUR pair is down 10.625 at 179.99 levels, while the CoinDesk’s Bitcoin price index is down fell 14.75% to USD 227.780 levels.
Moreover, the virtual currency has been on the declining trend since mid November 2014 after the rout in Crude prices threatened to push the global economy into deflation. Plus, the fall is in line with other major currencies, which have weakened against the USD on rate hike expectations in the US.
Bitcoin Technical Levels
The immediate resistance is seen at 213.41, above which gains could be extended to 260.00 levels. Meanwhile, support is seen at 193.57 and 180.16 levels.