The price of bitcoin tested resistance at $460 over the weekend ending 15th May, but failed to break through what could prove to be a key level going forward.
Overall, the digital currency’s price fluctuated close to $460, a figure which has not been surpassed since 10th May, reaching as much as $458.87 on Sunday, 15th May, according to the CoinDesk USD Bitcoin Price Index (BPI).
Further, a series of near misses in attempts to build momentum above this mark suggests that $460 could become a key benchmark for the price moving forward.
For instance, bitcoin's price opened at $455.75 on 15th May, briefly falling below $455 when it reached a low of $454.91 between 12:15 and 12:29 UTC. For the remainder of the day, prices stayed between $455 and $460, breaking through $458 to reach a high of $458.65 between 17:45 and 17:59 UTC, but upward movements remained elusive.
The digital currency continued to linger above $458 for much of 15th May, reaching $458.69 between 19:30 and 19:44 UTC before closing at $457.99 during the time between 19:45 and 19:59 UTC. Bitcoin prices proceeded to stay below $458 for the next few hours, before hitting a high of $458.08 between 21:45 and 21:59 UTC.
As the 16th May session began, bitcoin prices opened at $457.85, but have since retreated lower to a press time value of $454 as the day's trading nears a close.
Though traders may not have observed any sought-after gains, the weekend showed bitcoin is continuing its recent stability.
Bitcoin prices have been relatively flat in the last few weeks, fluctuating largely between $450 and $460 during the seven days through 13th May and between $445 and $455 the period before.
Although the week ending 29th April saw bitcoin surge above $470 and below $440, the digital currency has mostly enjoyed a comparably calm period over the last few months, with CoinDesk's State of Blockchain Q1 2016 showcasing that the quarter was among the least volatile for the currency in recent years.
Charles L. Bovaird II is a financial writer and consultant with strong knowledge of securities markets and investing concepts.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.