Bitcoin Gains $7, Nears $250 Dollars Again

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Bitcoin is back in an upswing after prices gained $7 dollars in the past 26 hours. We opened the day at $242.30. From here it was a slow and steady climb to the daily high at $248.83. In the early hours of the new session yesterday’s high was taken out and BTC/USD set a new 8-day high at $249.60. We are currently quoted just 9 cents below the high at $249.51.

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A similar movement was seen on OKCoin, with the slight difference that prices gained almost $9 dollars on this exchange, climbing from a base of $241.77. We are currently quoted at $250.16 on OKCoin, about one dollar below the $251.36 high.

While a clearing of $250 is positive for the bulls, the better resistance area to look is above the June 17th swing high, $256.71 on BTC-E and $259.24 on OKCoin. Just $2 dollars higher we find the April high at $259 on BTC-E and $263 on OKCoin. A clearing of this entire area and a move above $259/$263 may lead to more gains for BTC.

More resistance levels can be found at $270 and $300 on BTC-E and $270 and $305 for OKCoin. The former triple top near $300 will be especially important, as any breakout above it should intensify the move higher. On the lower end, a decisive move below $240 on BTC-E and $238 on OKCoin will likely end the rally.

Futures on OKCoin increased their premium over spot. The near July 3rd contract is quoted at $254.05 while the far out September 25th contract is trading at $259 dollars flat. The premium on the far out contract is now at $8.84

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