Bitcoin prices are continuing to consolidate and move in a yo-yo fashion around the important $650 figure. After a slow creep up to the level earlier in the day, BTC fell, hitting a multiday low of $627.99 on BTC-E. The June 6th swing low at $627.52 remains unbroken. A substantial break below this number will likely lead to more losses towards $600. If the round $600 figure gives way, we are looking at the 38% Fib at $582 for the next support.
To the upside, a break of $650 may lead to momentum move that may take out the 3 month high at $667. Further up, the round $700 level will provide resistance. For now, we are in a wait and see mode.
After yesterday move by Yahoo Finance to include BTC quotes, today Google Finance joins the party. Like Yahoo, the page shows the current BTC quote, along with the most recent bitcoin related news. Charts are also available.
One of the top news currently on Google is that travel booking website Expedia has joined the ranks of bitcoin merchants! Customers now can pay for their hotel reservations in BTC! Michael Gulmann, the company’s vice president of global product told the Washington Post that “It came down to the right timing — both for Bitcoin as a currency, and for Expedia in our lifecycle”. Gulmann didn’t want to put a number on how successful the BTC payment option will be: ‘’I’d be lying if I said I had a good prediction for you. The minute I give you any number, I know I’m going to be wrong.’’ Expedia had revenues of over $4 billion in 2013.
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