$280 was broken and in short order the price plunged to a low of $246 on Bitfinex. The bulls had no strength to arrest the decline at any previous resistance levels. The price now needs to reset a lower level, most likely below $240. Expect choppy trading in the coming days as traders’ bearings are reset.
To capitalise on the return of volatility, go long realised volatility using BVOLH15.
In the News
UK government to regulate Bitcoin (Wired)
Intel making possible foray into Bitcoin with new hire (CoinDesk)
More details on Coinapult hack (CoinTelegraph)