Canada the world's 2nd-largest Bitcoin market

According to reporting by the Huffington Post, Canada is home to a vibrant and growing Bitcoin market.  Complete story here.

Bitcoin turnaround gains traction

As we talked about in the previously blog posting on April 17, Bitcoin has established an interim bottom and is on its way to a test of its psychologically important 200-day moving average.  In the weeks since this post was written, the Bitcoin price has silently rallied some 125 basis points to a recent high of 581.50 and is just under its 200-day MA.

The key to Bitcoin’s latest turnaround has been the much-needed lack of media scrutiny the virtual currency needed to build a base and eliminate investor fear from the crash earlier this year.  For much of 2014, barely a day went by without some major news outlet publishing a Bitcoin story and bringing unneeded attention to the platform’s woes.  Now that the media have grown bored with Bitcoin and have moved on to juicier stories, the recovery process can continue.

Let’s continue to watch for resistance around the 200-day MA intersection at about the 640-650 area (see above chart).  This would be the most logical pullback point for Bitcoin’s latest rally.