Bitcoin prices consolidated below the key $400-level on Wednesday, as speculators awaited next catalyst to influence price direction.
BitStamp prices fell to a five-month low of $366.71 on September 29 as concerns about possible regulation of the virtual currency weighed.Bitcoin (BTC/USD) shed $2.47 on Slovenia-based BitStamp to trade at $385.93 during U.S. morning hours. Prices on BitStamp held in a range between $375.06 and $397.75.
Bitcoin prices were likely to find support at $366.71, the low from September 29, and resistance at $403.99, the high from September 28.
The price of a bitcoin on Bulgaria-based BTC-e dipped $3.67 to trade at $379.29, while prices on Singapore-based itBit slumped $4.50 to trade at $382.52.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency inched down 0.53% to trade at $384.23.
Market players remain concerned about possible regulation of the virtual currency among other adverse events in the industry.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) fell €1.73 to trade at €305.77 on U.S.-based Kraken Exchange.
Elsewhere, yuan-denominated Bitcoin prices retreated CNY5.36 to trade at CNY2,373.84 yuan on Beijing-based OKCoin, while prices on Shanghai-based BTC China declined CNY4.22 to trade at CNY2,374.63.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
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