Investing.com - Bitcoin prices bounced off the previous session's four-month low on Thursday, as investors returned to the market to seek cheap valuations in wake of recent losses.
Bitcoin (BTC/USD) tacked on $3.21, or 0.72%, on Slovenia-based BitStamp to trade at $448.59 during U.S. morning hours. A day earlier, Bitcoin fell to $443.57, a level not seen since May 19.
Bitcoin prices were likely to find support at $431.04, the low from May 11, and resistance at $480.10, the high from September 13.
The price of a bitcoin on Bulgaria-based BTC-e added $5.19, or 1.19%, to trade at $443.00, while prices on Singapore-based itBit declined $2.55, or 0.56%, to trade at $454.15.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency retreated 1.3% to trade at $448.98.
Investors hesitated to open fresh positions after prices failed to close above a key resistance level near the $490-mark last week, indicating bearish chart signals.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) lost €2.50, or 0.71%, to trade at €349.63 on U.S.-based Kraken Exchange.
Elsewhere, yuan-denominated Bitcoin prices dipped CNY19.28, or 0.69%, to trade at CNY2,784.50 on Beijing-based OKCoin, while prices on Shanghai-based BTC China fell CNY39.78, or 1.41%, to trade at CNY2,782.92.
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.