Bitcoin looks to reclaim the $300-level

Investing.com - Bitcoin prices re-approached the key $300-level on Tuesday, as investor confidence remained strong amid bullish chart signals.

Prices of the virtual currency were supported by indications of strong volume growth in recent sessions.

Bitcoin ( ) rose $2.92, or 0.99% on Bitfinex to trade at $294.75 during U.S. morning hours. Prices hit an intraday high of $298.95 earlier, the most since January 26.

The price of a bitcoin on Slovenia-based tacked on $5.36, or 1.86%, to trade at $292.88, while prices on Bulgaria-based inched up $3.62, or 1.26%, to trade at $290.50.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency advanced $4.76, or 1.65%, to trade at $293.27.

Meanwhile, euro-denominated Bitcoin prices ( ) climbed €7.18, or 2.69%, to trade at €274.00 on U.S.-based Kraken Exchange, a level not seen since January 26.

Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based jumped 41.39 yuan, or 2.3%, to trade at 1,843.33 yuan, prices on Beijing-based increased 31.79 yuan, or 1.75%, to trade at 1,844.01, while prices on rose 33.07 yuan, or 1.83%, to trade at 1,844.60 yuan.

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.

Bitcoin’s market cap has been on a steady decline in recent months, even as the virtual currency has been getting more popular with merchants and retailers, including PayPal, Expedia (NASDAQ: ), Overstock.com (NASDAQ: ) and Dell.