After trending sideways for much for the past week Bitcoin is looking to breach the $400 barrier again, but it seems to be having a bit of trouble. As seen on BitcoinWisdom the uptrend seems to be capped right at $400. Chinese exchanges have broke through the barrier a couple of times today, but the Bitfinex sell wall (shown below) seems to be offering resistance to the market as a whole.
If BTC manages to break past $400, I believe we will see more upside with a short-term target of $415, conversely if it fails I think we will see another fall back to the $370 to $380 range.
UPDATE: Bitcoin finally broke through with a high of $402.38 on Bitfinex. Now to see if the upward momentum can lift it out of this range and on to new weekly highs.
With the upcoming block reward having for Bitcoin, there is much speculation that this will drive the price upwards this year. The site http://bitcoinblockhalf.com predicts the halving to occur on July 13, 2016, at which point the block reward will drop from 25 BTC/block down to 12.5 BTC/block.
This will effectively cut in half the number of new coins available to be introduced on the market each day, as it is commonly thought that most miners rapidly sell their BTC to offset their expenses.