Explaining Low, High & Volume MtGOx

[Pangia]

Can anyone please explain how the Bitcoin 'LOW' is determined?  Last night I stayed up (haven't gone to sleep yet) with the determination to catch Bitcoin dipping a little (hopes of picking up a few coins).. What I saw that was interesting was that Bitcoin only traded between $90-ish to $93.  It really never moved out of that range. But despite this, I observed that as time progressed, the 'LOW' changed and moved up from the $70's to where it is as of this posting ($80).  I'm familiar with how the low's and high's of a stock are determined, but it doesn't appear that the same is true for Bitcoin.  Is there a time period that is used? When does the volume reset to zero?

Thanks in advance everyone.

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[CapnCrypto]

Are you referring to the banner they run at the top of the MtGox site? I think that refers to the last 24 hours of trading, i.e. the lowest and highest traded price for BTC in the last 24 hours and the total volume of BTC in the last 24 hours.

[Pangia]

Yes. I was referring to the banner.  

Your explanation makes sense.  I think then that it's a continuous 24 hours and continues, unlike stocks where the high and low are for the DAY, MTGOX posts the high, low, volume for an ongoing/continuous 24 hours.  

As we move through time and Bitcoin doesn't fluctuate, we'll see that the 'LOW' actually begins in increase.  Makes sense to me now. 

Thank you. Sorry if my question seemed dumb, I just need to understand what I was seeing and your response clarified things.