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Bitcoin Price Bounces Back to Within $25 of All-Time High
As bitcoin's price hovers close to an all-time high, buy-side pressure is mounting according to exchange data.
By Pete Rizzo
Updated Sep 14, 2021, 1:58 p.m. Published Jan 5, 2017, 4:30 a.m.
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After failing to set a new high during yesterday's trading, bitcoin's price is edging up once again to start 5th January.
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At press time, bitcoin prices had increased $10 during the first hours of the day's session to top $1,140, according to data from the CoinDesk Bitcoin Price Index.
The upward movements follow a pattern observed on 4th January, when the digital currency's price appreciated sharply after crossing $1,100 before meeting resistance at $1,140.
With the move, global exchange averages are again within striking distance of the previous all-time high of $1,165.89 set on 30th November, 2013. Also notable is bitcoin's highest-ever single exchange listing of $1,242, observed on the now-defunct exchange Mt Gox.
Yet, bitcoin prices have faced resistance as they have approached both historic benchmarks.
In the last 24 hours, more than 52% of BTC/USD orders on Bitfinex have been buy orders, according to BFXdata, though sell orders had mounted in yesterday's sessions.
Still, developments could lie ahead.
As of 4:15 UTC, buy orders accounted for 77% of all trades on Bitfinex, suggesting upward pressure could be poised to mount.
Image via CoinDesk BPI; Sad dog image via Shutterstock
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Bitcoin echoes 'late 2022' bear market bottom, K33 says
The current levels offer an attractive entry for long-term investors, even if their patience will be tested, Vetle Lunde said.
What to know:
- Bitcoin is in a late-stage bear market phase similar to late 2022, K33 analyst Vetle Lunde said.
- Trading activity and derivatives metrics show a thorough flush of speculative excess, while sentiment gauges such as the Crypto Fear and Greed Index have plunged to extreme fear levels.
- Still, bitcoin is likely to stay rangebound between $60,000 and $75,000 for an extended period, creating a potentially attractive but patience-testing accumulation zone for long-term investors, Lunde said.
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