$1,210: Bitcoin Price Hits New All-Time High Amid Sustained Support

Bitcoin is showing no sign of dropping below its all-time highs.

After trading above $1,000 for more than two weeks, the bitcoin price has now provided what analysts believe is ample evidence the digital currency's price has established a floor at this level.

The cryptocurrency has been enjoying its longest stretch above $1,000 in history, a period it began on 14th February.

During this period, bitcoin prices have been pushing steadily higher, reaching a new all-time high of $1,186.33 on 23rd February and then rising to new record levels over the following sessions, according to the USD CoinDesk Bitcoin Price Index (BPI).

The digital currency most recently hit a fresh all-time high today, when it reached $1,210.16 at 03:00 UTC, BPI figures show.

At the time of report, bitcoin prices had pulled back slightly from this level, trading at $1,196.38.

Potential upside

Many market observers have emphasized that bitcoin prices could soon enjoy significant upside if the SEC approves the proposed Winklevoss Bitcoin ETF, an investment fund which has an approval deadline on 11th March.

Traders have already incorporated this event into bitcoin prices, according to several analysts.

However, many market observers have projected that the proposed fund has low odds of receiving authorization from the government agency.

Investor and serial entrepreneur Vinny Lingham, for example, gave the fund 10-15% odds of being approved in a recent blog post, while Spencer Bogart, former analyst with investment bank Needham & Co LLC, has indicated the ETF's odds of approval are less than 25%.

While acceptance could fuel sharp price gains, a rejection could push bitcoin prices lower, analysts say.

Still, amid this uncertain situation, bitcoin prices have been experiencing little volatility in the last few days, moving largely between $1,170 and $1,210 even as they have enjoyed a steady, upward climb.

Price charts image via Shutterstock