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Bitcoin Price Closes Above $13K for First Time Since January 2018, Driven by a Flurry of Good News
Bitcoin had previously failed to close above $13,000 every day since Jan. 15, 2018.
By Zack Voell
Updated Mar 6, 2023, 2:49 p.m. Published Oct 25, 2020, 12:55 a.m.
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Bitcoin closed above $13,000 Saturday for the first time in over two and a half years following a week of positive news for the leading cryptocurrency.
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- Bitcoin had last closed above $13,000 on Jan. 15, 2018, six weeks after bitcoin closed above $13,000 for the first time on its way to an all-time high of $19,892, according to Coinbase market data.
- Through late June and early July in 2019, bitcoin briefly traded above $13,000, revisiting that price level on Wednesday through Friday, but still failing to close above it.
- This week, news that PayPal is allowing its customers to buy and sell certain cryptocurrencies, along with recent investments in bitcoin by Square and MicroStrategy, has given the leading cryptocurrency a strong tailwind. Just yesterday, JPMorgan analysts wrote that bitcoin has "considerable upside potential."
- Bloomberg Intelligence set $13,000 as a breakout price target for bitcoin in a July report that called the leading cryptocurrency a “caged bull”.
- Year to date, bitcoin has gained 82%.
- Bloomberg Intelligence Senior Commodity Strategist Mike McGlone, who authored the report, told CoinDesk in an email he was impressed by how bitcoin broke above $10,000 in late July and turned that level into support when it was revisited from the upside in early September.
- As for the future, bitcoin’s “fundamental and technical indicators remain positive,” McGlone said.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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