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More to Come? Bitcoin Sets Record High Near $18k
Having successfully defended $16,000 earlier this week, bitcoin regained bid tone today and clocked a fresh record high above $17,800.
Updated Sep 14, 2021, 1:55 p.m. Published Dec 15, 2017, 11:25 a.m.
Having successfully defended $16,000 earlier this week, bitcoin regained bid tone today and clocked a fresh record valuation above $17,800.
The cryptocurrency rose to a new lifetime high of $17,801.94 at 10:30 UTC, erasing the previous record high of $17,631.42 set on Dec. 12, as per CoinDesk's Bitcoin Price Index (BPI).
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Bitcoin has spent a better part of the last week trading sideways amid sharp gains in alternative cryptocurrencies, falling to $16,000 at points, before rising 8 percent in the last 24 hours. Still, the repeated rebounds from $16,000 levels are likely evidence of a strong "buy the dip" mentality among traders.
That said, the price chart analysis shows that bitcoin could make a push towards the $20,000 mark ahead of the BTC futures by listing this Sunday.
Bitcoin chart
The above chart (prices as per Coinbase) shows:
- BTC managed to defend $16,000 despite doji reversal (marked by circles).
- The recovery from $15,700 (Dec. 13 low) has established another higher low on the chart.
- The 50-moving average (MA) is curled up in favor of the bulls.
- The relative strength index (RSI) has bottomed out around 50.00 levels and is pointing northwards.
View
- BTC looks set to test $18,149 (Dec. 12 high). A violation there would open doors for $20,000.
- Only, a 4-hour close below $16,352 (confluence of the rising trendline and 50-MA) would abort the bullish view.
Motorbike jumping image via Shutterstock
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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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