Bitcoin Tops 3-Week High As Price Inches Upward

The price of bitcoin is again creeping closer to all-time highs, despite continued issues that have provided past headwinds.

AccessTimeIconApr 10, 2017 at 11:35 a.m. UTC
Updated Dec 12, 2022 at 12:46 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now
price-chart-4

In the face of continued division over its technical roadmap, the price of bitcoin has responded by creeping closer to all-time highs.

Following positive sessions over the weekend, the price of bitcoin hit a high of $1,219 to start Monday's session, reaching a total the market hadn't seen since late March. At press time, the price of bitcoin was trading at $1,216, slightly below that figure.

The three-week high observed is the highest figure since 16th March, when bitcoin hit a high of $1,260 amid a period of heavy volatility. (The day's low was $1,132, a differential of more than $100 for that day's trading).

Yet, indicators suggest it's not yet clear exactly which direction the bitcoin price is heading.

On Friday, for example, bitcoin faced heavy resistance at the $1,200 level and struggled to move upward. This was despite 80% of the market entering buy orders at 20:00 UTC, according to data from BFXdatahttps://www.bfxdata.com/orderbooks/btcusd, a service that tracks trading activity on Bitfinex.

Today, that indecision seems apparent once again, as 24-hour trades favored buy orders 61% to 39%, while 1-hour order book activity favored sellers 56% to 44%.

The price increase further comes amid a decline in exchange-traded bitcoin volume from peaks observed in the wake of a US regulator's decision to reject a retail investment product focused on the technology in mid-March.

Roughly 100,000 bitcoins have been traded in the last 24 hours, with Bitfinex, OKCoin and Kraken observing the most activity during this span.

Measuring tape image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.