Bitcoin Price Hits Resistance in Bid to Breach $1,300

Bitcoin prices appear to be encountering some resistance near $1,300.

Order books on digital currency exchange Bitfinex show a rise in the amount of sell orders closer to that level, according to figures provided by BFX DATA. As of roughly 22:15 UTC, that increase can be seen in sell orders starting slightly below $1,280.

Bitfinex sell orders accounted for more than 90% of all orders in the hour leading up to this time. However, buy orders maintained a very slim majority in the 24 hours before 22:15 UTC, making up 51.3% of all orders placed during this time.

The exchange constitutes roughly 14% of the total bitcoin exchange market share by trade volume over the past 24 hours, data from Bitcoinity shows.

This apparent resistance comes after the digital currency’s price set a fresh all-time high for the first time since late 2013, found parity with gold and repeatedly rose to new record heights. Amid this trend, bitcoin prices have repeatedly neared $1,300 but have thus far failed to reach it.

The digital currency’s price has surpassed $1,280 and even $1,290 on more than one occasion, climbing as high as $1,293.47 on 3rd March, CoinDesk Bitcoin Price Index (BPI) figures show. At press time, the price of bitcoin is averaging $1,279.63.

As for what's driving the digital currency’s price in recent days, many market observers have pointed to the bitcoin ETF proposed by investors Cameron and Tyler Winklevoss. Currently, the SEC has a deadline of 11th March to decide on whether to approve or reject the ETF, though the decision could come at any time before that date.

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