Bitcoin Price Within $25 of New All-Time High

Bitcoin prices have shot past the $1,100 mark having already risen more than $100 over the course of the day's trading.

AccessTimeIconJan 4, 2017 at 6:13 p.m. UTC
Updated Dec 12, 2022 at 12:46 p.m. UTC
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Bitcoin prices are up $100 on the day, having already shot past the $1,100 mark.

Markets have risen nearly 10% over the course of the day’s trading, according to data from the CoinDesk Bitcoin Price Index (BPI), which hit a high of $1,141 at time of writing before falling back.

With the move, global exchange averages have inched closer to the BPI's all-time high of $1,165.89, set on 30th November, 2013, leaving them roughly $25 below that level.

The digital currency's price appreciated sharply after crossing the $1,100 line, quickly spiking to a high of $1,129.28, before meeting some resistance.

Bitcoin prices will likely face continued resistance as they approach the all-time high, as figures from  BFXdata.comhttps://www.bfxdata.com/orderbooks/btcusd show that there are more sell orders than buy orders at many price points between $1,137 and $1,140.

In the last 24 hours, more than 60% of BTC/USD orders on Bitfinex have been buy orders, according to BFXdata. Adding potential resistance, however, is that this figure has now fallen below 50% for the last hour.

CNY-denominated markets are also notably up more than 23% for the day, currently averaging ¥8,219.03 after opening the day at ¥6,686.60. The price is currently at ¥7,293.60, BPI data shows.

Bitcoin prices have surged since the start of the year, building on major gains seen at the close of 2016. Average bitcoin prices across global markets exceeded $1,000 on 1st January and have been edging upwards since.

Image via CoinDesk BPI; Sad dog image via Shuterstock


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