Bitcoin Price Within $25 of New All-Time High

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 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

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Stan Higgins

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.