Bitcoin Price Bounces Back to Within $25 of All-Time High

As bitcoin's price hovers close to an all-time high, buy-side pressure is mounting according to exchange data.

AccessTimeIconJan 5, 2017 at 4:30 a.m. UTC
Updated Sep 14, 2021 at 1:58 p.m. UTC

After failing to set a new high during yesterday's trading, bitcoin's price is edging up once again to start 5th January.

At press time, bitcoin prices had increased $10 during the first hours of the day's session to top $1,140, according to data from the CoinDesk Bitcoin Price Index.

The upward movements follow a pattern observed on 4th January, when the digital currency's price appreciated sharply after crossing $1,100 before meeting resistance at $1,140.

With the move, global exchange averages are again within striking distance of the previous all-time high of $1,165.89 set on 30th November, 2013. Also notable is bitcoin's highest-ever single exchange listing of $1,242, observed on the now-defunct exchange Mt Gox.

Yet, bitcoin prices have faced resistance as they have approached both historic benchmarks.

In the last 24 hours, more than 52% of BTC/USD orders on Bitfinex have been buy orders, according to BFXdata, though sell orders had mounted in yesterday's sessions.

Still, developments could lie ahead.

As of 4:15 UTC, buy orders accounted for 77% of all trades on Bitfinex, suggesting upward pressure could be poised to mount.

Image via CoinDesk BPI; Sad dog image via Shutterstock


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