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Bitcoin Prices Spike Above $900 But Turbulence Remains

Bitcoin prices once again surpassed $900, exceeding this level in spite of the recent announcement that Huobi and OKCoin had stopped margin trading.

Jan 19, 2017 at 10:55 p.m. UTC
Updated Sep 14, 2021 at 1:58 p.m. UTC

coindesk-bpi-chart-94

Bitcoin prices passed $900 today, though this feat was diminished by several rallies that ultimately failed to push its value above this benchmark.

Overall, the digital currency rose to as much as $904.76, after falling below $880 earlier in the session, climbing above this level amid modest volatility.

Later in the session, the price mounted another comeback, hitting a high just above $905, according to the CoinDesk USD Bitcoin Price Index (BPI). At press time, however, the price had dipped again to a value of $894.95.

This upward movement represented the latest session of relatively mild price volatility, at least compared to the sharp price fluctuations experienced earlier this month.

Most notable, however, about the day's trading, may have been the lack of any serious decline over the day's trading.

Bitcoin prices enjoyed their latest climb in spite of new Chinese regulatory developments that found the nation’s exchanges responding publicly to pressures from the People's Bank of China, the country's central bank.

Bullish sentiment

Still, market sentiment has been bullish, according to figures provided by a handful of exchanges, even with the confirmation that major Chinese exchanges Huobi and OKCoin had stopped offering margin trading.

The market was 91% long on 19th January, Whaleclub figures reveal.

In addition, more than 53% of Bitfinex orders that were executed in the 24 hours through 22:15 UTC were buy orders, according to BFX Data.

Airplane image via Shutterstock

DISCLOSURE

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.

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