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

Bitcoin prices appear to be encountering some resistance near the $1,300 level, exchange data shows.

AccessTimeIconMar 6, 2017 at 11:09 p.m. UTC
Updated Dec 12, 2022 at 12:46 p.m. UTC

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.

While some analysts have given the proposed fund low odds of approval – and at least one prediction market rates it at roughly a 50-50 chance – signs indicate that the broader market is already pricing in a positive decision.

Image via Shutterstock


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