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.

Mar 6, 2017 at 11:09 p.m. UTC
Updated Sep 14, 2021 at 1:57 p.m. UTC
CoinDesk - Unknown

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


Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

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.

Trending

1
CoinDesk - Unknown
CoinDesk Confidential: Alex Masmej

The 23-year-old CEO of Showtime, a crypto-media network, answers our questionnaire ahead of Consensus 2022.

The 23-year-old CEO of Showtime, a crypto-media network, answers our questionnaire ahead of Consensus 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
Christine Lagarde Defends Massive ECB Interventions, Says Her Son Trades Crypto

The ECB president appeared on Dutch talk show "College Tour" last weekend.

The ECB president appeared on Dutch talk show "College Tour" last weekend.

CoinDesk - Unknown
3
CoinDesk - Unknown
First Mover Americas: BTC Dominance Reaches 7-Month Highs, Alts Suffer

The latest moves in crypto markets in context for May 26, 2022.

The latest moves in crypto markets in context for May 26, 2022.

CoinDesk - Unknown
4
CoinDesk - Unknown
MetaMask Has a Plan to Help Victims of Crypto Scams

The popular Ethereum wallet has partnered with recovery specialist Asset Reality.

The popular Ethereum wallet has partnered with recovery specialist Asset Reality.

CoinDesk - Unknown