Bitcoin Tops 3-Week High As Price Inches Upward
The price of bitcoin is again creeping closer to all-time highs, despite continued issues that have provided past headwinds.
In the face of continued division over its technical roadmap, the price of bitcoin has responded by creeping closer to all-time highs.
Following positive sessions over the weekend, the price of bitcoin hit a high of $1,219 to start Monday's session, reaching a total the market hadn't seen since late March. At press time, the price of bitcoin was trading at $1,216, slightly below that figure.
The three-week high observed is the highest figure since 16th March, when bitcoin hit a high of $1,260 amid a period of heavy volatility. (The day's low was $1,132, a differential of more than $100 for that day's trading).
Yet, indicators suggest it's not yet clear exactly which direction the bitcoin price is heading.
Today, that indecision seems apparent once again, as 24-hour trades favored buy orders 61% to 39%, while 1-hour order book activity favored sellers 56% to 44%.
The price increase further comes amid a decline in exchange-traded bitcoin volume from peaks observed in the wake of a US regulator's decision to reject a retail investment product focused on the technology in mid-March.
Roughly 100,000 bitcoins have been traded in the last 24 hours, with Bitfinex, OKCoin and Kraken observing the most activity during this span.
Measuring tape image via Shutterstock
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