Futures Launch Puts Record Bitcoin Highs Back in Play

Having landed on Wall Street with a bang, bitcoin is solidly bid and looks set to scale new heights.

AccessTimeIconDec 11, 2017 at 1:00 p.m. UTC
Updated Sep 14, 2021 at 1:55 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Having landed on Wall Street with a bang, bitcoin is solidly bid and looks set to scale new heights.

As per CoinDesk's Bitcoin Price Index, the world's largest cryptocurrency by market capitalization rose to a high of $16,773.04 at 08:00 UTC today, and was last seen trading at $16,500 levels. Going by CoinMarketCap data, bitcoin (BTC) has appreciated 16 percent in the last 24 hours.

It hasn't all been smooth sailing this week, however. Following all-time highs on Dec. 8, prices fell to $13,000 yesterday before recovering to $15,700 at the time of bitcoin futures launch on the CBOE.

Approximately four hours after the debut, the BTC contract on the CBOE (which expires in January) spiked 20 percent and triggered two trading halts. Further, a surge of traffic to the CBOE website caused delays and outages, but failed to deter the cryptocurrency from regaining altitude.

With doors now open for mainstream investors, BTC is showing no signs of slowing down. The price chart analysis indicates the path of least resistance is on the higher side.

Bitcoin chart

download-1-25

The above chart shows:

  • The previous three daily candles (as per UTC) have long tails (big gap between the intraday low and close), indicating strong dip demand.
  • The bullish follow-through seen today validates the bullish case put forward by the long-tailed candles.
  • Also, a close today (as per UTC) above $16,500 (Dec. 9 high) would negate the bull market exhaustion as indicated by yesterday's doji candle.

4-hour chart

download-46

View

  • Bitcoin is likely to break above $17,364.56 (record high as per Bitcoin Price Index) and move towards $20,000.
  • Any pullback is likely to be capped around $14,000, courtesy of the upward sloping 10-day moving average.
  • Only a sideways action for the next couple of days, followed by a close (as per UTC) below $10,000 would signal that a top has been made.

Straight road image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.