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Bitcoin Sailing in Uncharted Waters as Price Crosses $22K for First Time

Bitcoin is heading north, having blown past two price hurdles to reach another record all-time high.

Dec 17, 2020 at 3:11 a.m. UTC
Updated Sep 14, 2021 at 10:44 a.m. UTC

Bitcoin is heading north, having blown past two price hurdles to reach another record all-time high.

At around 2:40 UTC Thursday, the price of the world's first cryptocurrency rose above $22,000 for the first time, having anchored at around $21,300 for a few hours during the early Asia trading hours, according to Bitstamp data.

The price of the bellwether cryptocurrency is changing hands for around $22,150 as of press time.

Bitcoin has ranged between $19,316 and $22,181 over a 24-hour period and appears seaworthy as statements about its price reaching six figures have ramped up in recent weeks.

The weather appears clear for bitcoin, according to analysts, who say a period of profit-taking is not yet on the horizon.

"$22,000 is a green flag on the way to the next psychological level at $25,000 and I would expect rapid movement and high volatility under the $25,000 range before year’s end," said Kenetic Capital CEO Jehan Chu. "As top managers like Guggenheim Partners and Alan Howard take major positions and force investors to justify not allocating to bitcoin, $22,000 is the ultimate lagging indicator of institutional interest."

Sell orders above $22,000 appear nowhere in sight, according to CryptoQuant CEO Ki Young Ju, who spoke with CoinDesk via Telegram.

"Looking at order books on major exchanges, I can't find huge sell walls above $22,000 for now. Sell walls above $22,000 are so thin compared to $20,000 resistance," said Ju. "It's easy to break I would say."

Meanwhile, ether, has risen to $650 – new heights not seen since May 2018. The fourth-largest cryptocurrency by market cap, XRP, is changing hands at around $0.57.

In traditional markets, the S&P 500 Index is up 0.18% while the Dow Jones Industrial Average closed in the red, down 0.15% on the day.

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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