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

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

Bitcoin is heading north having blown past 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 .

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 about its have ramped up in recent weeks.

The weather appears clear for , 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 and take major positions and force investors to justify not allocating to bitcoin, $22,000 is the ultimate lagging indicator of institutional interest.”

Read more:

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.”

Bitcoin’s sister ship, , has risen to $650 – new heights not seen since May 2018. The fourth-largest cryptocurrency by market cap, , is changing hands for 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.

American Express Invests in Institutional Trading Platform FalconX

Previous

Crypto Exchange Bitpanda to Double Workforce With €10M Tech Hub Launch

Next

More