The bullish run continues as bitcoin price scales beyond $1,150, registering a high of $1,153 on the day (at the time of publishing) on the Bitstamp Price Index (BPI).
Bitcoin is now trading beyond the high of $1,139.9 on January 4, a day before it took a big fall below $1,000 after news spread of a crackdown by the People’s Bank of China, the nation’s central bank. The cryptocurrency was last seen trading at these prices during the last days of November 2013.
At the time of publishing, bitcoin is trading at $1,150.92.
Bitcoin began Monday at $1,050, firmly establishing support at the $1,000 ceiling. There is renewed confidence among traders who have taken to alternative, decentralized platforms around the world, following regulatory hurdles and trading curbs imposed by the likes of China’s central bank. Price rose to $1,086 by the end of the day and scaled the $1,125 mark the following day.
Bitcoin rode another swell yesterday, surging from $1,125 at 17:00 UTC to scale beyond $1,140 in a three-hour trading period. While price saw a brief knock-back toward $1,120 during the early hours of today, bitcoin was back above $1,140 to set a high of $1,148.5 a little after 11:00 AM UTC.
Bitcoin’s 6-month Rally
Bitcoin’s bullish rally can now be traced back to August 2016 when the cryptocurrency gained further prominence as a store of value in the face of notable events including the Brexit referendum vote and the lead up to 2016 U.S presidential elections. A few notable bumps from the PBoC’s actions aside, that rallying trend continues.
For a live Bitcoin Price chart, click here.
For today’s bitcoin price analysis piece from CCN.com analyst Jim Fredrickson, click here.
All time references are in Coordinated Universal Time (UTC).
Image from Shutterstock. Charts from Bitcoin Wisdom.
Last modified: March 4, 2021 4:54 PM