More to Come? Bitcoin Sets Record High Near $18k

Having successfully defended $16,000 earlier this week, bitcoin regained bid tone today and clocked a fresh record high above $17,800.

AccessTimeIconDec 15, 2017 at 11:25 a.m. UTC
Updated Aug 18, 2021 at 7:43 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Having successfully defended $16,000 earlier this week, bitcoin regained bid tone today and clocked a fresh record valuation above $17,800.

The cryptocurrency rose to a new lifetime high of $17,801.94 at 10:30 UTC, erasing the previous record high of $17,631.42 set on Dec. 12, as per CoinDesk's Bitcoin Price Index (BPI).

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Bitcoin (BTC) has spent a better part of the last week trading sideways amid sharp gains in alternative cryptocurrencies, falling to $16,000 at points, before rising 8 percent in the last 24 hours. Still, the repeated rebounds from $16,000 levels are likely evidence of a strong "buy the dip" mentality among traders.

    That said, the price chart analysis shows that bitcoin could make a push towards the $20,000 mark ahead of the BTC futures by listing this Sunday.

    Bitcoin chart

    download-49

    The above chart (prices as per Coinbase) shows:

    • BTC managed to defend $16,000 despite doji reversal (marked by circles).
    • The recovery from $15,700 (Dec. 13 low) has established another higher low on the chart.
    • The 50-moving average (MA) is curled up in favor of the bulls.
    • The relative strength index (RSI) has bottomed out around 50.00 levels and is pointing northwards.

    View

    • BTC looks set to test $18,149 (Dec. 12 high). A violation there would open doors for $20,000.
    • Only, a 4-hour close below $16,352 (confluence of the rising trendline and 50-MA) would abort the bullish view.

    Motorbike jumping image via Shutterstock

    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    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.