Sailing Bitcoin in Uncharted Waters as Price Crosses $ 22K for the first time

Bitcoin is heading north, after blowing past two price hurdles to reach yet another record.

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

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

The weather seems 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 en route to the next psychological level at $ 25,000 and we expect fast movement and high volatility below the $ 25,000 range before the end of the year,” said Kenetic Capital CEO Jehan Chu. “As top managers like Guggenheim Partners and Alan Howard take big positions and force investors to justify not allocating to bitcoin, $ 22,000 is the lagging indicator of institutional interest.”

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

“Looking at order books on major exchanges, I can’t find huge sale walls above $ 22,000 for now. Sales walls above $ 22,000 are so thin compared to $ 20,000 resistance, ”says Ju. “It’s easy to break I would say.”

Ether, meanwhile, has risen to $ 650 – new highs 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.