Bitcoin Traders Still Bullish As Price Nears $1,300 Highs

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1 BTC = $62120.00 USD  (via Coinbase)
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Bitcoin traders remain optimistic that the digital currency’s price will increase, even as it continues to reach new all-time highs.

A perfect sign of this bullish sentiment is the recent increase in trading volume, a development that helps illustrate the strength of bitcoin’s current, upward trend.

Bitcoin’s 24-hour trading volume surpassed $365m today, more than 150{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} higher than the session low of close to $140m attained 1st March and more than 200{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} above the figure of roughly $110m reached 27th February, CoinMarketCap figures reveal.

Bitcoin’s price has repeatedly set new record highs over the last several sessions, rising to a fresh record of $1,284.33 today, according to the CoinDesk Bitcoin Price Index (BPI).

The digital currency’s price has been following this trend since 23rd February, when they broke through the previous record of $1,156.89 set in November 2013.

At the time of report, bitcoin prices had retreated slightly, falling to $1,259.59, BPI figures show.

Long data

Another strong indicator of the market’s bullish nature is long-short data. Bitfinex’s market for BTC/USD trading has been heavily long today, BFX Data reveals.

When measured in terms of long and short exposure, this currency pair has fluctuated between roughly 66{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} and 75{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} long during the session, pointing to the optimism that traders have about bitcoin’s future price gains.

These bullish indicators could point to a continued rally in which bitcoin keeps reaching new all-time highs, which contrasts starkly with the period of more than three years when bitcoin prices failed to set a new all-time high.

Bull/bear image via Shutterestock

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Crypto Coins News - Ratings - Reviews

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Ticker

1 BTC = $62120.00 USD  (via Coinbase)
1 ETH = $2470.25 USD  (via Coinbase)
1 LTC = $324.92 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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