Bitcoin has now been trading above $1,000 for more than seven days, enjoying its longest-ever stretch above this key psychological level and providing traders with new evidence of support at this price, CoinDesk data reveals.
Overall, the price of bitcoin has been trading north of $1,000 since mid-day on 14th February, according to the CoinDesk USD Bitcoin Price Index (BPI), though it tested this level at times over the seven-day, 15-hour stretch.
Bitcoin prices have even rallied in the last few sessions, surpassing $1,100 earlier today and reaching a six-week high.
At the time of the report, bitcoin was trading at $1,115.70, up 3% for the day.
Looking back, the current run compares favorably to other positive periods of bitcoin trading, dating back to 2013, when it first tested highs above $1,000.
Bitcoin prices remained above $1,000 for roughly two days from 29th November to 30th November that year, and again from 3rd December to 4th December, periods that saw huge volatility in the bitcoin price.
Bitcoin prices 1st November, 2013 to 1st January, 2014
Prior to this run, bitcoin’s longest period above $1,000 was from 2nd February to 9th February
Read more ... source: CoinDesk
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