The Price of Bitcoin Just Broke Another High

Last updated: Mar 30, 2023
2 Min Read
AI Generated Summary

Bitcoin Just broke another record high trading above $4,600 for the first time yesterday. This broke through previous resistance levels that we saw in the coin recently.

It has shot by over $160 above its previous high and is now more than 4 times more valuable than the price of gold. What many people are indeed seeing that that the general public is of the perception that digital gold is the new store of wealth.

Price of Bitcoin on Bitstamp
Price of Bitcoin on Bitstamp

The price of Bitcoin had first crossed over the $4,400 mark on the 15th of August but was stopped short of the resistance level of $4,500. This seemed to be a key psychological level for investors that forced many to liquidate holdings just prior to reaching it.

However, the break of this resistance level has led many industry insiders to conclude that the price is now well on its way to breach the $5,000 mark. These include TV hosts such as RT's Max Keiser.

There are slightly more dire predictions such as that by Goldman Sachs analyst Sheba Jafari that claims that the price may reach $4,800 before it would crash to about the $2,200 level

Why there is such an increased demand for Bitcoin currently is not immediately certain. There are of course a lot of investors who are looking to diversify their traditional asset holdings as markets are less than certain.

It also appears as if the increase in Bitcoin is not happening in isolation. The price of the second largest Crypto Currency in terms of Marketcap, Ether, is also approaching all-time highs. Many traders are watching whether the price will break through previous resistance levels around the $390 mark.

There have also been really strong moves in a number of other altcoins such as Litecoin, Bitcoin Cash and Monero. Yet, much of this can also be attributed to the volume that is coming out of South Korean exchange listings.

Editorial Team

The Coin Bureau Editorial Team are your dedicated guides through the dynamic world of cryptocurrency. With a passion for educating the masses on blockchain technology and a commitment to unbiased, shill-free content, we unravel the complexities of the industry through in-depth research. We aim to empower the crypto community with the knowledge needed to navigate the crypto landscape successfully and safely, equipping our community with the knowledge and understanding they need to navigate this new digital frontier. 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Previous article
Is Bitcoin too Mainstream for Criminals?
next article
South Korean Trading Driving Altcoins