Bitcoin Shoots Up to New Year-to-Date High After $13k Daily Close

Nick Chong

1 year ago

2 mins read

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Bitcoin has once again rallied over the past day, bringing it to new year-to-date highs at $13,350 as of this article’s writing. The latest move higher just took place, bringing the leading cryptocurrency from $13,150 to the aforementioned highs.

Chart of BTC's price action over the past two days. Source: BTCUSD from TradingView.com

This comes after Bitcoin saw a notable daily candle close of $13,000. This daily candle close was the highest of its kind since January 2018. Many see this as notable as $13,000 has long been an important level for Bitcoin to hold, as evidenced by the highs of 2019 and some price action in 2018.

Bitcoin Surges to New Year-to-Date High

Bitcoin just surged to a new weekly and year-to-date high at $13,350. The cryptocurrency is up 2.5% in the past 24 hours, outperforming Ethereum, XRP, Bitcoin Cash, and a swath of other digital assets. The only assets in the top 20 that are outperforming BTC are Chainlink (LINK), Litecoin (LTC), and Monero (XMR).

The futures market interestingly does not seem to be embracing this move. ByBt, a crypto derivatives tracker, reports that most Bitcoin perpetual futures markets currently have neutral funding rates at 0.01% per eight hours. The funding rate is the fee that long positions pay short positions to ensure that the price of a future is around the same price as the spot market. High funding rates often indicate that derivatives trackers are pushing the price of a coin higher.

ByBt reports that the funding rates of the Bitcoin perpetual futures on Binance, BitMEX, Huobi, and ByBit are all at 0.01%. This is the neutral rate. On OKEx, the rate is negative, at -0.0077%.

Some see this as a sign that the price of Bitcoin will continue its ascent in the days ahead as the asset has room to sustainably rally.

$14,000 Is Next?

Some analysts think that Bitcoin will visit $14,000 next. The trader who predicted the decline in September down to a 2% accuracy shared the chart below, indicating that BTC may soon pop even higher.

Chart of BTC's price action over the past few weeks with anaylsis by crypto trader Coiner-Yadox (@yodaskk on Twitter). Source: BTCUSD from TradingView.com