The price of Bitcoin has recovered to new highs on multiple exchanges, but it still hasn’t surpassed its December 2017 record high on Coinbase.
The price of Bitcoin (BTC) reached $19,873 in Coinbase on November 30th, surpassing $19,000 in an amazing recovery rally. Although many in the crypto sector celebrate that BTC has reached a historic high, it still hasn’t.
In Coinbase, the price of Bitcoin peaked at USD 19,891 in December 2017. The all-time high in Coinbase is particularly important because it has consistently been the leading crypto currency exchange in the U.S. for the past several years.
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Monthly BTC/USD graph in Coinbase.
In addition, some of the major global exchanges such as Binance were launched in mid-2017. One could argue that an exchange that has been in existence since 2012 is more important in terms of historical price data and, to date, Coinbase remains one of the main exchanges used by retail investors.
Bitcoin’s historical highs vary among exchanges
2017 was a tumultuous period for cryptomonies. By the time Bitcoin reached a new all-time high, it saw price swings of 30% to 50% in one week, as the crypto currency exchange market showed a lack of liquidity.
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Currently, the historical highs differ by almost USD 300 between exchanges. For example, in Kraken and Bitstamp, BTC reached a peak of USD 19,660 and USD 19,666, respectively. Today, the price of BTC reached a new historical high in both exchanges.
In Binance and Huobi, BTC reached a high of USD 19,799 and USD 19,867, which were also achieved on November 30th.
As of this writing, Bitcoin has yet to see a new record in Bitfinex, Coinbase and Gemini, which are also casually known as the whale exchanges due to their high liquidity.
In 2017, Coinbase was a leading exchange in terms of trading volume, and in the minds of many traders, seeing the price exceed its previous all-time high would provide additional confirmation that a bull market has officially begun.
For many traders, USD 20,000 is the barrier to be broken, as it will officially set a new historical record for the highest rated digital asset.
A trader known as „Bitcoin Jack“ pointed to Bitfinex as the most liquid exchange during this ongoing rally. Therefore, considering that the historical highs of Gemini and Coinbase are close to that of Bitfinex, the $19,873 level is an accurate historical high. He said:
„You have to be careful, as liquidity to open interest rates was affected in most exchanges. It means that, until liquidity is replenished, the amount of liquidity against OI is relatively low, allowing for less contained cascades on both sides. As always, Finex is the king of liquidity.
What’s next for the price of Bitcoin?
Chain analysts, including CryptoQuant CEO Ki Young Ju, predicted that the whales would try to reach an all-time high and apply significant selling pressure.
As Bitcoin approached its record in Coinbase, there was a sudden massive sale, which took BTC to just $18,998 in two hours.
Following the high level of volatility and a whale-induced sell-off, open interest in the futures market was affected and exchange order books have been hampered.
Bitcoin price reaches USD 19,000 and bulls are confident about a record gap in BTC futures
There are two short-term scenarios that Bitcoin might see after its first attempt to get out of its historical high.
First, momentum may continue in the Asian markets during their morning session and this could catalyze buyer demand to increase again.
Second, Bitcoin could consolidate below its historical high of $19,873, possibly ranging from $19,000 to $19,873. This scenario is the most ideal for BTC to see a sustainable rally, as it would prevent the derivatives market from overheating.