Bitcoin breached its all-time-high earlier today, crossing $22,000 briefly, before dipping back down to levels around $21,800. It has now crossed $22,000 once more and was trading at $22,091 at the time of writing.
Source: BTC/USD, TradingView
The level of optimism around the world’s largest cryptocurrency was exceedingly high, as many in the crypto community took to Twitter to express their sentiment.
#Bitcoin is pumping above 22k. The bulls are getting ready to run wild pic.twitter.com/APfK1Ofm99
— Tyler Winklevoss (@tyler) December 17, 2020
Bitcoin is up 12.5% in the past 24-hours, after breaching its previous all-time high only a few hours earlier, crossing $20,000 and then $21,000 shortly after.
At these price levels, BTC futures’ aggregated open interest on major exchanges also hit all-time highs.
On this day, three years ago, Bitcoin crossed its all-time high of $19,700, and by comparing the price charts from 2017 with those of today, this parabolic price rise looks quite similar to the price movement from 2017.
#bitcoin peak price index pic.twitter.com/zEp9akwR3J
— ChartsBTC (@ChartsBtc) December 17, 2020
According to on-chain analyst, Willy Woo, the immense amounts of FOMO buying in the market pushed the price of Bitcoin higher, as they overpowered profit takers and moved the price upwards.
Many anticipated that the market would only get more bullish from here on out, as the price went past previous all-time highs and continues to create a lot of FOMO for investors.
However, there may well be some incremental liquidations at these price levels, as a chart from Crypto Quant confirms that BTC All Exchanges Inflow Mean hits a nine-month high since the sell-off in March.
$BTC All Exchanges Inflow Mean (End-of-day) hit the nine-month-high since the March great sell-off.
View Chart ? https://t.co/kLek1Plpuo pic.twitter.com/kgff0fdW06
— CryptoQuant.com (@cryptoquant_com) December 17, 2020
