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Bitcoin's Price Continues to Hover Just Dollars Below its 2016 High
Bitcoin prices came within a few dollars of setting a new 2016 annual high on 12th December.
After a month of toggling, the price of bitcoin remains just out of reach of its annual high.
STORY CONTINUES BELOW
Since November, the digital currency has repeatedly neared $781.31, the high it set in June, and as we head into the year's final weeks, this game of cat-and-mouse shows no signs of stopping.
Bitcoin prices continually surpassed $779 today, rising to as much as $779.35 at the time of report, data from CoinDesk’s USD Bitcoin Price Index (BPI) reveals. This mirrored bitcoin's monthly movements, which have seen the price rising to $778.14 on 2nd December and falling back to as little as $757.83.
Yet, bitcoin's consistent inability to surpass its annual high of $781.31 could mean this particular level is providing resistance. Should bitcoin surpass this price, it could become a support level, helping provide tailwinds for the digital currency’s price.
Still, bitcoin prices have enjoyed a steady, upward movement over the last week, surpassing both $760 and $770, meaning it could well set a new annual high before the year is over.
Out of reach image via Shutterstock
Charles Lloyd Bovaird II
Charles Lloyd Bovaird II is a financial writer and editor with strong knowledge of asset markets and investing concepts. He has worked for financial institutions including State Street, Moody's Analytics and Citizens Commercial Banking. An author of over 1,000 publications, his work has appeared in Forbes, Fortune, Business Insider, Washington Post, Investopedia and elsewhere. An advocate of financial literacy, Charles created all the industrial finance training for a company with more than 300 people and spoke at industry events across the world. In addition, he delivered speeches on financial literacy for Mensa and Boston Rotaract.
