Bitcoin is heading north having blown past two price hurdles to reach another record all-time high.
At around 2:40 UTC Thursday, the price of the worldâ€™s first cryptocurrency rose above $22,000 for the first time, having anchored at around $21,300 for a few hours during the early Asia trading hours, according to Bitstamp data.
The price of the bellwether cryptocurrency is changing hands for around $22,150 as of press time.
Bitcoin has ranged between $19,316 and $22,181 over a 24-hour period and appears seaworthy as statements about its price reaching six figures have ramped up in recent weeks.
The weather appears clear for bitcoin, according to analysts, who say a period of profit-taking is not yet on the horizon.
â€œ$22,000 is a green flag on the way to the next psychological level at $25,000 and I would expect rapid movement and high volatility under the $25,000 range before yearâ€™s end,â€ said Kenetic Capital CEO Jehan Chu. â€œAs top managers like Guggenheim Partners and Alan Howard take major positions and force investors to justify not allocating to bitcoin, $22,000 is the ultimate lagging indicator of institutional interest.â€
Read more: Stampede of Bitcoin Buyers Pushed BTC Past $20K, Exchange Data Shows
Sell orders above $22,000 appear nowhere in sight, according to CryptoQuant CEO Ki Young Ju, who spoke with CoinDesk via Telegram.
â€œLooking at order books on major exchanges, I canâ€™t find huge sell walls above $22,000 for now. Sell walls above $22,000 are so thin compared to $20,000 resistance,â€ said Ju. â€œItâ€™s easy to break I would say.â€
Bitcoinâ€™s sister ship, ether, has risen to $650 â€“ new heights not seen since May 2018. The fourth-largest cryptocurrency by market cap, XRP, is changing hands for around $0.57.
In traditional markets, the S&P 500 Index is up 0.18% while the Dow Jones Industrial Average closed in the red, down 0.15% on the day.