All Time High
Bitcoin Reaches $83,000 All-Time High
Bitcoin briefly reclaimed its $83,000 level on Friday, marking its highest price since mid-October. The price surge occurred after Bitcoin plunged to a month-to-date low of $80,308 on Thursday, pushing its market capitalization back to $1.66 trillion. The rebound signaled a potential end to a downturn that had dragged the cryptocurrency to multi-week lows. Despite the brief recovery, analysts noted that the price action was volatile, with resistance at $83,000 triggering volatile trading. The price then slowly rose to reach $82,500 by Friday morning before briefly landing just above $83,400. By 1:30 p.m. ET, Bitcoin hovered near $82,615, up 2.5% over 24 hours, pushing its market capitalization to nearly $1.66 trillion. The brief recovery in spot demand was insufficient to absorb the selling pressure, as net outflows from spot bitcoin exchange-traded funds (ETFs) continued, combined with declining open interest. Analysts suggest that for Bitcoin to make another test of $85,000 to $87,000, it first needs to reclaim $82,800, accompanied by a measured recovery in open interest and moderating ETF outflows. Otherwise, the cryptocurrency could see a drop below $77,000 if selling pressure intensifies further, potentially reaching the $70,500–$72,900 region.