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Bitcoin Just Ripped Past $35K And Sets a New ATH

After a few days of choppy price action, Bitcoin bulls moved the leading cryptocurrency to fresh all-time highs above $35,000 Tuesday night, making traders wondering which direction the market will move next. The price is rising, and rapidly.

Bitcoin proceeds to set fresh price milestones, for the first time ever on January 5, breaking past $35,000.

BTC reported a quick retracement down to $28,000 the next day after setting a previous high of approximately $34,800 on January 3. The plunge was short-lived, however, with BTC recovering rapidly and pressing into new all-time highs above $35,800 around 430am (UTC). Since breaking into fresh highs on December 16, Bitcoin has now gained nearly 80 percent, and is up 22 percent in seven days.

According to estimates calculated by cryptocurrency data provider CryptoQuant, cryptocurrency traders are beginning to cut leveraged positions around the board throughout this market action. CEO Ki Young Ju said that the change signaled traders were “uncertain” and “scared” about the “next move.” of the markets.

With fresh record highs, the direction of a market seems a little clearer.

The new record was posted one day after the U.S. Office of the Comptroller of the Currency published guidance greenlighting federally chartered banks to use stablecoins and public blockchains for settlement

Alongside BTC’s new push, Ethereum has also pushed up over $1,100, and has risen 44 percent over the past week.

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