Bitcoin has again broken trend out to its best levels since the beginning of this 2017 as overnight buying has the cryptocurrency higher by 4% at $1,101.70, as of this writing it sits at around $1,119 U.S. dollars per bitcoin.
Tuesday’s advance marks bitcoin’s eighth straight gain and has pushed action above the $1,100 mark for the first time since January 5, 2017. A move above $1,161.85 will have BTC trading at its best level since its all-time high which was achieved in November 2013.
The eight-day winning streak comes amid investor speculation the Securities and Exchange Commission will approve at least one of the three proposed bitcoin-focused exchange-traded funds despite analyst concerns that none will be approved.
Bitcoin has had a wild start to 2017 as it rallied more than 20% and surpassing the 1,000 dollar mark in the opening week of the year, propelled by speculative buying in China. It then proceeded to crash 35%, bottoming out below $800, amid concerns China was going to heavily regulate trading.
After shrugging off concerns that Chinese exchanges were going to charge a flat fee of 0.2% per transaction, bullish buyers ran bitcoin above $1,050 before two of China’s largest exchanges said they were blocking withdrawals.