$5,160: Bitcoin Buoyant as Price Sets New All-Time High

Bitcoin has hit a new all-time high today, with prices reaching $5,161 just after 11:00 UTC.

At press time, the bitcoin-U.S. dollar (BTC/USD) exchange rate is trading at $5,130 levels. Week-on-week, BTC is up 18.75 percent, while month-on-month it's up 23 percent.

Prices had dropped to a low of $2,980 in mid-September after China banned token sales and local cryptocurrency exchanges shut in the aftermath. However, in subsequent days, BTC quickly regained poised, reportedly due to a pick-up in trading volumes in Japan, South Korea and other markets.

Increased institutional interest seems to have played a role in boosting bitcoin prices.

For example, a 'bitcoin desk' at Goldman Sachs would certainly be a game changer. News had hit the wires earlier this month that Goldman Sachs is considering a brand new operation which would be dedicated to bitcoin trading.

Still, while skeptics continue to call bitcoin rally a bubble, the price action analysis indicates no serious trouble ahead for the cryptocurrency.

Lets go to the moon! $7,500 here we come.