Bitcoin (BTC), which spent the weekend above $ 41 thousand, closed the month with 10 days in a row.
Bitcoin closed green for 10 consecutive days
According to Cointelegraph Markets Pro and TradingView data, the BTC/USD pair maintained its strength throughout the weekend, closing the month with a 10-day increase in value and reaching as high as $42,420.
Investment circles focused on the 10-day increase in value last seen in 2012 and this rare performance of Bitcoin.
Bitcoin has closed 10 straight green daily candles! pic.twitter.com/6FEG4CgqLl
— Will Clemente (@WClementeIII) July 31, 2021
It’s rare for Bitcoin to even gain eight days in a row, while nine days in a row have only been seen twice so far. On the other hand, this situation may vary according to the exchanges. According to a Twitter user Coinbase saw value gains for 12 consecutive days in May 2017.
Regardless, it can be clearly seen that Bitcoin is gaining strength and selling pressure is decreasing.
Looking at Bitfinex’s short position activities, it seems that investors do not dare to short positions for Bitcoin at current levels.
Cracks started in the ceiling
$42,000 represents the final hurdle that Bitcoin must cross within a few months’ trading range. For Bitcoin, which fell below this level from record levels, $ 42 thousand represents the peak price that has not been tested yet.
Order book data, showing that there are few hurdles for Bitcoin beyond $42,000 and the next stop could be $45,000 or $47,000.
According to the popular and historically accurate stock-to-flow model, Bitcoin should have been at $94,839 on Saturday. However, the creator of the model, PlanB, announced that the model will continue to work if the month of August is closed at at least 47 thousand dollars.
On the other hand, Bitcoin started the new week at the $ 40 thousand limit. Cryptocurrency is trading at $ 40,200 as of the translation publication time.