Bitcoin witnesses rare 10-day winning streak as BTC price hits $42K ceiling
As if a surprise attack on range resistance, Bitcoin (BTC) shot to a rare new high of $42,400 on July 31.
TradingView and Cointelegraph Markets Pro broadcasted BTC/USD for a tenth straight day reaching $42,420 on Bitstamp. A subsequent cooling-off sustained most of the profits, making Bitcoin circle at $41,900 when this news was being written, which is still up over 8% in the last 24 hours.
In crypto trading circles, most of the discussions focused on a rare new performance for BTC’s daily chart – ten green candles in a row, next only to its last occurrence in 2012.
Even eight days of consecutively gaining profits is a huge rarity, while nine has been seen only twice. Depending on the live exchanges, the data can differ slightly — Coinbase witnessed 12 green candles one after another as of May 2017. A look at short activity on popular exchange Bitfinex reflected the current mood as hardly any crypto trader was willing to accept the risk of shorting the BTC spot price at present levels.
Cointelegraph reported that $42,000 reflects the final resistance hurdle in BTC’s multi-month trading range. Clocking between all-time highs and lows, BTC has acted as a de facto unchallenged price ceiling. Crypto miners suggest that for Bitcoin – $45,000 or even $47,000 could be the next, and the same was resonated by analysts studying investing behaviour.
PlanB, however, has stated that a monthly close of approximately $47,000 for BTC/USD in the month of August would be enough progress to stay in the game for now.