According to CoinDesk, Sep 27 ended with Bitcoin setting a new record of closing above $10,000 in 63 days straight since Jul 27. Messari, a crypto analytics firm, reported that the cryptocurrency giant closed with $10,793 last week. CoinDesk relayed that the price range of Bitcoin within the 63 days sat between $10,000 and $12,500.
The last time Bitcoin achieved this record was on Dec 1, 2017. This good fortune stretched into Jan 31, 2018, when Bitcoin set a record of being valued above $10,000 in 62 consecutive days. Coinbase recorded the highest price at $19,900 during that period.
According to CoinDesk, Bitcoin hasn’t had such a streak in a while, with the closest dates being 28 days in July 2019, followed by 25 days in June of the same year.
The past week has proven somewhat rocky for the top cryptocurrency, with its price falling to the depths of $9,800. Bitcoin has suffered difficulties surrounding the rising above of $10,600. Skew Analytics pointed out that the reason why prices fell beneath $11,000 is because of the low volatility registered over the whole of September. A chart provided by Coinbase shows that Bitcoin’s volatility has scaled downwards significantly, reaching as low as 49% and 47% within the past ten days.
Technical analyst and crypto trader Josh Rager shared his sentiments on Twitter regarding how people are viewing the pullback.
“Weekly close looks good, and I don’t know why people continue to be overly bearish. Bitcoin got a short-term pullback, and – 20% is nothing unusual.”
Morgan Creek Digital Antony Pompilano also shared his sentiments on the matter, claiming that the market is ‘proving’ the bears wrong. He highlighted the fact that Bitcoin managed to pull prices above $10,000 for 63 consecutive days, which should be proof enough that it’s likely to soar even higher in the near future.
Bitcoin has stabilized at an $11,000 trading corridor since it lost its momentum after hitting $12,500 in August 2020. There is concern surrounding this short-term pullback as people worry that BTC/USD might still dive to fill the last remaining CME futures ‘gap,’ which stands at $9,600.
The Third Quarter
Skew, and on-chain analytics resource, relayed that this year should have Bitcoin producing the strongest Q3 in history. On Sep 30, Bitcoin traded $10, 680 beating every other Q3 on record. The Q3 figure on record that has come close to this particular figure is $8,310, which was recorded last year.
Skew Analytics strongly believes that Bitcoin may seal the second-best quarterly close of its lifetime. Of course, this can only be achieved if it stays above last year’s Q2, which amounted to $10,590.
“One more day to go and still looking like its second-best quarterly close for bitcoin, but it’s a close call with Q2 2020,” said Skew.
At the time of writing (Sep 30, 2020), Bitcoin is trading at $10,780.52.