BTC/USD Daily Chart
Since Bitcoin’s inception in 2009, BTC has not traded above the psychological $10,000 level for an extended period. In the last few weeks, BTC has stayed relatively stable above $10,000.
An analyst who remained incognito as “Hsaka,” noted that this recent bull run is the 4th longest period BTC stayed beyond $10,000. The longest streak was in November 2017 which Bitcoin stayed 63 days followed by June and July 2019, which saw 25 and 28 days respectively.
The impact of Bitcoin’s extended stay beyond $10,000 on the chances of a massive bull trend is yet unknown. But other on-chain data indicate it may contribute to the larger picture.
OKEx recently noted in an analysts’ report that the growing market is seeing $10,000 as a key support level as traders who opened several positions between $6,200 and $9,700 are in the green. It also noted an increase in new positions at $10,000, reducing BTC selling pressure consequently. This is said;
“These observations — together with the apparent lack of downward pressure moving forward and the generally positive market sentiment around this recent price action — suggest that the market’s days of trading Bitcoin under $10K may be numbered.”
Bitcoin balances on exchanges. Courtesy: Glassnode.
Robert Kiyosaki, a prominent Bitcoin supporter recently stated in a tweet that there is no longer any time to “think about” buying safe-havens like Bitcoin as dollar weakness continues to worsen. He predicted a major banking crisis citing Warren Buffet’s bank stocks dump.
August is seeing fresh concerns over global economic status while institutions see Bitcoin as an opportunity.
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