Bitcoin has held above $ 10,000 for 63 consecutive days.
This is its longest lasting above this price, the last dating back to late 2017.
Many see this record as a long-term bullish sign for Bitcoin
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Bitcoin (BTC) continues to set new records. According to data aggregated by Messari, on Sunday, September 27, it passed another bar with a close at $ 10,793. That makes 63 consecutive daily close above the $ 10,000 threshold.
This feat eclipses the previous record of 62 days, which lasted from December 1, 2017 to January 31, 2018. It was during this period that Bitcoin Storm price hit its highest level to date, just above the $ 19,900.
Bitcoin’s last prolonged consolidation above $ 10,000, however, turns out to be different from the previous ones. This time around, the hype is less important. Likewise, things are relatively calm in terms of prices, with prices generally fluctuating between $ 10,000 and $ 12,500.
In fact, the 180-day yield volatility of the market’s first cryptocurrency fell nearly 50 percent in September, according to Coin Metrics
In the past three months, all declines below $ 10,000 have resulted in aggressive buying. And according to The Crypto Lark , this is proof that “the effects of halving are starting to be felt”. To this news, Morgan Creek Digital co-founder and famous podcaster Anthony Pompliano posted the following tweet:
Taking a slightly different tone, Matt Kaye, Managing Partner of Blockhead Capital, commented:
We’re basically at $ 11,000 with no euphoria. No derivative has accumulated for a long time. Stablecoin balances are high. Short positions are still being unwound. Sentiment is cautious at best (rightly so with a macroeconomic backdrop). Appreciate the rarity of this moment.
The record was broken around the same time it emerged that investment firm Grayscale had once again grown its Bitcoin Trust fund . At the current price, the additional investment would amount to around 17,100 BTC, worth approximately $ 186 million.
Meanwhile, Bitcoin’s price is approaching a crucial resistance zone. If it exceeds it, it could confirm that the trend is bullish. For a more in-depth BTC analysis, click here.