Setting Records: Bitcoin Price Has Stayed Above $10,000 Longer Than Ever In History
By Brenda Ngari – September 29, 2020
The bitcoin price has been holding above $10,000 since July 27. This resilience has excited well-known bull Anthony Pompliano who noted that the flagship cryptocurrency has been able to successfully discredit the BTC bear case.
Bitcoin Sets Record Of 63 Consecutive Daily Closes Above $10K
Morgan Creek Digital co-founder, Anthony Pompliano, took to Twitter on Monday to remind bitcoin haters that the cryptocurrency is setting major landmarks. In his tweet, Pomp observed that bitcoin has registered 63 straight days closing above the eminent five-digit mark.
This marks the longest series of daily closes above the $10K mark than any other time in history. According to Pompliano, it proves the haters' bearishness wrong. “There is always time to capitulate & join the party :),” he advised the bears. He also posited that the prolonged period is an indication that there is more upside to come.
Bitcoin's previous price record above $10,000 lasted for 62 days between December 1, 2017, and January 31, 2018. This was around the time the dominant cryptocurrency tickled the underbelly of $20,000.
Notably, BTCs latest record above $10,000 has been quite uneventful as the cryptocurrency has been stuck in a macro range between $10K and $12.5K. Nonetheless, 63 days is no small feat.
Bullish Fundamental On-Chain Tailwinds To Spur BTC Bulls
A couple of days ago, blockchain data firm CryptoQuant pointed out ten on-chain indicators that are favorable for the bitcoin market bulls. These indicators include the miners' position index(MPI), Puell multiple, Hash Ribbons, All Exchanges Outflow Mean, Stock to Flow, Stablecoin Supply Ratio, among others.
The confluence of these fundamental on-chain indicators suggests the bitcoin network is healthy and raises the probability of more upside. In other words, bitcoin could be primed to move higher based on these ten reasons.
The OG crypto is trading at $10,753.87 at press time, representing a 2.19% gain on the day.
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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
The original article written by Brenda Ngari and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe