Data shows that since July 27th BTC/USD daily closures have been over $10,000, setting a new record
The price of Bitcoin (BTC) has reached a new record, but this time it is its tenacity that pleases the bullish.
As several analysts and well-known Crypto Wealth review analysts have pointed out this week, the price of Bitcoin has remained above the $10,000 level longer than ever before.
Pomp: Bitcoin is “proving the bearers wrong”.
BTC/USD closed above $10,000 every day for 63 days straight, an event defined by Anthony Pompliano, co-founder of Morgan Creek Digital, a hard blow for the bearers.
It represents the longest series of daily closures ever, and according to Pompliano, also known as Pomp, weakens the bearish perspective on Bitcoin.
“Dear hater, Bitcoin has spent a record 63 consecutive days above $10,000 and shows only signs of further increases,” he tweeted on September 28.
“The market is proving your pessimism wrong. There’s always time to give up and join the party :) Love, Pomp.”
Daily 2-month BTC/USD chart
Daily 2-month BTC/USD chart.
Will the CME gap break the BTC price spell?
In recent weeks, Bitcoin has posted mixed performances, after the local high of $12,500 gave way to lows close to $9,800. In any case, however, BTC/USD has managed to avoid a daily closing below five digits.
After the lows, Bitcoin has recovered and is currently within a range between $10,000 and $11,000, without being able to break the limit upwards so far.
For some analysts, including Michaël van de Poppe from Cointelegraph, there remains a downward risk in the form of a new $9,600 test, a level that corresponds to the gap of the futures on the CME, the last remaining at a lower point. The short visit to $9,800 failed to close the gap, creating expectations for a replica.
For the moment, the movements are not impressing.
“Boring markets, they failed to break the $10,800. If we lose the $10,600, I’ll bet on the $10,400,” commented Van de Poppe on Sunday, just before a modest rise ended with the $10,950 rejection.
The analyst later published a scenario showing a subsequent contraction to $10,400 before another potential test of $11,000.