Bitcoin data uncommon 10-day profitable streak as BTC value faucets $42K ceiling

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Bitcoin (BTC) shot to new highs of $42,400 on July 31 in a shock assault on vary resistance which sellers did not squash.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Bitcoin seals 10 inexperienced candles in first since 2012

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD gaining for a tenth straight day throughout exchanges, reaching $42,420 on Bitstamp.

A subsequent cooling-off preserved many of the positive factors, with Bitcoin circling $41,900 on the time of writing, nonetheless up over 8% over the previous 24 hours.

In buying and selling circles, speak targeted on a uncommon efficiency for the Bitcoin each day chart — ten inexperienced candles in a row, in spite of everything, final occurred in 2012.

Even eight days of consecutive positive factors are a rarity, whereas 9 have been seen solely twice. Relying on the trade, the info might be barely completely different — Coinbase noticed 12 inexperienced candles one after one other in Might 2017, one Twitter consumer famous.

Regardless, conspicuous was on one hand Bitcoin’s power, and on the opposite the shortage of bearish promoting strain.

A look at brief exercise on main trade Bitfinex underscored the present temper, with hardly any dealer keen to tackle the chance of shorting the Bitcoin spot value at present ranges.

BTC/USD shorts 1-day candle chart (Bitfinex). Supply: TradingView

“BTC simply tapped 42k as resistance for the primary time for the reason that epic drop in Might,” common dealer Scott Melker summarized on the day.

“Time to concentrate.”

Cracks seem in Bitcoin’s ceiling

As Cointelegraph reported, $42,000 represents the ultimate resistance hurdle in Bitcoin’s multi-month buying and selling vary. Since coming down from all-time highs and falling by way of the extent, which additionally represents the earlier all-time from February, it has acted as a de facto unchallenged value ceiling.

Associated: Value evaluation 7/30: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

Above, orderbook information reveals, little lies in Bitcoin’s means — $45,000 and even $47,000 might simply be subsequent, a speculation additionally supported by whale investing conduct.

BTC/USD purchase and promote positions (Binance) as of July 31. Supply: Materials Indicators/ Twitter

In accordance with the favored and traditionally correct stock-to-flow Bitcoin value forecasting fashions, spot value ought to nonetheless be a lot increased — $94,839 on Saturday.

Nonetheless, its creator, PlanB, has stated {that a} month-to-month shut of a minimum of $47,000 for BTC/USD in August can be sufficient for progress to stay on monitor.