Bitcoin records rare 10-day winning streak as BTC price taps $42K ceiling

Bitcoin (BTC) shot to new highs of $42,400 on July 31 in a shock assault on vary resistance which sellers didn’t 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 features, with Bitcoin circling $41,900 on the time of writing, nonetheless up over 8% over the previous 24 hours.

In buying and selling circles, discuss targeted on a uncommon efficiency for the Bitcoin each day chart — ten inexperienced candles in a row, in any case, final occurred in 2012.

Even eight days of consecutive features are a rarity, whereas 9 have been seen solely twice. Relying on the trade, the information might be barely totally different — Coinbase noticed 12 inexperienced candles one after one other in Could 2017, one Twitter consumer noted.

Regardless, conspicuous was on one hand Bitcoin’s energy, 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 danger 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 because the epic drop in Could,” standard 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 the extent, which additionally represents the earlier all-time from February, it has acted as a de facto unchallenged value ceiling.

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

Above, orderbook data reveals, little lies in Bitcoin’s manner — $45,000 and even $47,000 may 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 line with the favored and traditionally correct stock-to-flow Bitcoin value forecasting fashions, spot value ought to nonetheless be a lot greater — $94,839 on Saturday.

Nonetheless, its creator, PlanB, has mentioned {that a} month-to-month shut of at the least $47,000 for BTC/USD in August could be sufficient for progress to stay on observe.