Since the first Bitcoin trade in 2010, the cryptocurrency has traded at different prices, including an all-time high near $20,000 in late 2017. However, a rarely-repeated price is the $10,000 range in which Bitcoin has maintained a somewhat steady break in recent weeks.
A look into Bitcoin’s price history shows that this is the third-longest period that BTC has stayed above $10,000 and that the level might be the top cryptocurrency’s strong support at least for as long as the current bullish momentum continues.
As shown in the above chart, the current 28-day stint equals the record during Bitcoin’s bull run on July 29. But it will take more than twice the same number of days to equal and potentially surpass the 63-day record set between November 2017 and January 2018.
Although the longevity of this latest Bitcoin trend is yet to be determined, various on-chain data reported by OKEx analysts point to the conclusion that the $10,000 support might hold for a more extended period.
Per the data, a noteworthy number of traders bought bitcoins at different periods when the coin’s prices ranged between $6,200 and $9,700, recording profits for most positions at the end of the day. Selling pressure, on the other hand, started declining when the number of traders purchasing Bitcoin at $10,000 increased.
The report thus stated:
These observations — together with the apparent lack of downward pressure moving forward and the generally positive market sentiment around this recent price action — suggest that the market’s days of trading Bitcoin under $10K may be numbered.
Another scale that can be used to consider how long this trend is going to continue is by using data gathered from the fear and greed index.
It is a piece of widespread knowledge that the crypto market operates on emotions; this is because traders usually rush to own currencies when there are upticks further propelled by the fear of missing out. The crypto fear or greed index metric sources its data from different factors. It uses this data in “analyzing the sentiments and emotions of traders and investors at any time in the cryptocurrency market.”
With Bitcoin still trading above $11,000 and the crypto fear and greed index reaching record “greed” levels recently, there is a considerable chance that the cryptocurrency may finally have found a home above $10,000.
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