Tuesday, November 24, 2020
Home Cointelegraph News Bitcoin price sets record for most days above $10,000

Bitcoin price sets record for most days above $10,000

Bitcoin (BTC) has hit a new price record — but this time, it’s stamina which is delighting the bulls.

As various analysts and well-known Bitcoiners noted this week, the Bitcoin price has stayed above $10,000 longer than ever in history.

Pomp: Bitcoin “proving bearishness wrong”

In what Morgan Creek Digital co-founder Anthony Pompliano suggested is a knock to bears, BTC/USD has now closed above $10,000 every day for 63 days.

This represents a longer chain of daily closes than ever before, and Pompliano, also known as Pomp, claims that it waters down the Bitcoin bear case.

“Dear Bitcoin haters, Bitcoin has spent a record 63 straight days above $10,000 and is only showing signs of going higher,” he tweeted on Sep. 28. 

“The market is proving your bearishness wrong. There is always time to capitulate & join the party 🙂 Love, Pomp.”

BTC/USD 2-month daily chart. Source: TradingView

Will the CME gap break the BTC price spell?

Bitcoin has received mixed press in recent weeks as local highs of $12,500 gave way to lows which neared $9,800. In each case, however, BTC/USD managed to avoid a daily close under five figures. 

Since the lows, Bitcoin has recovered to trade in a corridor between $10,000 and $11,000, so far seeing rejection when attempting to climb higher.

For some analysts, including Cointelegraph’s own Michaël van de Poppe, downside risk remains in the form of a retest of $9,600, which contains the only remaining lower CME futures gap. The brief trip to $9,800 failed to plug that gap, leaving expectations open for a repeat performance.

For the meantime, however, moves are failing to impress.

“Ultra boring markets, but couldn’t break $10,800. Losing $10,600 and I’ll target $10,400,” van de Poppe commented on Sunday, just prior to a modest jump and rejection $10,950.

He uploaded a scenario incorporating a subsequent dip to $10,400 before a potential retest of $11,000.

Popular Articles

Bitcoin Continues Plowing Higher as Uptrend Shows Few Signs of Slowing

Bitcoin has been pushing higher throughout the past few days and weeks, with sellers being wholly unable to gain any ground against bulls This comes...

This Technical Pattern Suggests Yearn.finance (YFI) Could See a Massive Breakout

Yearn.finance’s YFI token has been consolidating within the mid-$20,000 region throughout the past few weeks, with its recent parabolic surge from lows of $7,500...

Coinbase, Citing Regulations, Ends Margin Trading Services

Coinbase Pro, a US exchange for professional cryptocurrency trading, will no longer offer margin trading. Citing guidance from the Commodity Futures Trading Commission (CFTC), the...

Nigeria is establishing a framework for widescale crypto adoption

Africa’s largest economy has become a bastion for...

Bitcoin Cash Price Prediction: BCH/USD Retreats after the Price touches $373 Resistance Level

BCH Price Prediction – November 24 BCH/USD is following bullish sentiment as the daily chart reveals while the sellers are waiting to scalp gains from...

Mike McGlone: Bitcoin Likely to Hit $170,000 In Two Years

Bloomberg’s Mike McGlone has emerged to mention that the price of bitcoin could potentially reach $170,000 come 2022. McGlone Is Always There When Bitcoin Spikes McGlone...