With the price of BTC breaking through the US$42,000 cap, Bitcoin recorded a rare 10-day winning streak

Bitcoin (Bitcoin) Surged to a new high of $42,400 on July 31, which was a sudden attack of range resistance that sellers failed to suppress.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin sealed 10 green candles for the first time since 2012

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD has risen for the tenth consecutive day on the exchange, reaching $42,420 on Bitstamp.

The subsequent cooling-off period retained most of the gains. At the time of writing, the price of Bitcoin was $41,900, but it has risen by more than 8% in the past 24 hours.

In the trading world, the focus of discussion is the rare performance of Bitcoin’s daily chart-after all, 10 consecutive green candles occurred in 2012.

Even eight consecutive days of rising is rare, and nine days have only seen twice.Depending on the exchange, the data may be slightly different-Coinbase saw 12 green candles one after another in May 2017, a Twitter user famous.

In any case, the conspicuous one is the strength of Bitcoin, and the lack of bearish selling pressure on the other.

The short selling activities of the major exchange Bitfinex are clear at a glance, emphasizing the current sentiment, and almost no trader is willing to bear the risk of shorting the Bitcoin spot price at the current level.

BTC/USD short 1-day candlestick chart (Bitfinex). Source: TradingView

“For the first time since the epic decline in May, BTC broke through 42k as a resistance level,” popular trader Scott Melker Summarize That day.

“It’s time to pay attention.”

Cracks in the Bitcoin ceiling

As Cointelegraph Report, US$42,000 represents the final resistance level in Bitcoin’s trading range for several months.Since falling from its all-time high and breaking below this level (also representing the highest level in history since February), it has been In fact Unchallenged price ceiling.

related: 7/30 Price analysis: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

more than, Order data Shows that there are almost no lies in Bitcoin’s approach-the next one can easily reach 45,000 or even 47,000 USD, and this hypothesis is also supported Whale investment behavior.

BTC/USD trading positions (Binance) as of July 31. Source: Material Indicators/ Twitter

Based on the popular and historically accurate stock-to-flow Bitcoin price prediction model, the spot price should still be much higher—at $94,839 on Saturday.

Nevertheless, its creator PlanB has already Say The monthly closing price of BTC/USD in August was at least 47,000 USD, which is enough to keep progress on track.