New Record: Bitcoin Prices Stays Above $10,000 for More than 63 Days

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Bitcoin (BTC) continues to register new positive records. This time, the cryptocurrency is registering the longest period of time with its price above $10,000. In the last 63 days, Bitcoin price closed above $10,000. This record is expected to continue in the coming days as no bearish signs seem to be showing. 

Bitcoin New Record

Despite the negative aspects of 2020, it seems to be a good year for Bitcoin in many different ways. For the first time in history, the Bitcoin price was able to remain above $10,000 at the end of the day for more than 63 days. This is a new record, breaking the 62-day streak registered between 2017 and 2018 when Bitcoin reached $20,000. 

There is a large difference between the current record and the previous one. While in 2017 and 2018 volatility was massive (Bitcoin moved from $10,000 to $20,000 and then below $10,000 in just a month), now Bitcoin price remained stable fluctuating between $10,000 and $12,500. 

The interesting thing is that even with a massive sell-off in traditional financial markets, Bitcoin was able to sustain the $10,000 support level. It will definitely be important to see BTC remaining above this price. 

During a conversation with UseTheBitcoin, Konstantin Anissimov, the CEO of the CEX.IO cryptocurrency exchange, stated that it seems that cryptocurrencies such as Bitcoin and Ethereum (ETH) are currently being traded between two critical supply barriers. He made reference to the 50-day simple moving average, which appears to be acting as resistance, and the 100-day simple moving average that serves as support. 

Despite these positive things, Mr. Anissimov considers that it would be a good idea to stay away from trading for some time. About it, he mentioned:

Bitcoin would have to close above $11,150 or below $10,475 to provide a clear path for where it is headed next. Meanwhile, Ethereum must exit the $387-$330 trading pocket to signal whether or not the uptrend will resume. Until this happens, it is imperative to wait on the sidelines to avoid getting caught on the wrong side of the trend.”

At the time of writing this article, Bitcoin is being traded close to $10,900 and it has a market valuation of $201 billion. In the last 24 hours, Bitcoin registered a 1.09% growth. 

Via: 2Usethebitcoin.com

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