Bitcoin Closes Above $10,000 for a Record 63 Days Straight

The current streak eclipses the previous record of 62 days, which lasted from Dec 1, 2017 – Jan 31, 2018, a period during which bitcoin reached its all-time high of just above $19,900. Bitcoin’s latest extended consolidation above the five-digit mark, however, is proving different than previous runs. This time around, there is less hype, and in terms of price, things are relatively quiet, mostly fluctuating between $10,000 and $12,500. In fact, the 180-day return volatility for the world’s premier cryptocurrency has dropped nearly 50% in September, per Coin Metrics. During the last three months, any dips under 10k were aggressively bought. And according to The Crypto Lark, this is evidence of “halving effects starting to be felt.” In reaction to the news, the co-founder of Morgan Creek Digital and well-known podcaster Anthony Pompliano, for his part, tweeted:

Dear Bitcoin haters,

Bitcoin has spent a record 63 straight days above $10,000 and is only showing signs of going higher.

The market is proving your bearishness wrong. There is always time to capitulate & join the party 🙂

Love,
Pomp

— Pomp 🌪 (@APompliano) September 28, 2020

Striking a slightly different tone, Matt Kaye, the managing partner of Blockhead Capital, commented,

we are essentially at $11k with no euphoria. No derivative long build-up. High stablecoin balances. Shorts are still unwinding. The sentiment is cautious at best (justifiably so with macro backdrop). Appreciate the rarity of this moment.

The broken record occurred around the same time it came to light that investment firm Grayscale was again adding to its Bitcoin Trust. At current prices, the additional investments are said to be about 17,100 BTC, worth approximately $186 million. Meanwhile, bitcoin’s price is approaching a crucial resistance area, a breakout above which could confirm that the trend is bullish. For more in-depth Bitcoin analysis, click here.