On 31st July 31, Bitcoin jumped to new highs of 42,400 USD in an astonishing attack on range resistance which sellers failed to crush.
Data from TradingView showed BTC/USD surging for a 10th straight day across cryptocurrency exchanges, crossing the 42,400 USD mark, on Binance.
A following cooling-off preserved the majority of the gains, with BTC trading at 41,376 USD at press time, still up over 5.7% over the past twenty four hours.
In the crypto trading community, talk emphasized a rare performance for the Bitcoin daily chart, which is about the ten green candles in a row that, after all, last took place in 2012.
Scott Melker, a renowned crypto trader commented,
“BTC just tapped 42k as resistance for the first time since the epic drop in May”
“Time to pay attention.”
As per the popular and historically correct stock-to-flow BTC price forecasting models, spot price still needs to be much higher — 94,839 USD on Saturday.
However, the creator of the stock-to-flow model, PlanB, has mentioned that a monthly close of at least 47,000 USD for BTC/USD pair in the month of August would be sufficient for progress to stay on track.
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