The price of Bitcoin (BTC) may have been as low as $ 10,000 within a few hours, however after GlassnodeThis movement, a resource for chain monitoring, was not like the others in 2020.
On July 26, Glassnode uploaded surprising data on Bitcoin’s latest trip to five numbers and five suggested that the current surge above $ 10,000 will be very different from the previous one.
Bitcoin holders are in no hurry to sell for $ 10,000
As Cointelegraph reported The BTC / USD pair suddenly hit the last remaining resistance below $ 10,000 on Sunday, peaking at $ 10,200.
The movement was short-lived and Bitcoin’s price then dropped to $ 9,900 at press time.
7-day chart for the BTC / USD pair. Source: Coin360
Bitcoin has exceeded $ 10,000 several times in 2020, but Glassnode’s analysis suggests this This time differs from the rest by the indicator Bitcoin days destroyed.
Bitcoin days destroyed This is a measure of the value of each Bitcoin transaction, taking into account the time that has passed since the coins in question were last moved.
Previously, $ 10,000 hops led to an increase in the metric for destroyed Bitcoin days, suggesting Long-term owners took the opportunity to trade or sell.
So far, optimism over the weekend has not yet repeated the trend.
“Unlike the last two times that the price of Bitcoin reached $ 10,000, We haven’t seen an increase in Bitcoin days destroyed todayGlass node summarized.
24-hour chart of destroyed Bitcoin days. Source: Glassnode / Twitter
Cryptocurrency is gaining over the weekend surprise markets
The cautious optimism that Bitcoin is intended for higher levels It has become an issue for retailers in recent months.
When PayPal, for example, triggered rumors of acceptance of crypto in June, the conversation immediately focused on it Bitcoin’s potential to reach not only $ 10,000, but up to $ 12,000 in the short term.
The basics of the network remain encouraging, while Sunday’s momentum contrasts sharply with the compression pattern that Bitcoin has shown in recent weeks. A cycle of higher ups and downs has brought the BTC / USD pair into a narrowing corridor that analysts agreed should break soon..
The altcoins were equally on the rise that day Ether (ETH) breaks the fixed resistance at $ 280 in one move that was even more surprising than Bitcoin. At the time of going to press, the level was approximately $ 310.
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