Bitcoin records rare 10-day winning streak as BTC price hits $ 42,000 high

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Bitcoin (BTC) hit new highs of $ 42,400 on July 31 in a surprise attack on distance resistance that sellers failed to crush.

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

Bitcoin seals 10 green candles for the first time since 2012

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD gained for a tenth consecutive day on the exchanges, reaching $ 42,420 on Bitstamp.

A subsequent cooling preserved most of the gains, with Bitcoin circling $ 41,900 at the time of writing, still up more than 8% in the past 24 hours.

In trading circles, discussions have focused on a rare performance for the Bitcoin daily chart – ten green candles in a row, after all, were last held in 2012.

Even eight days of consecutive wins are a rarity, while nine have only been 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 Noted.

Regardless, the strength of Bitcoin on the one hand and the lack of bearish selling pressure has been remarkable.

A look at short activity on the main Bitfinex exchange highlighted the current mood, with hardly any trader willing to take the risk of shorting the Bitcoin spot price at current levels.

1-day candle chart of BTC / USD (Bitfinex) shorts. Source: TradingView

“BTC just exploited 42k as resistance for the first time since May’s epic drop,” popular trader Scott Melker abstract to the day.

“It’s time to be careful.”

Cracks appear in Bitcoin’s ceiling

As Cointelegraph reported, $ 42,000 represents the last resistance hurdle in Bitcoin’s multi-month trading range. Since descending from historic highs and breaking through the level, which is also February’s previous record, he has acted as a de facto uncontested price cap.

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

Above, order book data shows, few Bitcoin-style lies – 45,000 or even $ 47,000 could easily be next, a hypothesis also supported by the investing behavior of the whales.

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

According to popular and historically accurate stock-flow Bitcoin price prediction models, the spot price is expected to be much higher again – $ 94,839 on Saturday.

Nonetheless, its creator, PlanB, said that a monthly close of at least $ 47,000 for BTC / USD in August would be enough to keep progress on track.