Bitcoin (BTC) has set a new record of 63 days above $10,000, making its longest consecutive days above the price mark.
This new run eclipses the previous record of 62 days set between December 2017 and January 2018 after its massive rally to an all-time high price of $20,089.
Many believe that breaking this two-year jinx is a big win for the number one crypto.
For some traders, it is believed that BTC may have found a new temporary support around $10,400.
Speaking on the trend, technical analyst Whalemap remarked:
“The bulls have won. Many supports below at 10,407 and 10,570 and volume profile support at 10500. Should not be going below 10407 to stay bullish.”
For analyst Jason Deane, he attributes Bitcoin’s latest 10K ride to what he calls the “MicroStrategy Effect”, indicating that the price had stabilized above $10,000 as an effect of MicroStrategy’s first purchase of $250 million worth of Bitcoin.
He explained:
“Price had just passed the $10,000 mark when their first acquisition announcement came on August 11, and the impact of this bold, ground-breaking move by Michael Saylor was to drive substantial confidence and credibility into the asset.”
Despite a brief dip below 10K to its lowest price of $9,916 on September 7, 2020, Bitcoin has never started or ended the day below $10,000 during the period in view.
In all, analysts predict that the increasing adoption of cryptocurrency by institutional investors like MicroStrategy and Grayscale may further ensure price stability as coins move from weak hands to long term holders.
This coupled with the current friendly regulation for Bitcoin and crypto assets will likely have a positive effect on price.
