The bitcoin price has remained above $ 10,000 since July 27. This resistance has thrilled well-known bull Anthony Pompliano, who noted that the flagship cryptocurrency has been able to successfully debunk the BTC bear case.
Bitcoin Sets Record 63 Consecutive Daily Closes Above $ 10K
Morgan Creek Digital co-founder Anthony Pompliano took to Twitter on Monday to remind bitcoin haters that the cryptocurrency is setting major milestones. In its tweet, Pomp noted that bitcoin has posted 63 days in a row closing above the eminent five-digit mark.
This marks the longest series of daily closes above the $ 10K mark than at any time in history. According to Pompliano, it shows that the bearish attitude of the enemies is wrong. "There is always time to capitulate and join the party 🙂 ", advised the bears. He also posited that the extended period is an indication that there are more benefits to come.
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 🙂
Sees it,
Pomp– Pomp 🌪 (@APompliano) September 28, 2020
Bitcoin's previous price record above $ 10,000 lasted 62 days between December 1, 2017 and January 31, 2018. It was around the time that the dominant cryptocurrency tickled the belly of $ 20,000.
Notably, BTC's latest record above $ 10,000 has been uneventful as the cryptocurrency has been stuck in a macro range between $ 10K and $ 12.5K. However, 63 days is no small thing.
Fundamental bullish tailwinds on chain to stimulate BTC bulls
A couple of days ago, the blockchain data firm CryptoQuant he pointed ten on-chain indicators that are favorable for bitcoin market bulls. These indicators include Miners Position Index (MPI), Puell's multiple, hash tapes, average outflow of all exchanges, stock flow, Stablecoin supply index, and more.
Long-term $ BTC on-chain indicators look healthyhttps: //t.co/VnrIVP3lDF pic.twitter.com/cfE73acVXh
– CryptoQuant (@cryptoquant_com) September 16, 2020
The confluence of these fundamental indicators in the chain suggests that the bitcoin network is in good shape and increases the probability of further upside. In other words, Bitcoin could be poised to move higher based on these ten reasons.
Cryptocurrency OG is trading at $ 10,770 at press time, representing a 0.69% gain on the day.
