Bitcoin‘s 24-hour timeframe shows that a perennial resistance level is about to be broken, indicating the current rally’s strength. BTC gave the range resistance of $42,000 a surprise attack when it surged to about $42,500, but even the bears couldn’t crush it.
BTC/USD 1-hour chart on bitstamp. Source: TradingView
BTC Records First Ten Green Candles In 9 Years
The TradingView of BTC/USD data shows that the leading cryptocurrency is on a 10-day successive rise on all exchanges and trades at almost $42.450 on BitStamp. A sharp decline happened as expected. Bitcoin now trades within the $41,850 range, as of this writing, but that still represents an almost 8.5% increase in the last 24 hours.
Trading analysts agreed and were surprised about this rare feat of Bitcoin recording ten successive green candles. The year 2012 was the last time Bitcoin attained this feat. It is rare for the king coin to experience eight successive days of gains; even nine has only happened twice.
Data are often different based on the exchange. For example, Coinbase remarked that there were 12 successive green candles in May 2017. However, Bitcoin’s strength was from two factors – zero selling pressure from the bears and its conspicuousness.
1-day candle chart on BitFinex for BTC/USD shorts. Source: TradingView
A peek at the selling activities on BitfFnex exchange indicates the current market sentiment. The bears are keeping mute and not willing to sell at all. After the big drop in May, today is the first time BTC will make an attempt to break out of the $42,500 resistance range, with Scott Melker (popular crypto analyst and trader) summarizing the market situation with four words “time to pay attention.”
Bitcoin Is About To Break Its De Facto Price Ceiling
Various data shows that Bitcoin’s final resistance hurdle in the last couple of months is the $42,500 price range. The $42,500 price range has been its major resistance after dropping from its multi-month peak price
The actions of Bitcoin whales and the Orderbook data show that Bitcoin can easily surpass the $46,000 or $48,000 price targets. Some analysts predict that a sign of progress in the coming month would be for Bitcoin to be steady around the $47,500 range.
200,000 validators are now on Ethereum
Meanwhile, this week has been busy and eventful for the second-largest cryptocurrency by market cap. It saw an increase in Ethereum validators to 200,000. In less than one month, Ethereum validators increased by about 20,000. Consequently, the amount of staked ETH has increased too.
The value of staked ETH has increased from about $12.8 billion to $14.3 billion as of this writing. Ethereum 2.0 merge recently approved the switch of Ethereum 2.0 from a proof-of-work to a proof-of-stake consensus mechanism. Thus, causing a spike in the network’s stake, validators, and popularity. Once the London hard fork is completed, the EIP-1559 gas fees will be incorporated and would enable users to offer tips for faster transaction processing.
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