Bitcoin is 63 days above the $10k, Bitcoin becoming optimistic again?

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Last Updated on 28 September 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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As we’ve remarked repeatedly on this site in the past few days and weeks, Bitcoin refuses to release the $10,000 mark, letting some to believe that a new (temporary) support has been found (around $10,400) and that, as per the immortal words of 1980s singer Yazz, the only way is up. Bitcoin is currently above the $10,000 mark for 63 straight days.

As stated by technical analyst Whalemap already before the weekend, it seems at this point that:

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.

Advertentie.

1929, seriously?

Even though in the beginning of the month it looked like all hell would break loose when the bubble of several DeFi food coins was bursting and the tech stock markets started selling off, Bitcoin never panicked.

At that point, stock market analysts let their inner bear break out with a famous tweet (which has come back to haunt the author, a famous German journalist for newspaper Welt) reminding everyone that the great depression stock market crash also started on 4 September. He stated:

Just to put things into perspective: After the fabulous gains on the stock market in the 1920s, the crash began just on Sep4th, 1929!

Bit too soon for that one apparently.

Bitcoin was able to keep the losses rather minimal and has been holding steady at the $10,000 mark ever since.

Whales await at $8,800

Several technical analysts noted at that point that whales had sent large buy orders towards the $8,800 level which was then seen as the new bottom should the world’s stock markets fall further.

Given that several Wall Street firms indicated in the past months that they have bought into Bitcoin and are now spreading their inflation hedge bets between gold and crypto, it was logic that large buy demands were sitting at a level below the current price (Gold just had it’s worst week since the March 2020 panic in fact).

Meanwhile Bitcoin was able to ride out the month so far at the $10,000 level and if no major surprises are to come anymore in the next few days, we expect it to hold that level.

A historically bad month for Bitcoin has once again been ridden out without any major worry, with Bitcoin still up for the year or are we celebrating too soon ?