Bitcoin price hits new record for staying above $10,000

Bitcoin extended the longest-ever streak of daily closes above $10,000. The metric beat a three-year-old record.

Economist Julio Moreno highlighted the milestone. In his view, it was ‘a strong indicator in past cycles’.

Looks like #Bitcoin is not going below $10,000 anymore.
We have passed the previous high of consecutive days above $10,000. Strong indication in past cycles.@pierre_rochard @danheld @coinmetrics @nic__carter @saifedean @100trillionUSD @bitstein @nsquaredcrypto @criptobastardo pic.twitter.com/SObUpKphgj

— Julio Moreno 🔴🔴🔴🔴 (@jjcmoreno) September 28, 2020

In late 2017, trading did not dip below $10,000 for 62 days. As of writing, the asset has stayed above that threshold for one more day.

Source: daily BTC/USD chart from Bitstamp on TradingView.

From July 28 to September 29, 2020, the first cryptocurrency repeatedly fell below $10,000 for brief moments during the day and surged above $12,000. On the whole, BTC demonstrated stability relative to prior price swings.

Source: hourly BTC/USD chart from Bitstamp on TradingView.

Earlier Standpoint Research founder Ronnie Moas noted the correlation between bitcoin and US stocks. In his view, if the stock market were to lose another 10-20%, the price of the cryptocurrency could fall below $9,000.

Follow ForkLog news on Facebook!