Bitcoin records a rare 10-day winning streak as BTC price reaches the $42,000 ceiling

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Bitcoin (BTC) surged to new highs of $42,400 on July 31 in a surprise attack on range resistance that sellers failed to crush.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin seals 10 green candles for the first time since 2012

Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair gaining for the 10th consecutive day across exchanges, reaching $42,420 on Bitstamp.

The subsequent calm has preserved most of the gains, with Bitcoin price around $41,900 at the time of writing, still up over 8% over the past 24 hours.

In trading circles, the conversation focused on the rare performance of the Bitcoin daily chart – ten consecutive green candles, after all, the last time occurred in 2012.

Bitcoin closed 10 consecutive green daily candles! pic.twitter.com/6FEG4CgqLl

– Will Clemente (@WClementeIII) July 31, 2021

Even eight consecutive days of gains are rare, while nine days were seen only twice. Depending on the exchange, the data can be slightly different – one Twitter user noted that Coinbase saw 12 green candles one after the other in May 2017.

Regardless, Bitcoin’s strength was evident on one hand, and on the other the lack of bearish selling pressure.

A quick look at the short activity on the major Bitfinex exchange highlighted the current mood, with no trader willing to take the risk of selling the spot bitcoin price at current levels.

BTC/USD Short 1 Day Candle Chart (Bitfinex). Source: TradingView

Famous trader Scott Melker summed up that day: “BTC just used 42,000 as resistance for the first time since the epic drop in May.”

“It’s time to pay attention.” Cracks appear in the ceiling of Bitcoin

As Cointelegraph reported, the $42,000 mark represents the final resistance hurdle in the multi-month bitcoin trading range. Since falling from all-time highs and falling through the level, which is also the previous all-time low from February, it has been virtually undisputed price ceiling.

Related: Price Analysis 7/30: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

Above, the order history data shows a few lies in the way Bitcoin – $45,000 or even $47,000 could easily be next, a hypothesis also supported by whale investing behaviour.

BTC/USD (Binance) buying and selling positions as of July 31. Source: Material Indicators / Twitter

According to popular and historically accurate Bitcoin price prediction models, the spot price should stay much higher – $94,839 on Saturday.

However, its creator, PlanB, said that a minimum monthly close of $47,000 in BTC/USD in August would be enough to keep progress on track.

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