On July 26 Glassnode submitted shocking data to five figures on Bitcoin’s new trip and indicated that the current journey over $10,000 would be much different from the last few.
Bitcoin hodlers delay on selling at $10,000
As reported, on Sunday, BTC / USD suddenly smashed the last remaining resistance under $10,000, rising to reach $10,200 highs.
The excitement had been short-lived, with the pair falling at press time to circle the $9,900 mark.
Bitcoin’s reached $10,000 several times in 2020, but Glassnode’s study indicates this time differs from the others due to the demolished predictor of Bitcoin days.
Destructed Bitcoin days is a measure of the value of each BTC transaction, given how long it has been since the coins last traveled.
Previously, spikes over $10,000 resulted in a rise in the lost metric of the Bitcoin days, indicating that long-term investors took the opportunity to buy or sell.
Yet the optimism of the weekend has yet to replicate the trend, so far.
“In contrast to the last two times $BTC hit $10,000 USD, we haven’t seen an increase in #Bitcoin Days Destroyed today,” Glassnode summarized.
Weekend crypto wins surprise markets
In recent months, cautious optimism that Bitcoin is bound for higher rates has already become a trend in itself among traders.
For example, when PayPal ignited crypto-acceptance rumors in June, talk immediately turned to the ability of Bitcoin to seal not just $10,000, but as much as $12,000 in the short term.
Network dynamics continue to be promising, although the spurt on Sunday likewise marks a strong contrast to the compression trend that Bitcoin experienced in previous weeks. BTC/USD had been put in a narrowing corridor by a loop of higher lows and lower elevations that analysts agreed would split early.
Equally bullish on the day were Altcoins, with Ether (ETH) breaching firm resistance at $280 in a move that shocked even more than Bitcoin. It revolved around $310 at press-time rates.