Data shows Bitcoin should seal both its best Q3 on record and its second-highest lifetime quarterly close on Sep. 30.
Bitcoin (BTC) is on track for its best third quarter ever, data shows as Q3 2020 has just one day left to go.
According to price records from on-chain analytics resource Skew, this year should produce Bitcoin’s strongest Q3 in its history.
BTC price challenges Q2 2019 close
BTC/USD
traded at around $10,680 at press time on Sep. 30. That number
comfortably beats any other Q3 close on record, the next highest being
last year’s $8,310.
What’s more, Bitcoin may seal the second-best
quarterly close of its lifetime — but that depends on whether it can
stay above Q2 2019’s $10,590.
“One more day to go and still
looking like second-best quarterly close for bitcoin but it's a close
call with Q2 2020,” Skew commented.
Bitcoin quarterly closing prices summary. Source: Skew/ Twitter
Bitcoin
has stabilized in a $1,000 trading corridor since losing momentum after
hitting $12,500 in August. The opinion is mixed for the short term, and
concerns remain that BTC/USD may still drop to fill the last remaining
CME futures “gap” at $9,600.
“There’s a rangebound structure with the upper resistance zone at $10,800,” Cointelegraph Markets analyst Michaël van de Poppe summarized in an update on Tuesday.
If
BTC/USD fails to crack that resistance, he said, it was “very likely”
that support levels lower down would be tested, notably $10,600, with
potential for $10,400 and $10,200 to come into play.
Long term bulls in charge
Zooming out, however, the picture more conspicuously favors bulls. As Cointelegraph reported, long-term behavioral patterns remain true to form for Bitcoin, with this week proving no different.
Difficulty
ribbon compression, a metric designed to quantify suitable BTC/USD
entry points, has left its lower green “buy” zone for the first time
since March.
Network fundamentals also speak to overall strength, with difficulty itself at all-time highs and set for another upwards readjustment of around 3% in three days’ time.
Hash
rate, a measure of the estimated computing power being directed to
mining, is also trending back towards its highest-ever levels.
Among traders, however, discussion remains of potential near-term lows, including a dip below the CME gap toward $9,000.
source link : https://cointelegraph.com/news/at-10-600-bitcoin-price-is-on-track-for-its-second-best-quarter-ever
