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Bitcoin (BTC) Has Set Record of Staying Above $10,000 for Over 3 Months: Details

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Wed, 11/04/2020 - 08:45
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Yuri Molchan
Flagship cryptocurrency, Bitcoin, favored by retail users, has recently achieved the record of staying above $10,000 for one hundred days, here's why
Bitcoin (BTC) Has Set Record of Staying Above $10,000 for Over 3 Months: Details
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Bitcoin has been holding above the crucial $10,000 support for 100 days now, setting a record. It has also broken above the $14,000 level twice since 2018 over the past few days.

BTC
Image via TradingView

Bitcoin holding up for over 3 months, breaching $14,000 twice

Bitcoin first broke above the $10,000 level on July 26. Since then, it has been holding above that mark and rising.

The period from July 26 to Nov. 4 makes up 100 days.

Twice recently, since early 2018, Bitcoin has broken above the $14,000 resistance. This occurred on Oct. 31 and Nov. 3: on Halloween and on the 12th anniversary of the the Bitcoin white paper release.

Institutional players' interest in BTC surges

Interest from financial institutions has been on the rise lately and is believed to be the major catalyst of the Bitcoin growth, as well as its record of holding above the $10,000 level for over three months.

As a reminder, such market giants as Nasdaq-traded Microstrategy obtained $425 mln worth of Bitcoin recentlyon which they have now made larger profits than their revenue from business operationsand Square, spearheaded by Twitter CEO Jack Dorsey, acquired Bitcoin, allocating $50 mln to it.

Related
Bitcoin Miners' Holdings Calculated with New Methodology

Is Bitcoin yielding to miners' cashing out?

At press time, Bitcoin is trading at the $13,649 mark, according to data from the CoinMarketCap aggregator. On November 3, Bitcoin was briefly pushed above the $14,000 mark.

At this high price level, Bitcoin miners' outflow and amount of exchange deposits surged, as per Glassnode statistics.

The current value of BTC exchange deposits (2d MA) now totals 1,270.333 (up 18.7 percent in the past 24 hours). As for Bitcoin miners' outflow, it is up 40.3 percent and totals $939,649.07.

The amount of active BTC addresses has not increased, according to data from Intotheblock, as retail holders are unwilling to part with their BTC.

BTC
Image via Intotheblock.com
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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.