30 Sep 2020 #Bitcoin
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/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 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.
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.
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