Bitcoin has scored a nine candles. As you read it: Bitcoin has made history after chaining its ninth consecutive day of growth, something that has not happened since bull run of 2017. The price of Bitcoin keeps flirting with the $ 40,000 mark after last July 21 strongly bounced off the $ 30k support to later break the $ 35k resistance on July 25 and form good support at $ 38,800. The cryptocurrency hit a monthly high of $ 40.816 on Wednesday before falling back below $ 40.000. All the data that we are going to expose below on Café con Leche and Cryptos suggests that traders have turned bullish again, as they expect BTC to solidify its position above $ 40K. Are we about to start the second part of the 2021 bull-run?
Bitcoin Makes History By Recording Its XNUMXth Consecutive Green Candle
BTC has recorded nine consecutive green daily candles and is on its way to the tenth as its price rises above $ 40.000. However, it is worth bearing in mind that This ninth green candle has been a doji, that is, a candle of indecision between buyers and sellers. Interestingly, the candle has been green in the pair of Bitcoin with the dollar, but red in the pair of Bitcoin with the USDT Tether (the stablecoin from which bad news keeps coming out).
BTC posted the largest one-day exchange exit in a year on Wednesday, as nearly 57.000 Bitcoin left the exchanges. BTC's big move off exchanges suggests that market sentiments have started to turn bullish again after two prolonged months of bearish sentiments dominating the market.
Another data that points to the improvement of the confidence of the operators is the Bitcoin Fear and Greed Index (Bitcoin Fear and Greed Index). The index was at 10 last week, indicating extreme fear among investors, and now the value has become 53, which is a huge leap in such a short period.
Bitcoin has managed to stand up to several potential bearish threats over the past week, as the battle is being fought today to break above $ 40.000. (Although the moment of truth will be the encounter of BTC with the resistance of 42k).
Will Bitcoin go up in August 2021?
Some of the key news and announcements that could be holding back further Bitcoin momentum could be the unconfirmed rumor that Amazon will accept payments in Bitcoin, the recent call by American politicians for strict regulation of the cryptocurrency market or the USDT Tether Bank Fraud Investigation by the office of the United States Department of Justice. As this bad news is left behind, August could bring the beginning of the long-awaited second part of the bull run started in late 2020.
Or, at least, that's what the RSI invites you to think about.
This week, Bitcoin has also managed to break a 7-month downtrend of the RSI (real strength) indicator, a key indicator to know the momentum or force of price action). Analysts have argued throughout the nearly three-month bear phase that BTC has not yet reached the top of the RSI mark. and that, therefore, Bitcoin could experience another bullish price rally before the end of the year.
