Bitcoin (BTC) may have had just $ 10,000 for a matter of hours, but according to glassnode, an on-chain monitoring resource, this moon is not like any others in 2020.
On July 26, Glassnode uploaded surprising data on Bitcoin’s latest trip to five figures and suggested that the current trip above $ 10,000 will be very different from the latest ones.
Bitcoin hodlers take time to sell for $ 10,000
As Cointelegraph reported, BTC / USD suddenly crushed the last remaining resistance below $ 10,000 on Sunday, hitting highs of $ 10,200.
The excitement was short-lived, and the pair fell to surround the $ 9,900 level at press time.
BTC / USD 7-day chart. Source: Coin360
Bitcoin has spent $ 10,000 multiple times in 2020, but Glassnode’s analysis suggests that this time it differs from the rest due to Bitcoin’s days-destroyed indicator.
Destroyed Bitcoin days are a measure of the value of each BTC transaction, taking into account how long it has been since the coins involved last moved.
Previously, jumps above $ 10,000 resulted in an increase in Bitcoin’s destroyed days metric, suggesting that long-term holders were using the opportunity to trade or sell.
So far, however, optimism over the weekend has yet to repeat the trend.
“In contrast to the last two times $ BTC reached $ 10,000 USD, we have not seen an increase in #Bitcoin Days Destroyed today,” Glassnode summarized.
Bitcoin’s days destroyed the 24-hour chart. Source: Glassnode / Twitter
Weekend crypto wins surprise markets
Cautious optimism that Bitcoin is targeting higher levels has still become a topic in itself among traders in recent months.
When PayPal sparked rumors of cryptocurrency acceptance in June, for example, conversations immediately focused on Bitcoin’s potential to seal not only $ 10,000, but up to $ 12,000 in the short term.
The fundamentals of the network remain encouraging, while Sunday’s outbreak similarly marks a stark contrast to the compression pattern that Bitcoin exhibited in previous weeks. A cycle of higher lows and lower highs had placed BTC / USD in a narrow corridor that analysts agreed it should soon break.
The Altcoins were equally bullish on the day, with Ether (ETH) breaking firm resistance at $ 280 in a move that surprised even more than Bitcoin. At press time, prices turned around $ 310.
