Bitcoin (BTC) shot to new highs of $42,400 on July 31 in a surprise set on on a range resistance that sellers failed to squash.

BTC/USD i-60 minutes candle chart (Bitstamp). Source: TradingView

Bitcoin seals 10 green candles in first since 2012

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining for a tenth directly day across exchanges, reaching $42,420 on Bitstamp.

A subsequent cooling-off preserved well-nigh of the gains, with Bitcoin circling $41,900 at the fourth dimension of writing, still upward over 8% over the past 24 hours.

In trading circles, talk focused on a rare operation for the Bitcoin daily nautical chart — ten green candles in a row, which last occurred in 2012.

Fifty-fifty 8 days of consecutive gains are a rarity, while nine have been seen only twice. Depending on the commutation, the data tin be slightly dissimilar — Coinbase saw 12 greenish candles ane afterward some other in May 2017, i Twitter user noted.

Regardless, on one hand, Bitcoin'due south strength was conspicuousness; on the other, there was a lack of surly selling pressure.

A glance at short activity on major exchange Bitfinex underscored the current mood, with hardly whatever trader willing to have on the risk of shorting the Bitcoin spot cost at electric current levels.

BTC/USD shorts one-day candle nautical chart (Bitfinex). Source: TradingView

"BTC simply tapped 42k as resistance for the first time since the epic drop in May," pop trader Scott Melker summarized on the day.

"Fourth dimension to pay attention."

Cracks announced in Bitcoin's ceiling

Equally Cointelegraph reported, $42,000 represents the final resistance hurdle in Bitcoin'due south multi-calendar month trading range. Since coming downwards from all-fourth dimension highs and falling through the level, which likewise represents the previous all-time from Feb, it has acted equally a de facto unchallenged toll ceiling.

Related: Toll assay vii/thirty: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

Higher up, orderbook data shows, little lies in Bitcoin's way — $45,000 or even $47,000 could easily exist side by side, a hypothesis also supported past whale investing beliefs.

BTC/USD purchase and sell positions (Binance) as of July 31. Source: Material Indicators/Twitter

According to the popular and historically accurate stock-to-menstruum Bitcoin price forecasting models, the spot price should all the same be much higher — $94,839 on Saturday.

Still, its creator, PlanB, has said that a monthly close of at least $47,000 for BTC/USD in August would be enough for progress to remain on track.