According to the data, Bitcoin is on the way to hitting its best Q3 close. That would also be his second best quarterly report ever.
Bitcoin ( BTC ) is well on the way to achieving its best third quarter ever, data shows. Q3 2020 only runs for one day.
According to price records from the on-chain analysis website Skew , this year is likely to be the strongest Q3 in Bitcoin’s history.
BTC rate comes close to Q2 2019 result
The BTC / USD pair was around $ 10,680 at press time on September 30th. This puts it well above all other Q3 deals. The last record was reached last year at $ 8,310.
In addition, Bitcoin will possibly hit the second best quarterly close in its history. But that depends on whether it can hold over $ 10,590 from Q2 2019.
„One more day and it still looks like the second-best quarter-end for Bitcoin, but the second quarter of 2020 will be close,“ commented Skew.
Bitcoin has consolidated in a $ 1,000 range since it lost momentum after rising to $ 12,500 in August. The prospects for short-term developments are mixed. There is still a possibility that the BTC / USD pair could fall to fill the final remaining CME futures gap at $ 9,600.
„There is a range with a resistance zone of 10,800 US dollars,“ said Cointelegraph Markets analyst Michaël van de Poppe in a Twitter post on Tuesday .
If the BTC / USD pair fails to break this resistance, it is „very likely“ that the lower support levels will be tested. In particular, the price could drop to $ 10,600, and possibly even to $ 10,400 and $ 10,200.
Long-term upper hand with bulls
Looking at the bigger picture, the bulls have the upper hand. As Cointelegraph reported , the long-term behavior patterns for Bitcoin remain optimistic. This week is no exception.
The Difficulty Ribbon Compression is an indicator that shows suitable BTC / USD entry points. For the first time since March it has left its lower green „Buy“ area.
The network’s fundamentals also suggest overall strength . The difficulty is at an all-time high and in three days there should be another 3 percent increase.
The hashrate, an indicator of the estimated computing power used in mining, is also back at an all-time high.
However, traders still fear possible short-term lows. For example, there could still be a decline below the $ 9,000 CME gap .