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Bitcoin (BTC) is on track for its best third quarter ever, data shows that the third quarter of 2020 has only one day left.
According to the price records from the on-chain analysis resource Crooked, this year is expected to produce Bitcoin’s strongest Q3 in its history.
The price of BTC challenges the close of the second quarter of 2019
BTC / USD was trading at around $ 10,680 at press time on September 30th. That number comfortably beats any other third quarter close ever recorded, the next record being $ 8,310.
Additionally, Bitcoin could seal the second best quarterly close of its duration, but that is dependent on it remaining above $ 10,590 in Q2 2019.
“Another day to go and it still looks like the second best quarterly close for bitcoin, but it’s a close call with Q2 2020,” Skew commented.
Bitcoin quarterly closing price summary. Source: Skew / Twitter
Bitcoin has stabilized in a $ 1,000 trading corridor since it lost momentum after hitting $ 12,500 in August. Opinion is mixed for the short term and concerns remain that BTC / USD may still fall to fill the last remaining CME futures ‘gap’ at $ 9,600.
“There is a rangebound structure with the resistance zone above $ 10,800,” summarized Cointelegraph Markets analyst Michaël van de Poppe in a to update Tuesday.
If BTC / USD fails to break that resistance, he said, it is “very likely” that the lower support levels will be tested, specifically $ 10,600, with potential for $ 10,400 and $ 10,200 coming into play.
Long term bulls in office
By zooming out, however, the image favors the bulls more noticeably. As Cointelegraph reported, long-term behavioral patterns remain true to form for Bitcoin, with this week proving no different.
Difficulty tape compression, a metric designed to quantify suitable BTC / USD entry points, has left its lower green “buy” zone for the first time since March.
The fundamentals of the network also speak of overall strength, with difficulty at all-time highs and set for another upward readjustment of around 3% in three days.
Hash rate, a measure of estimated computing power directed at mining, is also returning to its highest levels ever.
Among traders, however, there remains discussion of potential short-term lows, including a drop below the CME gap towards $ 9,000.
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