As the Bitcoin experienced a surge in its figure, the on-chain monitoring resource, Glassnode, uploaded a surprising data related to it on July 26, stating that compared to earlier ones, the recent journey of Bitcoin price above $10,000 would be different.
— glassnode (@glassnode) July 26, 2020
As per the report, on July 26, the BTC/USD suddenly experienced a sudden surge in its price. Since a long time, it has been struggling to rise above $10,000 and on Sunday BTC/USD hit highs of $10,200.
But very soon, the market again noticed that the pair again fall from $10,200 to $9,900 level.
Bitcoin Days Destroyed Affects Price Of BTC
This was not the first time in the year 2020, the Bitcoin rise above $10,000, but according to Glassnode, this movement of BTC is different from the rest because of the Bitcoin days destroyed indicator.
Bitcoin days destroyed is a measured value of each BTC transaction which analysis since how long the coin has not moved.
Earlier, as the BTC surged above $10,000, the Bitcoin days destroyed metric also started increasing which indicated that the long-term holders of the world’s largest cryptocurrency were using this opportunity to trade or sell it.
Rumour About PayPal Accepting Cryptos
According to Glassnode’s summarized data, “In contrast to the last two times $BTC hit $10,000 USD, we haven’t seen an increase in #Bitcoin Days Destroyed today.”
In June 2020, a rumour broke out, which stated that PayPal would be accepting crypto from now, soon after that, the price of Bitcoin surged above $10,000 and reached $12,000.
Network essentials would remain promising, but similarly, Sunday’s explosion will mark a firm contrast to the comparison pattern of Bitcoin which existed in prior weeks.
Presently BTC/USD pair is settled in a narrow corridor of higher lows and lower highs cycle, which would break soon, as per the researchers.
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