After a fairly long period of stagnation that many may have found annoying, the Bitcoin price went back above $10K on July 27, 2020. Since then, the Bitcoin price has risen sharply to reach almost $12.4K on August 17, 2020.
Currently, a correction seems to be taking place since the Bitcoin price is around $11.4K at the time of writing.
This may seem anecdotal for some. However, this series of 31 consecutive days with a Bitcoin price above $10K in which we find ourselves is already historic in more ways than one.
This is the second-longest series of days where the Bitcoin price is above $10K. The only time the Bitcoin price has remained above $10K for longer was at the end of 2017 during the previous Bitcoin Bull Run.
At that time, the series started on November 30, 2017, and peaked on December 17, 2017, when the Bitcoin price exceeded $20K on some trading platforms.
This series lasted 63 consecutive days and is still the record in Bitcoin history:
The slight drop in the Bitcoin price over the last few hours, however, suggests that the current series may have difficulty breaking the record of 63 days dating from the end of 2017.
The U.S. dollar seems to be regaining some strength, and a still open CME gap of $9.6K could play a role in the Bitcoin price falling below $10K during September 2020.
As always, the next few days promise to be very exciting in the Bitcoin world.
Among the macroeconomic events to follow that could influence the Bitcoin price in the short term is the speech that Jerome Powell, the Fed Chairman, will deliver today.
The latest rumors point to important announcements on how the Fed is looking at the future of inflation.
Jerome Powell’s speech, which should be entitled “Monetary Policy Framework Review”, will, therefore, be followed closely. The most interesting thing will be to see how the Bitcoin market will react to it, but also how the stock market will react to Jerome Powell’s speech.