According to data from CryptoCompare, around 02:35 UTC on Monday (August 10), Bitcoin broke through the $12,000 resistance level for the second time this month (the previous time was on August 2 when the price got as high as $12,106) to reach the intraday high of $12,073:
This move came after Bitcoin managed to close the weekend at $11,686, which was its highest weekly closing price since 28 January 2018 (when the closing price was $11,767):
Bitcoin fans are naturally delighted about Bitcoin’s surge past the $12,000 level:
Philip Gradwell, Chief Economist at Chainalysis, pointed out that Bitcoin inflows to crypto exchanges were around normal levels this past weekend, and this should mean that BTC whales are not getting ready to dump some of their BTC holdings:
However, if you speak to many Bitcoin HOLDers, you get the feeling that for these people it is not that important for Bitcoin to be the “fastest horse” as long as it continues to serve as a solid store of value because it is the one cryptoasset that lets them go to sleep at night without worrying about what the price will be when they wake the next morning since (unlike most other cryptoassets) its long-term success does not depend on how hard the Bitcoin development team is working or how many new partnerships get announced.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.