Bitcoin just before its second best quarterly close ever

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, Crypto Investor 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 .