On Monday, 10 August, Bitcoin broke through the $12,000 resistance level for the second time this month to reach the intraday high of $12,073. This had previously happened on 2 August when the price got as high as $12,106.

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).

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.

Said Robert Kiyosaki, the highly successful and world-renowned author of the “Rich Dad Poor Dad”: “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. 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.”

Photo by Icons8 Team on Unsplash

LEAVE A REPLY

Please enter your comment!
Please enter your name here